There are a number of "hot button" matters which clients should discuss with their solicitor when an offer for real estate is being prepared or reviewed.
A properly drafted and executed agreement is particularly important in real estate transactions. Without it, the entire basis for the transaction may be void. Ultimately, every lawsuit pertaining to the transfer of property between a purchaser and vendor involves the careful consideration of the Agreement of Purchase and Sale which gave rise to the particular rights between the parties. Very few provisions are deemed to be included in an Agreement of Purchase and Sale by statute. For solicitors, commenting upon or drafting this important contract represents not only the opportunity to provide the highest value legal services to a client, it also represents the last and only real opportunity for a lawyer to avoid a "problem transaction."
Ray Mikkola – Partner, Pallett Valo LLP Commercial Real Estate Practice
Steven Pordage – Associate, Pallett Valo LLP Commercial Real Estate Practice