General
Why do I need ID?
As part of our due diligence requirements, Wilson Marshall Law Corporation requires clients to provide valid identification when engaging in legal services. The primary reasons for this are:
- Compliance with the Law Society of British Columbia: Lawyers are subject to strict regulations and guidelines, including anti-money laundering laws and regulations, which require us to verify the identity of our clients before providing legal services.
- Protecting against fraud and identity theft: By verifying the identity of our clients, we can help protect against fraud and identity theft, ensuring that we are engaging with the correct individuals and minimizing the risk of fraudulent activity.
- Protecting our clients’ interests: By ensuring that we have accurate information about our clients, we can provide better and more effective legal advice that is tailored to their specific needs and circumstances.
At Wilson Marshall Law Corporation, we take our due diligence responsibilities seriously and strive to protect the interests of our clients at all times. If you have any questions or concerns about our identification requirements, please feel free to contact us for further information.
Why choose us?
Choosing a law firm is an important decision, and it is important to find one that aligns with your values and meets your specific legal needs.
At Wilson Marshall Law Corporation, we prioritize honesty, determination, and accountability in all our interactions with clients. Since 1977, we have offered client-centered, solution-oriented legal advice tailored to meet your needs. Our experienced team practices in Corporate and Commercial Law, Real Estate Law, Wills and Estates, and Elder Law, providing integrated and multidisciplinary services that are efficient, cost-effective, and transparent. We assist our clients through life’s major milestones, helping them create, preserve, and transfer wealth and wellbeing. By choosing us, you will benefit from our commitment to exceptional work, authentic long-term relationships, and our focus on clients who share our core values.
Where are you located?
Our law firm is located in Cordova Bay, Victoria, British Columbia, at the new Haro development: 5118 Cordova Bay Rd #104, Victoria, BC V8Y 2K5. Chosen for its easy accessibility and central location, the Haro development offers a modern, inviting atmosphere. Our office is designed to accommodate people with mobility challenges, featuring elderly and disabled-friendly access and spaces. We welcome you to stop by and meet our team. If you have any questions or require directions, please feel free to contact us.
Do you do litigation?
Litigation is the legal process of resolving disputes through the court system, which can be costly, time-consuming, and emotionally challenging. It involves a winner and a loser, often resulting in lose-lose outcomes, and the parties may face significant legal expenses, including attorneys’ fees, court fees, and other costs associated with the litigation process.
At our law firm, we do not handle litigation. Instead, we focus on providing our clients with preventative legal services and helping them avoid legal disputes whenever possible. Our goal is to provide our clients with the guidance and advice they need to make informed decisions that will minimize the risk of legal disputes.
However, we understand that litigation is sometimes necessary, and we have a network of trusted litigators in the Greater Victoria area that we can refer our clients to if needed. These litigators share our values of transparency, integrity, and dedication, and we are confident in their ability to provide our clients with quality legal representation.
If you are facing a legal dispute and need help finding a litigator, please don’t hesitate to contact our office. We would be happy to provide you with a referral to one of the best litigators in the area.
Wills and Estates
Should I get a will?
Yes, having a will is important for several reasons:
- Control over asset distribution: A will allows you to decide how your assets will be distributed after your death, ensuring your wishes are respected and your loved ones are provided for.
- Minimizing disputes: By clearly outlining your intentions, a will can help prevent disputes among family members and beneficiaries, which may otherwise arise in the absence of a will.
- Appointment of an executor: In your will, you can appoint a trusted person as the executor to manage and distribute your estate according to your wishes, making the process more efficient and organized.
- Guardianship for minor children: If you have minor children, a will allows you to appoint a guardian to care for them in the event of your death, ensuring their well-being and upbringing align with your desires.
- Estate tax planning: A well-crafted will and estate plan can help minimize estate taxes and maximize the inheritance left for your beneficiaries.
- Charitable contributions: If you wish to leave a portion of your estate to a charity, a will enables you to specify the organizations and amounts you want to donate.
To create a legally valid and comprehensive will, it’s advisable to consult with an experienced estate planning lawyer like those at Wilson Marshall Law Corporation. They can guide you through the process and ensure your will effectively addresses your unique needs and circumstances.
What happens if I die without a will?
