Bidding wars are inevitable. In today’s hot market, you need to be ready to compete with other buyers if you want to win the home of your dreams. But it’s important to not get too carried away in the process. Otherwise, you could end up offering more than you can afford. How can you best prepare yourself to win in this raging market? Here are 5 things to consider before entering a bidding war.
Know Your Boundaries
It’s easy to get caught up in a bidding war, but if you aren’t careful, you could stretch yourself too thin. You can avoid any issues by obtaining a pre-approval from a mortgage agent. A pre-approval will spell out the total amount that you qualify for based on the stress test. Then it’s wise to call a real estate lawyer who can calculate all the other costs involved so that you know exactly how much you can afford.
Have a Deposit Ready
At the time of offer, most sellers will want a deposit to secure the deal. In most cases, you’ll be expected to put 5% down, so make sure that you have the exact amount in your bank account before executing an offer.
Be Ready for Closing Costs
The deposit and down payment aren’t the only fees that go up when the purchase price does. You also have to consider the closing costs which can include land transfer taxes, legal fees, inspection fees, appraisal fees, title insurance, etc. If you sign an offer and don’t have the funds to cover all of the costs, the deal will fall through, and there may be some other repercussions. That’s why it’s important to have a lawyer look over all your documentation before you sign. A real estate lawyer will determine the closing costs that you can expect so there are no surprises.
The Offer Is Legally Binding
Purchasers need to understand that once an offer is fully executed, it is legally binding. Even if you have yet to submit the deposit, you are still contractually bound to do so. If you back out of a purchase, you can be sued for breach of contract. So before you sign, make sure you go over the offer with a real estate lawyer who can help you understand all of the terms, conditions, and responsibilities outlined in the contract.
There Is a Risk In Waiving Contingencies
Should you waive the condition of financing? Are you willing to forgo an inspection to beat out your competitors? The answer to these questions depends on many factors. Never waive contingencies before talking it over with your lawyer to determine if the risk is worth it.
Accord Law is here to help you navigate through the complex world of real estate. If you’re about to enter a bidding war, arm yourself with the expertise you need to get the proper advice and representation. Contact us today.
The purchase and sale process can become extremely complex, especially when there are multiple parties involved. Too often, important details are missed and costly mistakes are made that render transactions dead and spark potential lawsuits. That’s why a real estate lawyer is often included as part of the process. Here are 5 situations that require a real estate lawyer that you should know about.
Purchasing Property
Your real estate agent will help you navigate through the process, but they don’t have the training to identify unlawful activity or oversee legal matters. That’s why a real estate lawyer is required when collecting and dispersing funds and transferring the property. But you should also consider hiring a lawyer to review the Agreement of Purchase and Sale and the title documents to ensure that all the details are accurate and in your best interest.
Getting a Mortgage
You’ll also need the assistance of a real estate lawyer when arranging a mortgage to determine how the home will be titled, and to direct the funds from the lender to the borrower. A real estate lawyer will make sure that all the relevant mortgage documents are signed and that the money arrives on time.
Selling Property
When you decide to put your home up for sale, you’ll need to call a real estate lawyer. The lawyer will draft the documents, negotiate the terms, and add in any necessary conditions that represent your best interests. They’ll also make sure that all the appropriate laws are followed and any issues are quickly remedied as they arise. Most importantly, they’ll arrange the statement of adjustments, then discharge the mortgage as well as any other liens on title.
Property Disputes
If you’re facing contractual or title issues, land use, access, zoning, boundary or ownership issues, a lawyer can help. Any disputes you face regarding the surrounding property and ownership can be handled by a legal representative. Attorneys can also be called in to provide skilled advice and litigation if there are unsettled construction liens or insurance disputes.
Leasing Agreements and Disputes
An attorney can assist with any landlord and tenant situations. Whether it’s a dispute over a commercial lease or residential lease agreement, or you need assistance drafting a complex lease agreement that is officially binding, a real estate lawyer can help protect your legal rights.
To ensure you’re protected throughout the entire process, you should consider hiring a real estate lawyer early in the process. Contact us at Accord Law today to find out more about our services.
I was recently asked to present to a group of realtors and mortgage brokers on the latest trends and developments in real estate and real estate law. As I took time to reflect, I realized that the majority of developments and trends that have impacted real estate closings over the last year revolve around Covid-19.
The pandemic has created some unique challenges and opportunities for real estate lawyers and our clients. Below are some key points to keep in mind when selling or purchasing a home in the current market, which I hope will be helpful!:
Interest rates are at an all time low as the central bank has reacted to the pandemic accordingly. This coupled with ongoing supply issues has created a sellers market unlike one we have seen before. With interest rates so low, banks have seen an unprecedented volume of mortgage and refinance applications. As a result, we have seen some banks, who are already dealing with understaffing, being unable to process mortgages on short notice. We highly recommend that clients start their mortgage approval process early and well in advance of their closing date to avoid closing delays. The days of quick closings or rush closings are gone!
