This segment is part of a larger Virtual Live Event that we held in March 2021

The Gist:

In Real Estate, lawyers do a lot to ensure smooth sailing when it comes to navigating the sellers market. Lots of prevention is needed, so that’s where most of the work is.

  • It’s best to ask questions right at the beginning and not sign anything until you speak with your lawyer, because there isn’t much you can do once the contract is signed and conditions are passed.

  • Right now, we are seeing quite a few multiple offers, which bring new issues of their own. There may be mistakes at different parts of the chain than usual.

When the market is shifting as quickly as it is now, there are many things people have to deal with that weren’t an issue in the past.

  • The Real Property Report (RPR) is one of the big talking points right now. It’s considered one of the most important things in the sale of your home.

  • The important things for the RPR are the changes— If a neighbour puts up a fence, you still need an RPR. If you built a deck that didn’t need a permit, it still needs to be put on the RPR.

  • The purpose of this is to represent to the buyer what they are buying. What they see is what they get, and the municipality has okayed it.

  • RPR’s can be accepted in two days: Compliant or Non-Conforming, but never non-compliant.

When we’re looking at a purchase agreement in residential resale real estate, we’re really looking at an agreement that is supposed to create equality between the buyer and seller.

  • This equality is written in the standard agreement as part of the protection we all expect, but it gets tricky when it overlaps with the seller agreement.

  • The seller agreement says that they have two weeks to give the listing brokerage an RPR, but they may get 10 multiple offers in the opening weekend, where you can just provide title insurance.

  • Not providing an RPR can make buyers nervous about your property, so get that RPR early so that you can secure compliance.

When it comes to real estate dealings, it’s ideal to not waste too much time and get in contact with your lawyer ASAP. This can ensure the process goes smoothly throughout the whole process.

  • When Damien works for a buyer, he’s going to ask for enough to cover where the problem is and make sure that the seller does what they’re supposed to do.

  • When working for a seller, we follows a similar process to minimize problems as much as possible if there is a holdback (eg., if there is a deck that is non-compliant).

Bottom Line: Pay attention to your Real Property Report as early as possible!

 

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