06 Dec 2016

I am a first time home buyer. What do I need to know before I sign an offer to purchase?

It is important to appreciate that an offer to purchase is a contract. Once you have signed it you will be bound by the terms. It is a good idea to consult a lawyer before you sign the contract.

You should also be sure to obtain just as much informed about the property you want to buy before you sign any offers to purchase. You should:

  • check the amount of the yearly property taxes and if there are any levy arrears;
  • check any restrictions on the title to the property;
  • consider having a building inspector look over the property for structural both problems and prepare a written report for you;
  • check with your banker and make sure that you will be eligible for the amount of mortgage financing you will need.

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