Purchases

It’s very important for your financial health, as well as your mental health, that you understand exactly what is going on during your purchase of a property. You need to be kept informed of what is going on and if any issues arise.

Your property lawyer has many responsibilities when you purchase a property. Your lawyer receives and reviews the Agreement of Purchase and Sale in order to ensure there are no irregularities or items of concern within that contractual document, then does some background checks on the property to ensure that your interests, and the interests of your mortgaging bank, are protected.

Your lawyer also receives instructions for drafting a mortgage on behalf of your mortgaging bank and then receives and disperses your mortgage funds from the bank in order to close your deal.

Some things to bear in mind when purchasing a property:
– Deed transfer tax is payable on property transactions in most counties in Nova Scotia. For instance, in Halifax Regional Municipality the deed transfer tax is 1.5% of the property’s purchase price.
– If you have any judgments against you, those will attach to the property you are purchasing. This is not something you want to happen.
– It’s a good idea to have an independent property inspector check out your property for things you might not notice, such as water penetration in the floors and walls, rot in support beams, even bat infestations!