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Preparation of Residential and Commercial Offers

At NLCI, we provide expert legal services for preparing both residential and commercial real estate offers. Whether you're purchasing a home or investing in commercial property, having a well-constructed offer is essential to protect your interests and ensure a smooth transaction. Our experienced team can prepare your offer with precision and attention to detail, helping you navigate the complexities of real estate contracts. Here is an overview of our services and the costs involved.

Offer Preparation Costs

  • Commercial and Residential Properties: Our fee for preparing a basic offer for either commercial or residential use is $995.00 + H.S.T.

  • Residential Only: If the property is zoned solely for residential use, the fee for offer preparation is $795.00 + H.S.T.

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Documents Required

To prepare an offer, we will need the following documents to ensure you are entering the contract with the correct party and that the seller has the right to sell the property or business:

  • Articles of Incorporation: If the property owner is a company, provide a copy of the seller company's incorporation documents.

  • Transfer/Deed of Land: A copy of the deed or transfer of the property being sold.

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Key Information to Include in the Offer

  • Name of Buyer: We recommend purchasing a commercial property under a company name to limit personal liability and for tax purposes. If you already have a company, please provide a copy of its articles of incorporation. If not, we offer incorporation services for $295.00 + H.S.T., with additional disbursements of approximately $360.00 for a number company or $450.00 for a name company (including NUANS search fees).

  • Property Address: Provide the exact property address, including unit numbers, and specify any parking spots or locker units included in the purchase.

  • Purchase Price: The purchase price should be agreed upon in advance, as we do not provide a legal opinion on the value of the property. All funds must be in Canadian dollars.

  • Deposit: A reasonable deposit (usually $20,000.00) is required upon acceptance of the offer. This should be payable to the seller’s solicitor in trust, not directly to the seller.

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Conditions

  • Common Conditions: We typically recommend making the offer conditional on:

    1. Financing approval.

    2. Buyer’s due diligence on building and zoning by-laws, fire code, Health Act, Environmental Act, and any leases to be assumed.

    3. Review of the property’s survey and satisfaction with the results.

  • Waiving Conditions: If the conditions are not met within the agreed period (normally 21 days), the agreement becomes void, and the deposit is returned. If you waive the conditions, the transaction becomes firm, and failure to close may result in the loss of the deposit and potential legal action for breach of contract.

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Other Considerations

  • Vendor Take-Back Mortgage: If you require the offer to be conditional upon the seller granting a vendor take-back mortgage, please notify us.

  • List of Chattels: A detailed list of all assets included in the purchase is required, identified by serial number if possible.

  • G.S.T./H.S.T.: Our standard offer provides that G.S.T./H.S.T. will be in addition to the purchase price unless both buyer and seller are registered for G.S.T./H.S.T. and complete the appropriate form (#44) to waive collection.

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Additional Services

  • Preparation of Waivers, Amending Agreements, or Mutual Releases: We charge $245.00 + H.S.T. for preparing each waiver, amending agreement, or mutual release.

Why Choose NLCI for Offer Preparation?

At NLCI, we ensure that your offer is legally sound and tailored to your specific needs. Our experience in both residential and commercial transactions means you can trust us to protect your interests and help you avoid costly mistakes.

Please note that fees for preparing offers must be paid in advance and are non-refundable. You can e-transfer funds to mylawyer@bellnet.ca, and all deposits will be automatically processed

Get in Touch

For further information or to retain our services, contact us at YOURLAWYER@BELLNET.CA. We look forward to assisting you with your real estate needs.

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