Tips for negotiating a real estate purchase agreement

real estate

Nov 10, 2016

When purchasing a new home it is important that you get the right representation, so that you have access to the information and protection you deserve in this major purchase. This may include hiring a real estate agent to help you search for your home, draft your agreement of purchase and sale and negotiate terms and fees on your behalf. You are not legally required to hire a real estate agent, you can act on your own behalf and draft your own offers to purchase. To protect your rights, you should have a real estate lawyer review any contractual documents.

Purchasing a home is a large financial decision, you will need to negotiate your real estate purchase agreement, in order to protect your interests and be successful in producing a favourable purchase agreement, use the following tips.

Know which terms are negotiable

If you are working with a realtor they will be able to tell you what parts of the real estate purchase agreement are negotiable. Be prepared to negotiate on both fees and terms. From a fee standpoint this should cover closing costs, transfer taxes or title insurance. From a term standpoint you may find yourself in negotiation of the buying period for a number of reasons like, inspections, mortgage approval, closing and possession.

Understand conditional offers

Offers to purchase that have conditions, are a regular occurrence in real estate transactions. Conditions must be met before the home purchase can go through, this is where you can assign fees and terms, in order to protect your purchase or the sale of your largest asset.

Protect your rights

In order to protect your interests and your rights, you should hire a lawyer to guide you through the negotiations of the purchase agreement. Lawyers can review the document and offer suggestions that will benefit your position. Real estate transactions are legally complicated, it is important that your lawyer specializes in this area of law and regularly facilitates the purchase and sales of homes. You should feel comfort and trust with the lawyer you choose to hire.

Finding a Niagara Real Estate Lawyer to work with you

If you are purchasing a home or selling a home, it’s important to remember your priorities and make your decisions with them in mind. Ensure that your contracts are fair and protect your needs by hiring a Niagara real estate lawyer to review your purchase agreement. Learn more about the real estate law practice group of Chown Cairns below. 

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