Bidding wars are inevitable. On numerous occasions at Accord Law, we have seen purchasers submitting offers, often on multiple properties, and then getting cold feet and failing to provide a deposit after the offer has been accepted. In order to protect sellers, we always recommend sellers obtain a substantial deposit upwards of 5% of the purchase price. Purchasers must understand that once an offer is fully executed and firm, not providing a deposit does not relieve them of their contractual obligations and they will still be held liable. There is no “cooling off period” for residential resale real estate!
Due to the circumstances involved in multiple offer situations, purchasers and sellers are being placed in positions where they have to make consequential decisions quickly and often without legal advice. We suggest making sure that you are represented by a Realtor, who has a team of professionals including lawyers, mortgage brokers, and inspectors at their disposal, so you can seek timely advice during these critical moments.
Due to health and safety concerns, the Law Society has allowed law firms to verify our clients’ identity virtually, through video calls. This change has allowed our office to act for clients throughout the Province, and our client’s outside of the GTA no longer have concerns of having to travel to our office prior to closing. For your convenience and safety, Accord Law is fully equipped to close deals remotely through video conferencing, and our team is available to assist you every step of the way!
Are you looking to become a Canadian citizen? Here are some tips to ensure a smooth immigration process.
Review the Immigration Laws
The Canadian immigration process has gone under a number of changes over the years. So, before you apply, it’s important to spend some time reviewing the latest immigration policies and information. You should also understand what the process involves to become a Canadian citizen. Currently, you first need to apply for a permanent resident visa and meet certain residency obligations before you can apply for citizenship. This includes living in Canada for at least 1,095 days out of the 5 years that you hold permanent residency status and providing proof of taxes in Canada for at least 3 years.
Check Your Eligibility
There are also a number of situations that can prevent you from becoming a citizen here in Canada. If you have committed a crime in or outside Canada, are on parole or probation or serving imprisonment, are under a removal order, or have had a citizenship application refused for misrepresentation, the Government may reject your application. Before you apply, check the prohibitions to ensure you are eligible.
Learn About Canadian History
To get your citizenship, you’ll also have to pass a citizenship test. This multiple-choice test includes questions about Canada’s history, political system, geography, national symbols, values, and the rights and responsibilities of citizenship.
Brush Up on Your English or French Skills
One of the steps to apply for your Permanent Resident Visa and Canadian citizenship is proving your English or French skills. You’ll be required to take an exam that will test listening, reading, writing and speaking in one of Canada’s official languages. The score that you’ll need to achieve will depend on the particular visa program you are applying for.
Hire an Immigration Lawyer
Canada approves hundreds of thousands of immigrants each year, but many are not as successful and some even wait years for the process to be finalized. If you’re not familiar with the documentation, are experiencing a language barrier, or are tired of waiting around for a response from the government, hiring a Canadian immigration lawyer can make a big difference. They will walk you through all the documentation and ensure that you have submitted everything accurately. A lawyer will also protect your rights as an immigrant and make sure that your case will be moved along without delay. With a lawyer by your side, you can experience a stress-free, smooth immigration process from beginning to end.
Whether you’re applying for your permanent residency or citizenship, our immigration law team can help to ensure a smooth immigration process. At Accord Law, we have a proven track record in facilitating the successful entry of temporary and permanent residents. Learn more about how we can help you or set up your free consultation today to talk to one of our lawyers!
If you’re about to jump into homeownership, it’s imperative to understand the key things to avoid doing when purchasing a home. Be sure you’re not making these three big mistakes that most first-time homebuyers often make and end up regretting afterward.
Investing in real estate has many upsides, but if you’re not careful, it can have just as many downsides to navigate through. Your goal is to gain a profit from your investment, but the only way to do that is by protecting your home investment. Here are four ways to do just that and to ensure you’ll get a decent ROI.
So you’ve determined that you’re finally ready to take the plunge and make your first real estate purchase. That’s great news! But your next decision will be an important one that requires some serious research and consideration. The condo vs a home debate is a common one that many first-time homebuyers find themselves in. Condos are a popular choice these days since they’re generally more affordable, require less maintenance and include other perks and amenities. But that doesn’t mean it’s the right choice for you. The answer lies in determining what’s best suited to your individual needs, lifestyle and budget. To help you navigate through this debate and major life decision, we have the pros and cons of each to guide you during your first real estate purchase.
Real Estate investing can be very profitable if you make the right choices and take the right steps. However, it doesn’t take a seasoned pro to come out on top. Just follow this real estate investment guide to get the info you need to turn your property into a profitable return-making machine.
Have you used up all your vacation days before the summer? Don’t fret! You can still make the most out of your summer if you are stuck in the city. In fact, there’s plenty to do, you just need to know where to start. Follow these quick tips that will help you make the most of your favourite season, even if you’re trapped at home.
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Privacy Policy
Accord Law Professional Corporation is a firm that specializes in Real Estate, Immigration, and Business law with offices in Toronto, Ontario. The lawyer[s] and staff at Accord Law Professional Corporation (sometimes referred to as “we”) are committed to protecting your privacy. This Privacy Policy outlines how we handle your personal information to protect your privacy.
