Buying or selling? What to know before your biggest purchase

Are you in the process of buying or selling a property?

If so, it's crucial to understand the ins and outs of subject conditions and title reviews.

Let's start with subject conditions.

Picture this: you've found your dream home, but before diving headfirst into a binding contract, there are certain conditions that need to be met.

“Typically, in residential real estate transactions, they are for the benefit of the buyer, and it allows time for the buyer to complete due diligence on the property and really holds up that property until that due diligence is completed,” Antonia Ghattas from Lake City Law, explained.

Now, let's delve into title reviews. Have you ever wondered who the legal owner of a property is? Or what charges and restrictions are registered against a title?

That's where a title review comes in. By having your solicitor thoroughly examine the title, you gain invaluable insights.

“It is very beneficial to have your title reviewed for a potential purchase by your solicitor prior to subjects being removed from a property,” she added.

Whether you're a buyer or seller, understanding subject conditions and conducting a title review can provide peace of mind and safeguard your real estate journey.

Lake City Law operates offices in Vernon and n Kelowna.

You can visit them online at lakecitylaw.ca.