REAL ESTATE - Residential & Commercial
The lawyers at Metro Law Office have extensive experience in acting for buyers, sellers, developers and mortgage lenders in real estate transactions. Yet our fees are as low as most notaries and - unlike notaries - we can apply to court to protect your interests if legal issues arise.
BUYING & SELLING
Whether you are buying or selling real estate, you should have a properly drafted and signed Contract of Purchase and Sale. We will review your realtor-prepared contract - or draft one for you - ensuring that it is a legal and binding contract and:
- that any subject conditions for the benefit of the buyer have been properly declared waived or satisfied after, for instance, the buyer has received an unconditional financing commitment or after building inspectors, strata corporations, realtors, owners, tenants, municipalities have provided adequate assurances to the buyer;
- for strata-titled homes: that the buyer receives all bylaws, rules and regulations of the strata corporation, two years worth of Strata Council minutes and a Form B Information Certificate (the buyer's realtor should help provide this information) before removing subject to clauses;
- for newly constructed homes: that the contract describes who pays the GST, how the 36% GST rebate is handled (maximum of $8,750), how builders lien holdbacks, disclosure requirements, inspections, deficiencies and construction delays are addressed;
- for first time buyers who might qualify for a Property Transfer Tax Exemption: that the buyer has been a 12 month BC resident who has never owned real estate anywhere in the world, that the property purchased does not exceed $450,000 (or 425,000 for full tax exemption) (if in the Lower Mainland) and that the buyer has a minimum one year mortgage for not less than 70% of the purchase price and with no more than $13,000 of principal paid down in the first year;
- suggest that you make your own enquiries with the municipality to ensure that the zoning of the property meets your present or future needs and that any structures have no building, bylaw or fire code violations outstanding.