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Expanding Your Business In Canada And The Real Estate Laws Associated With Purchasing A Space
By Tamia Johnson
Every company at a certain moment of time needs to make some changes to expand further. There are many things that a requires to be growing and successful, purchasing an own space is one of such things. The main thing that you need to keep in mind when you are purchasing a Space in Canada is: donít make any rush decision without consulting an experienced real-estate lawyer.

In Canada there are two types of space purchases: in a registered condominium or a non-condominium form of freehold property. However the condominium has a number of practical differences. Like paying the monthly common expenses to operate the property in which the space is located (set by an elected Board). The Condominium Board and a hired property manager look after many of the aspects of property ownership and save the time of the owner. They do things like arranging fire insurance, maintaining the common elements and gather the reserve money from common expenses, which can later be used for major capital repairs and replacement. So the owner can actually focus more on and not on the premises. Still many ownership considerations apply to both of these types, because property taxes are payable on both types of ownership and both may be resold and mortgaged.


In the most common scheme of purchasing a space in Canada, the bank also plays a major role, because it provides most of the funds. In some cases banks have their own requirements like the delivery of satisfactory

appraisals, collateral security on your principal residence, if required, guarantees, and the provision of independent legal advice to spouses. So usually a financing condition in favor of the purchaser is included to secure a binding commitment from its lender before the purchase. A zoning review provision is also an important part of the agreement, because zoning in Canada is an important matter in a commercial transaction. Usually a zoning by-law review in Canada will involve a review of the zoning provisions at the municipality, like the confirmation that the use is permitted or that the requisite number of parking spaces is available to accommodate the use. It is also very important to remember that commercial agreement of purchase and sale in Canada will differ substantially from a residential form of agreement. For example a commercial agreement of purchase gives the purchaser a possibility to review the property and the results of such reviews usually influence the price of the property.

To this point you already understood that this type of purchase in not simple so as already mentioned a real-estate lawyer must be present even at the earliest stages of the purchase process. Especially in commercial purchase transactions, where the form of purchase agreement must be reviewed very carefully by a real-estate professional. Every residential purchase agreement has some unique provisions that need to be checked by a lawyer, this will help you in purchasing space in Canada.
In order to find lawyer for real estate please visit www.lawyerahead.ca for the most comprehensive information on lawyer including Toronto lawyers, Brampton Lawyers, Vancouver Lawyers, Mississauga lawyers, Hamilton lawyers, Ottawa Lawyers and Canadian Lawyers

 

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