There are many things prospective property buyers should consider in order to protect themselves. Learning more about Ontario real estate law can help buyers and sellers alike save time, money and possible legal issues. There are a few key steps all homebuyers and sellers should take when entering the real estate market.
The first major step is choosing the right real estate agent. There are over 75,000 registered real estate agents in the province of Ontario. Prospective buyers and sellers can go online to check the status of an agent's registration as well as his or her disciplinary history. They can also interview multiple real estate agents to find one whose experience and approach matches their goals.
Clarifying expectations with the chosen real estate representative is also an important step to take. While an informative conversation can be a valuable step, it is also worthwhile to put the details of the expectations in the written representation agreement. Real estate law is designed to protect all parties from real estate fraud, and written contracts can go a long way in resolving any possible disputes in the future.
Overall, being careful about who is involved with a real estate deal and setting expectations at the outset can prevent a lot of future challenges. Ontario buyers and sellers can also ask an experienced lawyer to help protect their interests under applicable real estate law. Seeking advice and support from experienced and credentialed professionals can help people work toward a smooth and successful real estate transaction, whether it be a sale or a purchase.
Source: thestar.com, "Top mistakes made by buyers and sellers of real estate: Ask Joe", Joe Richer, Sept. 16, 2017