Buying a home for the first time is an exciting (if daunting) experience. Most first-time homebuyers have many questions when it comes to their real estate transactions—and understandably so. There’s a lot to explore, take in, and consider when purchasing a new home. And Atlas Law Group can help you make sense of it all.
Throughout our tenure, we’ve helped countless individuals and families navigate the complexities of real estate transactions and get the homes they deserve. During this time, we’ve been asked several questions that pop up routinely. Let’s take a look at those and provide some answers to these common questions.
Question #1: Do I really need a law group for my real estate transactions?
Before you sign an Agreement of Purchase and Sale, it’s always a good idea to consult a lawyer. You may include a clause in your Agreement that makes your offer conditional after a lawyer has reviewed and approved its terms. This process is invaluable for a few reasons, including:
- Ensuring all terms are legally sound
- Giving you and the other party a chance to ask questions/request changes
- Providing peace of mind
Question #2: Does my situation meet the qualifications for the Land Transfer Tax Rebate?
If you are a resident of Ontario, you may be eligible for the Land Transfer Tax Rebate, totaling up to $4,000.00. To qualify, however, you must meet different criteria to determine if you are a first-time homebuyer, including:
- Age (must be 18 or older)
- A permanent Canadian resident
- Must intend to move in within nine months
- Must not have owned a home in Canada or abroad
Still, it’s important to consult a lawyer to ensure you meet all eligibility requirements, as there may be issues that prevent you from qualifying. We can help you determine your eligibility.
Question #3: Do I need a home inspection before I sign or move in?
It’s always a good idea to have the home inspected before you finalize your Agreement of Purchase and Sale. Remember, though, that it is usually the buyer who pays for the inspection—but doing so is a sound investment. By paying for an inspection, you’re making sure that you won’t have any surprises once you’ve signed the contract. This can end up saving you significant sums on repairs and modifications in the long run.
Home inspections cover a host of issues and take into consideration the house’s age, condition, and any problems with the foundation or other structural elements. Home inspections can reveal:
- Structural problems
- Water damage
- Electrical issues
- Plumbing problems
- heating/cooling complications
Question #4: What are the costs outside of the purchase price?
One of the most important reasons to consult a lawyer about your real estate transactions before you sign your Agreement is so that you have a clear understanding of all you’re responsible for regarding the buy. We’ll help you understand each additional fee outside of your purchase price, including:
- Legal fees
- House inspections
- Insurance requirements
Keep in mind that while some costs are fixed, others depend on the price you paid for the house, where it is located, and its condition. We’ll help you make sense of it all so you have the peace of mind you deserve when moving into your new home.
Turn to Atlas Law Group
Whether you need guidance on the purchasing process, contract, or help to understand your options as a first-time homebuyer in the Mississauga area, we can help. Reach out to Atlas Law Group today to get started.