Real-g-01

I am a first time house 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 and not after.

You should be sure to obtain as much information about the property you want to buy before you sign any offers to purchase. You should be sure to get the following information:

• check the amount of the yearly property taxes and if there are any tax arrears;
• check any restrictions on the title to the property;
• consider having a building inspector look over the property for structural 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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March 2000

see also:

• Real Estate: Land Titles '

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