FINA 210 Lecture Notes - Lecture 4: Royal Lepage, Flat Rate, Contract
Document Summary
There are four environments in the real estate market: the market environment, the financing environment, the legal environment, the tax environment. Want to make sure it goes to rightful owner, and property is clear of any problems. Getting what you pay for (what you agreed to buy) Until the money and the title is exchanged between the parties, no transaction is complete. Seller could refuse to pay commission, buyer did not come up with necessary money, etc (legal problems arise) The title has to be clear (most are cloudy) no one else can have a claim against your property. Lean against property: bank owns property because loan has not been paid (notary ensures that agreement is made clear and fully explained to buyer) Responsible for expenses (down payment, moving expenses) legal question, lawyer is the only person who distributes and collects the money. All money controlled by the notaries office.
