Issue link: https://digital.canadianlawyermag.com/i/98104
Real esTaTe law BUying a neW hoUse or condo is eXciting for first-time BUyers BUt don���t get BUrned By hidden fees and other Pitfalls. BY sioBhan mcclelland Keep an eye on The fine pRinT a s many young professionals enter the real estate market to buy a new condo or house before it���s been built, the excitement of that big-ticket purchase can overshadow any thoughts of being practical and seeing a lawyer. But what home buyers may not realize is they could be agreeing to a lot more than the purchase of the home. Many contracts for new homes contain terms that result in hidden fees of thousands of dollars. ���Everybody wants brand new,��� says real estate lawyer Gerald Miller. ���They want the latest ��� the latest technology, the latest gimmicks. And the market has taken advantage of that.��� 18 Jeffrey Schwartz, who also practises real estate law, says: ���The market is such that if you don���t buy, someone else is going to buy right away,��� and it makes people anxious. ���This is typically the largest single transaction in most people���s lives. Every penny you have saved and earned, you���re plunking down and then you���re going to be responsible for a mortgage of a significant amount. Yet, people do these things without necessarily seeking legal advice.��� Even if you don���t think you need it when buying a new home from a builder, Schwartz advises getting legal advice. ���When you buy a new home from a builder, when you sign the deal, the deal is done, unless you contract to have it reviewed