If unaffordable prices, bidding wars and news that the real estate industry is supplying questionable statistics to the public isn’t enough, homebuyers must also deal with so-called “standard” forms that are written to favour sellers.
“The agreement of purchase and sale that most homebuyers see is skewed in favour of vendors,” says Sid Troister, a real estate lawyer with Torkin Manes LLP in Toronto. “From purchasers’ perspective, the document shouldn’t be treated as standard at all, because you may be agreeing to something you know nothing about.”
By way of example, standard agreements usually have purchasers agree to accept title subject to restrictions that have been registered on title. One such restriction, not uncommon, prohibits parking commercial or other types of vehicles in the driveway.
This article was originally published in the Financial Post
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