Society has evolved. There used to be a time when we often left certain areas of expertise, well, to the experts. Bankers did banking, stock brokers bought stocks, and so on. However, with the advent of mass communications, expertise is now often at the fingertips of the average person. So, people can now do their own banking, stock picking — you get the picture.
Not just real-estate agents
This same principle holds true for real-estate law. For a very long time, if you wanted to buy or sell real estate, you contacted your local real-estate agent, right? Although people still do this, now more than ever, knowledge of real-estate law is at our fingertips, and we shouldn’t be afraid to use it when needed. In fact, with the rapid and continuing growth of the real-estate sector — in Canada, the United States, and worldwide — personal knowledge of real-estate law is now more beneficial than it has ever been.
So, what are some areas of basic real-estate law that you should be more familiar with? First, contrary to common perception, there are no standard agreements between real-estate buyers and sellers. In most cases, the specific terms of a purchase are negotiated on a case-by-case basis, and many provisions change from purchase to purchase.
Also, most people believe that a trial period exists for both the buyer and the seller after an agreement is made, or that a buyer’s deposit on a conditional offer is automatically refundable if the sales does not go through. Both beliefs are misconceptions. In Ontario, regarding the deposit, it can only be returned with consent of the seller. Without that consent, a court order may be necessary.
Yet, despite the increase in knowledge resources for real-estate law, the services of an actual real-estate lawyer should not be overlooked. Yes, we’re the experts, but we’re experts beyond the usual real-estate agents most people commonly rely on, and our expertise is in advancing your interests. We win when you win. And the more you know, the more we can help you.
If you need a professional advice on family law, or if you’re thinking of divorce, please phone us here at Hosseini Law Firm (HLF) for a 15 minute free consultation: 416-628-4635, or please use the contact form provided on this page. Thank you.