Cottage Property Searches - Real Estate Law

The rural real estate market has been booming this year. More and more people would like to have their own cottages. It is an amazing idea however purchasing a rural property often differs from purchasing an urban one.

More careful consideration of the property is required as rural areas often do not have municipal water and municipal sewers and sometimes access to the property goes through private roads. All these conditions put extra responsibilities and additional expenses on property owners.

If a property is a waterfront it potentially brings more issues that must be identified in order to understand whether any hidden problems exist.

Some searches can be done prior to entering a purchase and sale agreement an experienced local real estate agent who knows the rural area and its particulars and who can make appropriate searches is a great advantage for the purchasers. Sometimes a real estate agent includes the requirements for the Seller to provide a Buyer with certificates/permits such as a Water Potability Certificate or a Well Driller Certificate or a Septic Use Permit which are included in the purchase and sale agreement and substantially reduce the purchaser’s expenses on due diligence searches if needed.

If you are buying a cottage property and are not sure whether any extra searches are required or are concerned about particular issues make an agreement of a purchase and sale conditional upon completion of due diligence searches and the review of an agreement by a lawyer. If making an agreement conditional does not seem practical because of high demand on a real estate market at least allow yourself and your lawyer enough time to make due diligence searches and do not rush with the closing date.

Thinking of purchasing a cottage? Have questions? Book a consultation with Anna Gurevich call 289-848-0096