Mcity condos . The necessary information for buying a house in Canada. Don’t regret losing millions. Buying a house is a major decision, and signing a contract is also a very serious legal act. The contract is binding on both parties and may not be modified or cancelled arbitrarily, otherwise it will be liable for breach of contract.Please Visit: Mcity condos to Get Your VVIP Registration Today!
(1) what should I do if I sign a contract for the sale and purchase of a house but cannot get a bank loan?
Most people need to apply for a bank loan to buy a house, and many people negotiate a loan with the bank only after signing a purchase contract, so it is possible that they cannot get a loan after signing a contract.
The buyer must add a conditional clause (condition clause), to the purchase contract, that is, the buyer is allowed to apply for a loan within a few days. If the buyer does not get the required loan amount or interest rate, the buyer has the right to cancel the contract, and all deposits are returned to the buyer. Both parties do not pursue responsibility for each other.
This clause is not included in the standard contract, buy mainly according to their own credit ability to add this clause to the contract, can give themselves a way back, will not be unable to get a loan and default.
Similarly, if either party of the buyer or seller requires that a certain condition must be met before the house is handed over, such as the buyer requires house inspection, or the current house must be sold before buying a new house, then both parties must clearly write their respective requirements in the form of conditions in the contract, in case the condition is not met, the contract can be cancelled.
(2) after signing the purchase contract, the seller agrees to provide the relevant documents about the house, such as tax bill, fire prevention certificate, etc., but fails to hand over these documents as agreed before handing over the auspicious. does the buyer have the right to refuse to hand over the auspicious property for this reason?
This question depends on how the responsibility of the seller is stipulated in the contract. There are two possibilities: one is the (condition) form of the conditional clause, that is, the seller must provide some documents to the buyer or complete something before a certain date. If it is not completed on time, the contract will be null and void and the deposit will be refunded in full. Second, the guarantee clause is in the form of (warranty), that is, the seller guarantees to provide certain materials to the buyer, but there is no clear stipulation that the buyer has the right to cancel the contract.
Legally, these two provisions have completely different legal consequences. Terms and conditions: when the conditions are not met, the contract is automatically null and void. Guarantee clause: at this time, although the seller’s guarantee has not been completed, the buyer has no right to cancel the contract, and the buyer should hand in the good fortune on time, but can retain the responsibility of the other party for breach of contract afterwards and demand reasonable compensation. In other words, when one party breaches the contract, the other party does not have the right to terminate the contract. There was a case in which the seller guaranteed that the house could be legally rented as multiple apartments, but in fact, the seller did not get any government documents that could be legally rented out before delivery. In this case, the judge still ruled that the buyer must fulfill the contract and buy the house, and then sue the other party for damages.
Therefore, when signing the contract, we must consider clearly, the conditions must be clearly written, it is best to ask a lawyer to review the contract.
(3) legal fees.
Many friends ask about the legal fees for real estate transactions. Generally speaking, the legal fees are divided into several parts.
Fees charged by (a) lawyers on behalf of the government: the largest is the property transaction tax (LANDTRANSFER TAX), is about 1% of the house price (Toronto area), which is mostly waived for first-time buyers if they buy a new house.
(b) miscellaneous fees: including property rights investigation fees, tax, water, electricity and other investigation fees and so on.
(c) legal fees: because many fees are difficult to determine, lawyers are often unable to give specific fees to clients. For the convenience of customers, our law firm adopts a uniform fee standard for house sales: 1100 yuan for buying a house (including G.S.T.A., the lawyer’s fee for a bank loan and all other fees, except for the property transfer tax, that is, LANDTRANSFER TAX has to pay extra) to sell the house: 750yuan-(all fees, including G.S.T.).
(4) can buyers and sellers of houses hire the same lawyer?
Under normal circumstances, buyers and sellers of housing had better hire different lawyers, because the responsibility of lawyers is to protect the rights and interests of the parties, and there is a conflict of interest between buyers and sellers of housing. Especially in commercial property transactions, buyers and sellers must hire different lawyers. If the situation is simple, buyers and sellers of the house can also hire the same lawyer.
(5) when to hire a lawyer in the process of buying and selling a house?
It is best to ask a lawyer to review the contract before signing the contract, especially the contract for the sale and purchase of the new house, Condon and Townhouse. New house sales contracts often require additional fees, such as public road construction costs, tree planting recommendation fees and so on, sometimes up to 10,000 to 20,000 yuan. On the other hand, there may be a sharp increase in management costs and maintenance costs for Condon and Townhouse. Many buyers do not understand these situations, only to find out at the time of the handover, and have no choice but to buy again. If you ask a lawyer to read the contract before signing it, you can at least have a clear idea.
(6) how much preparation time should be given to lawyers for housing transactions?
Generally speaking, before buying and selling a house, the customer should hand over all the documents to the lawyer at least three or four weeks before (Closing Date, that is, before the auspicious day. Of course, the sooner the better.