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    Asking the right questions is critical when buying real estate

    Failing to ask the right questions can set new home buyers up for disappointment. Every home has it strengths, weaknesses and quirks, so it is a good idea for buyers in Ontario to clarify what issues may exist before finalizing a real estate purchase. Here are a few questions worth asking when walking through a home.

    Questions about the history of a home can be very revealing for prospective buyers. Specifically, the sales history of a home can reveal certain things about its marketability and the competition that may be involved in closing the deal. Has the house been on the market for a long time? Has it ever been foreclosed on? These all might offer clues to whether a lower bid could be accepted for the home.

    It is also a good idea to clarify contingencies in the initial viewing. A contingency is something put in the contract that will allow the buyer to walk away if certain conditions are not met. The most common contingencies are for home inspections and appraisals, but buyers should double check that the seller is open to these conditions. If they are not open to make the agreement conditional upon an inspection, it is likely a red flag.

    Along with understanding the seller’s contractual limitations and the sales history of a home, it is also a good idea to look into the neighbourhood. Along with asking these important questions, buyers should have an Ontario real estate lawyer review the offer and any subsequent paperwork. Taking these precautions during the buying process can help buyers avoid unwanted surprises later on.

    The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.

    Posted By: Merovitz Potechin

    Merovitz Potechin LLP has been serving the business and personal needs of the Ottawa area since 1976. Our lawyers will work directly with you throughout your legal matter.

    We are committed to asking the right questions so you obtain the best advice. We are responsive to your needs, and you can trust that we will give you the care and attention you deserve.