Important Legal Considerations When Purchasing Property

A real estate purchase is a complex transaction, and laying the proper groundwork for a successful investment, now and in the future, requires professional legal advice.

Securing reputable and accredited legal counsel is essential to your purchase process.  When buying a property, there are several key legal considerations to keep in mind.  We at Rockies Law Corporation always recommend that, “Due diligence and careful planning are the most important aspects of any real estate transaction.”

It also is important to make sure you review a current title search, copies of all encumbrances, covenants, bylaws, agreements associated with the property and a property disclosure statement.

When purchasing a condominium, we always advise clients to review and fully understand the strata bylaws which govern everything from pets, to parking, and strata fees.  Considering a timeshare or fractional interest?  The agreements for these can be even more complex.

Finally, we suggest that clients should think beyond the immediate when it comes to their property.  A property may be a legacy to be handed down to children or grandchildren and therefore, proper estate, tax and succession planning should be a part of your purchase strategy from the beginning, both for residents and non-residents.