Privacy Legislation
Since January 1, 2004, all Canadian organizations engaged in commercial activities have been required to comply with the Personal Information Protection and Electronic Documents Act (“PIPEDA”) and the Canadian Standards Association Model Code for the Protection of Personal Information incorporated by reference into PIPEDA. These obligations extend to lawyers and law firms, including Accord Law Professional Corporation.
In addition, an Act respecting the Protection of Personal Information in the Private Sector has been in force in Quebec since 1994 and sets out rules regarding the collection, use and disclosure of personal information within that province.
Lastly, as a professional services firm, we have professional and ethical obligations to keep confidential the information we receive in the context of a lawyer-client and agent-client relationship.
Personal Information
Personal information is defined in PIPEDA as information about an identifiable individual, but does not include the name, title or business address or telephone number of an employee of an organization. In other words, it does not include the information that one expects to find on a business card.
Consent to Our Collection of Personal Information
In most cases, we obtain your consent to collect, use and disclose your personal information. Usually, if you retain our firm, we assume that we have your implied consent to our collection and use of your personal information, however, at times we may ask for your express consent, either verbally or in writing. Generally, we collect your personal information directly from you at the start of or during the course of your retainer with our firm. Sometimes we may obtain information about you from other sources such as a government registry or other professionals who serve you.
Use of Personal Information at Accord Law Professional Corporation
We use your personal information to provide legal advice and services to you, to issue invoices and to maintain our database of clients. In addition, if you apply for a position with Accord Law Professional Corporation, we will use your personal information to assess your candidacy. Lastly, we may use your contact information (name, e-mail and postal address) so that we may communicate with you about recent developments in the law, keep you abreast of Accord Law Professional Corporation news and invite you to our firm events.
Withdrawal of Consent
You may withdraw your consent to our collection, use and disclosure of your personal information at any time, subject to legal and/or contractual restrictions and upon reasonable notice. Your withdrawal of consent to our collection, use and disclosure of your personal information may impact our ability to represent you and provide you with legal advice.
You can ask us not to send you marketing communications by following the opt-out instructions in each communication or you may let us know by contacting us at info@accordlaw.ca.
Disclosure of Personal Information
Generally, we do not disclose your personal information to third parties without your consent unless permitted or required by applicable laws or court orders. The following are some examples where we may disclose your personal information: such disclosure is necessary to collect fees or disbursements; we contract with a third party to provide us with certain services such as archival file storage or insurance. (In such cases, we will use contractual or other means to ensure the third party service provider is bound by obligations regarding privacy which are consistent with this policy); or we engage expert witnesses or other law firms on your behalf.
Accuracy of Your Information
It is important that the information that we have on file be accurate and up-to-date. If, during the course of the retainer, any of your information changes, please inform us so that we can make any necessary changes. We may also ask you from time to time whether your personal information is up-to-date.
Safeguards
Accord Law Professional Corporation uses various safeguards to ensure that your personal information is protected against loss, theft, misuse, unauthorized access, disclosure, copying or alteration. These include: security of our physical premises; our professional obligations; security software and firewalls to prevent unauthorized computer access or “hacking”; and internal passwords that restrict access to our electronic files.
Access to your Personal Information
You have a right to challenge the accuracy and completeness of your personal information and to have it amended, as appropriate. You also have a right to request access to your personal information and receive an accounting of how that information has been used and disclosed, subject to certain exceptions prescribed by law. For example, if the requested information would reveal personal information about another individual, your request for access may be limited or denied. If your request for access is denied, Accord Law Professional Corporation will notify you in writing of the reason for the denial.
To request access or to amend your personal information, please contact the lawyer with whom you normally correspond or write to our Privacy Contact at the address below. Accord Law Professional Corporation will respond within thirty (30) days of receipt of your written request.
Challenging Compliance
Accord Law Professional Corporation will respond to inquiries about its policies and practices relating to its handling of your personal information. Inquiries should be directed to Accord Law Professional Corporation’s Privacy Contact using the contact information below. Accord Law Professional Corporation will investigate all complaints and will respond within 30 days of receipt of a written inquiry. If the complaint is found to be justified, Accord Law Professional Corporation will take appropriate measures to resolve it, including, if necessary, amending this Policy and its procedures.
Website Privacy
Like most other commercial websites, we may monitor traffic patterns, site usage and related site information to optimize your visit to our website.
We do not use cookies or any electronic means to collect personal information from you or your computer; however, our website server will automatically collect IP addresses. We may view the IP log from time to time, for example, to maintain the security of our website. We do not link the IP addresses to other personally identifiable information.
Privacy Contacts
If you have any questions or complaints about this Policy or the handling of your personal information, if you wish to withdraw your consent to our use of your personal information, or to request access to or update any information we have on file, please contact the lawyer with whom you are dealing, or contact:
Commission d’accès à l’information du Québec
480 St. Laurent
Suite 501
Montreal, Quebec
H2Y 3Y7
Telephone: 514.873.4196
Toll Free: 1.888.528.7741
Changes to this Privacy Policy
We may change this Privacy Policy from time to time. Any changes will be posted on our website at accordlaw.ca and will be made available upon request through your contact at Accord Law Professional Corporation. Please check from time to time to ensure you are aware of our current policy.
