Buying your first home in Calgary or other areas of Canada is exciting, but the process can also be overwhelming, especially if you are a first-time homebuyer and unfamiliar with real estate regulations and legal aspects of property transactions. Luckily, we are here to help.
Guidelines for First-Time Homebuyers
Follow the below tips to make your property acquisition journey smoother and stress-free.
1. Homebuyers are recommended to thoroughly review the purchase agreement before finalizing the deal. A real estate purchase agreement is a legally binding contract that spells out the terms and conditions under which a purchaser and the seller decide to be involved in a real estate transaction. Both parties need to sign the purchase agreement to finalize the deal. After signing the agreement, you, as a buyer, will be under contract with the seller. So before signing the document, you must thoroughly review and understand what’s written there.
Kindly note that purchase agreements typically consist of legal jargon that can be hard to decipher for first-time homebuyers. The best real estate lawyer in Calgary can help you in such a scenario by decoding the purchase agreement for you. Their expertise will also assist you in identifying any potential issues in the agreement. They can also negotiate more suitable terms on your behalf.
2. You must also conduct a title search to check the legal ownership history of the property you want to buy. The same effort will also help you find potential issues like encumbrances or liens associated with the property.
3. If you have applied for a mortgage loan to accomplish your real estate transaction, you must review the mortgage documents cautiously before signing them.
4. Ask your seller if he can share any property disclosures, including information like its past repairing details, known defects, etc. These facts will help you learn more about the property’s condition and empower you to negotiate the price accordingly.
5. You must know your legal rights and responsibilities before becoming a first-time homeowner. Your real estate lawyer in Calgary can help you familiarize yourself with zoning regulations and local bylaws. You must also pay attention if any homeowners’ association rules apply to your home.
6. The closing cost of your property will be greater than its purchase price because sellers typically don’t include land transfer taxes, title insurance payments, legal fees, or other costs related to the transaction in the offer price. So, calculate the closing cost wisely before finalizing any decision.
Expert Help for First-Time Homebuyers
The above tips will help you successfully accomplish your first real estate transaction. But before proceeding, kindly note that property dealings, in general, are known for their complexities. The job can be even more challenging for first-timers. In such a scenario, having a lawyer from a real estate background can give you peace of mind.
Peter B Mason Real Estate Lawyers is a leading firm committed to making the home-buying journey a cakewalk for first-time homebuyers. We also won Alberta’s Consumer Choice Award 2022 for Top Real Estate Lawyer. Our real estate lawyers in Calgary and beyond are known for their subject matter expertise and years of experience. We also provide multilingual support as our team is trained to serve clients in many languages besides English. The list includes Cantonese, Hindi, and Punjabi.
We have five locations: Edmonton South, Edmonton North, Downtown, St. Albert, and Calgary (Virtual). Visit your nearest Peter B Mason Real Estate Lawyers office for handholding support and assistance. Let us help you avoid pitfalls and assist you in making informed decisions during your first home-buying journey.