Real Estate Contract Laws in Canada
In order to protect consumers, all transactions related to Mt Tremblant real estate are regulated by the CREA, the Canadian Real Estate Association. Realtors in Mont Tremblant operate under the supervision of a Board of realtors that oversees their activity. To that effect all aspects of their activity are regulated to ensure that owners and buyers are being treated fairly.
Mt Tremblant real estate contracts are sensitive documents and therefore are also regulates under the association’s contract law in Canada. CREA and the board of realtors use a standard contract for each type of real estate transaction are standardized and that all disclosures are made to avoid abuses. Your Tremblant realtor will fill up or review the purchasing agreement. It is crucial that as a buyer or seller of Mt Tremblant real estate that you understand in detail the contract that is presented before you and any clauses and disclosures associated with that contract.
Real Estate Contract Law in Canada
A Mt Tremblant real estate contract is a legally binding agreement between two or more parties and describes the rights and obligations of the buyer(s) and the seller(s).
Where a contract has been properly drafted and signed by the parties to the contract, and where the terms are clear and the contract is not for an illegal purpose, then it is likely that a Canadian court would consider the contract valid and enforceable.
Only the parties to a contract can sue or be sued under the terms of that contract.
Before you sign a contract
- Do not sign until you have read and fully understand the contract from beginning to end.
- If you have any questions consult your Realtor your Realtor’s broker or your lawyer before signing the contract.
In most cases, a signed contract in Canada means you have agreed to the stipulations outlined in the document thus bound by its terms. Contract law in Canada says you are legally bound by a signed contract even if you claim you did not understand what you were signing.
Standard Mt Tremblant Real Estate Contracts
Contracts used in real estate contracts by Realtors have been prepared by lawyers and are used in Canadian courts.
Cancelling a Standard Real Estate Contract
A standard Multiple Listing Contract, Exclusive Listing Contract or Exclusive Buyer Agency Contract between you and your real estate Brokers in Tremblant may be cancelled if both parties agree. The local Canadian real estate board cannot force its members to cancel a listing or a buyer’s agency contract prior to the contract ending date.
Whether buyer or seller, if you have signed a purchase or sale contract and wish to cancel it you should get the help of an attorney.
If the terms of a contract are not fulfilled
The Realtor that writes up a contract to sell or buy a property in Tremblant is not considered a party in that contract thus cannot force the client to fulfill the conditions of a contract with the buyer or seller. You should seek legal advice if the other party (buyer or seller) does not fulfill the commitments outlined in the contract.
Below are some common issues that the buyer or seller are responsible for:
- Buyer or Seller does not close the sale.
- Buyer or Seller does not remove the contract’s subject clauses.
- Seller leaves the property dirty.
- Items that were included in the contract were removed by the seller.
- The transaction does not close on time.
- After closing property defects arise or appliances break down.
If you do not have a lawyer, you may contact the Lawyer Referral Service in Canada at 604.687.3221.