You found your perfect home and now you want to buy it. What do you do next!

Doing the following will lead to a better outcome.

Whenever possible you should have your offer/agreement reviewed by a lawyer before you finalize it.

Make sure your agreement contains a conditional mortgage clause. This allows you to cancel the agreement if you are unable to obtain the right financing.

Make sure your agreement contains a home inspection clause. Having a professional home inspection can save you thousands in repair costs later.

If you have a house to sell the safer course is to make the agreement conditional on the sale of your property. Should you property not sell in time then the agreement is canceled and you get your deposit back.

Make sure that all of the items you wish to include as part of the agreement are written into the agreement even if they are considered fixtures. Take pictures of appliances to make sure there are no misunderstandings.

If you are submitting a large deposit (ie over $10,000) and your closing is more than 60 days away then we suggest you make sure a clause is added to the agreement requesting interest on your deposit be paid to you.

Apart from closing costs and taxes there are final adjustments that you must be prepared to pay. These involve prepaid property taxes, fuel oil (if the home is oil heated) and anything that the present owner has paid for beyond the closing date. The final adjustments for brand new homes average $5,000 and can increase substantially if costs (they are passed on to the new owner) are not capped in the agreement.

All new home agreements should be reviewed by a Real Estate Lawyer before they are finalized. At RealProperty our network of Real Estate Lawyers will review your new home agreement at no additional costs, provided you have signed your confirmation of representation.