Purchasing a home can be a harrowing experience, especially in a large city like Toronto. Canada’s social and economic capital is currently experiencing a housing boom called a seller’s market—where there are more people looking to buy units than there are units to sell. Toronto’s skyline is also set to expand in the future; at present there are more condominiums under construction than in New York, Chicago and Vancouver combined. While Toronto is a wonderful place to live, the aggressive housing market it houses is not very welcoming, and for first-time home buyers can be downright intimidating. An attorney with over thirty years’ experience, Jay Teichman beats all other Toronto real estate lawyers. Keep reading below to learn more about why real estate lawyers with experience are key in a large city like Toronto.
Familiarity with Local Legislation
When searching for prospective Toronto real estate lawyers, you should already have some idea of your ideal apartment building/neighbourhood. Unlike Vancouver, which has no room to expand anywhere but up, Toronto has a variety of residential, suburban and urban neighbourhoods to choose from. While it’s great that so much choice is available to people looking to purchase property in Toronto, you need to make sure when hiring your real estate attorney that they have direct experience closing sales in the neighbourhood in which you hope to live. Familiarity with the area is a huge asset in a real estate professional; remember, your home is where you’re going to drop anchor, and it helps to have someone with inside information on the area on your side.
Securing the Purchase & Sale Agreement
A lot is at stake when you’re purchasing real estate, and you want to make sure that you’re making a solid investment. Not only that, but experienced Toronto real estate lawyers know the importance of giving your Purchase & Sale agreement a proper read through in order to secure the terms of the purchase in your favour. They will also express to you the importance of Title Insurance, a one-time insurance you will need to set up to protect you against any future frauds or claims against your title to your property.
In conclusion, when making the biggest purchase of your life, you should do your utmost to ensure you have hired a competent, knowledgeable and above all, experienced real estate attorney to look over the details of your contracts.