You have found the house of your dreams. Sign the agreement of purchase and sale, hand over your deposit and it's yours. STOP! An agreement of purchase and sale is a contract and once you sign it, you have to live with it, including any less than favourable terms.

A house is probably the biggest single purchase most of us will ever make. Tens of thousands of dollars are on the line. In light of these facts, getting assistance from professionals, including a good real estate lawyer, only makes sense.

Talk to your lawyer
Once you decide to go house hunting, besides getting financial pre-approval, one of your first stops should be your lawyer's office. Let him/her know that you hope to be dropping off an agreement of purchase and sale for review. By waiting to sign the agreement, you can benefit from your lawyer's advice and experience in this area.

When reviewing the agreement of purchase and sale, your lawyer will make sure that all the chattels you are buying (e.g. appliances, blinds) are included and properly described in the agreement. If the purchase is conditional, for instance on the sale of your current home, your lawyer will advise you on a proper escape clause. Another condition you may want to include is the purchase being dependant on a satisfactory home inspection. Even if no changes to the agreement are necessary it is a good idea to let someone accustomed to reading long and dry legal documents have a look.

The deposit
When you sign an agreement of purchase and sale, you will probably be asked for a deposit. This deposit will be held in a trust account by the real estate agent and it will be applied against the purchase price. If you refuse to close the deal without a legal reason the deposit will be forfeited to the vendor.

The details
The actual transferring of a house from one person to another is time consuming and there are many details to be attended to. One of the most important things your lawyer will do for you is to make certain you will be getting good title to the property. He/she will make sure you are buying what you think you are buying. The following are some of the other items your lawyer will see to.

1. Search the title to ensure the vendor in fact owns the property and that he/she can give you good title.

2. Ensure the property does not contravene the Planning Act.

3. Check for liens against the property - liens are monies owing and charged against the property e.g. unpaid taxes or utilities.

4. Verifying whether there are any easements on the property - easements give permission for someone to come onto your property to install, replace or repair their lines. e.g. phone and hydro companies often have easements over people's property.

5. Discover whether the sheriff has been authorized to seize the property of the current or one of the previous owners.

6. If any problems arise during the various searches, your lawyer will send a letter of requisition to the vendor's lawyer explaining what has to be done prior to your deal closing.
And finally...
Your lawyer will explain the different way you can hold title to the property as well as the implications of the Family Law Act and matrimonial homes. He/she will let you know what money will be payable on closing in addition to the purchase price. There is quite a bit of paper work involved in the purchase of a home and your lawyer will review, explain and make sure it is properly signed. Finally he/she will oversee the closing of your deal and deliver the keys to your dream home.