Your Contract... Think Before You Sign
Building or buying a new home will probably be the largest financial commitment you will make. Think before you sign on the dotted line. Your family’s future depends on it. Your contract is a legal document designed to protect both parties involved, the buyer and the seller. Make sure you know exactly what getting a home involves, get it in writing and examine the contract carefully.
Exactness Counts Contracts received from most builders follow a standard form. It basically outlines the rights of both the seller and the buyer, the price you have agreed on and exactly what is included in the purchase. Spoken promises are not contracts. What may be said by a sales representative or builder is not legally binding. A contract is. If you have asked for a design modification or alteration make sure you get it in writing before building begins. If you have agreed on changes or additions make sure it is clearly stated and appears in your Agreement of Purchase and Sale. Examine all documents carefully. Typographical errors or handwritten additions become legal once the paper has been signed. So take the time to read all documents carefully and double check references and floor plans. Once you are satisfied with what appears in writing, have your lawyer examine it again before you sign.
Your Lawyer’s Role If you do not have a lawyer before you build or purchase a home, choose one who has experience in real estate.
The Law Society of Ontario can help you choose a lawyer, should you need assistance. Don’t assume that you can make the purchase without the help of a qualified lawyer. The cost of legal services is a small investment compared to the peace of mind you will have knowing that what you have purchased is what you want and that it is legally yours, and, if you are not satisfied that what you receive is what you agreed upon, you will have legal recourse. Your lawyer will make sure that all legal matters are correct and binding for your own protection.
Read! Then Buy. Read all documents and paperwork carefully. Read the preprinted standard clauses as well as any additions or changes. Know exactly what the builder is to supply and install and have it put in writing for your own protection. Make sure the purchase price is clearly stated and agreed upon. It should be spelled out clearly and concisely in the schedule you will find attached to your Agreement of Purchase and Sale. If you are buying your home from a model, make sure you are aware of exactly what features you will be getting. The model may have been decorated with special features and additions that do not come as features of the standard model. Put into writing exactly what you want in your home and exactly what is included in the purchase price. Then reread everything again and don’t sign until you and your lawyer are satisfied that what appears in print is what you will receive.
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