Let's face it...buying a cottage is not like buying a condominium.
There's lots to think about and, if you get it wrong, you could be on your own... or up the creek without a paddle!
If you want protection, you have to get it before you sign an offer. If you plan to hire one, most lawyers are only too happy to give you suggestions before you sign, rather than try to get you out of trouble after you sign!
Here's an example of what your lawyer will help you with, as it applies to the purchase and one mortgage of residential properties (including recreational property for personal use):
To complete the transaction in accordance with the Practice Guidelines issued by the Law Society of Upper Canada, including, reviewing executed agreement of purchase and sale (but not including negotiating or drafting agreement) and advising in connection therewith, investigating title and checking the description, making requisitions on title and on other matters recited in the agreement; searching the arrears of realty and all other taxes and rates constituting statutory liens; advising on the applicability of HST legislation; searching for executions (judgements) against the vendors; searching for work orders and other municipal documents if required, discussing with the purchaser all matters relating to title, zoning and statement of adjustments; reviewing and executing mortgage instructions; advising the client concerning insurance requirements; advising the client with respect to property title and options for assuring title quality, including solicitor’s opinion letter and title insurance; where appropriate in rural properties, advising client with respect to road access, shore allowance, septic issues, water potability and well issues; attending on execution of documents, attending to the closing, giving opinion on title or securing title insurance policy, reporting and all other services necessarily incidental thereto.
See, there's more to it than meets the eye!!
So before you buy, let's look at some of the issues that seem to come up over and over again...