If you die without a will, your property will be distributed according to the intestacy laws of the province or territory where you reside. These laws set out a specific order of priority for distributing your assets among your surviving relatives. Generally, your assets will be distributed to your spouse, children, parents, siblings, or other relatives in a specific order of priority.
Dying without a will is also known as dying “intestate”, and the process of distributing your assets can be more complicated and time-consuming than if you had a valid will. It can also result in your assets being distributed in a way that is not in line with your wishes or values.
To ensure that your assets are distributed according to your wishes and to minimize the stress and uncertainty for your loved ones after your death, it is important to have a valid will in place. A will allows you to name an executor to manage your estate, specify how your assets should be distributed, and provide instructions for the care of any minor children or dependents. It is advisable to consult with an experienced estate planning lawyer to draft a will that meets your specific needs and objectives.
What is included in my estate?
Your estate includes all the property and assets that you solely own at the time of your death. This may include:
- Real estate, such as your home, vacation property, or investment properties
- Personal property, such as furniture, vehicles, jewelry, and artwork
- Financial assets, such as bank accounts, investments, stocks, and bonds
- Business interests, such as shares in a corporation or partnership
- Intellectual property, such as patents, trademarks, and copyrights
- Digital assets, such as online accounts, social media profiles, and cryptocurrency
It is important to keep an up-to-date record of your assets and liabilities to help ensure that your estate is distributed according to your wishes after your death. This record can also help your executor manage your estate and pay off any debts or liabilities you may have. An experienced estate planning lawyer can help you review your assets and liabilities, identify potential issues, and develop a plan to distribute your assets according to your wishes.
What is “probate”?
Probate is the legal process of validating a deceased person’s will and administering their estate. The purpose of probate is to ensure the proper distribution of assets and the settlement of the deceased’s financial obligations according to their wishes and applicable laws. The main steps involved in the probate process include:
- Appointment of an executor: If there is a will, the named executor is responsible for managing the probate process. If there is no will or the named executor is unable or unwilling to serve, the court will appoint an administrator.
- Validation of the will: The executor submits the will to the court, which verifies its authenticity and confirms the executor’s authority to administer the estate.
- Identifying and valuing assets: The executor identifies and appraises the deceased’s assets, such as real estate, bank accounts, investments, and personal property.
- Notification of beneficiaries and creditors: The executor notifies beneficiaries and creditors about the probate process, giving creditors a specified time to submit claims for outstanding debts.
- Payment of debts and taxes: The executor pays the deceased’s debts, taxes, and any other expenses using estate assets.
- Distribution of assets: Once all debts and expenses are settled, the executor distributes the remaining assets to the beneficiaries according to the terms of the will or, if there is no will, according to the intestacy laws.
Probate can be a complex and time-consuming process. It’s advisable to consult with an experienced estate lawyer, like those at Wilson Marshall Law Corporation, to navigate the probate process efficiently and ensure compliance with legal requirements.
What are the legal requirements for appointing an executor or trustee?
In British Columbia, the legal requirements for appointing an executor or trustee are as follows:
- Age and capacity: The executor or trustee must be at least 19 years old and mentally capable of fulfilling their duties.
- No criminal record: The executor or trustee cannot have been convicted of a criminal offense that involves dishonesty or breach of trust.
- Will requirements: If named in a will, the executor must be identified by name or a clear description of the individual or organization being appointed as the executor or trustee.
- Consent: The executor or trustee must consent to their appointment and be willing to accept the responsibilities that come with the role.
It’s important to note that appointing an executor or trustee is a crucial decision, and it’s essential to choose someone who is qualified, trustworthy, and capable of fulfilling their duties. A lawyer, like those at Wilson Marshall Law Corporation, can help guide you through the process of appointing an executor or trustee, ensuring that you meet all legal requirements and protecting your interests and those of your beneficiaries.
Corporate and Commercial
Corporate Law
Should I incorporate?
Deciding whether to incorporate depends on your specific situation and goals. Incorporating offers several benefits, including limited liability protection, potential tax advantages, and enhanced credibility. Limited liability can protect your personal assets from business debts or liabilities, while certain tax benefits may arise from a lower corporate tax rate and income splitting opportunities. Incorporation can also give your business a professional image, attracting customers and investors.
However, incorporating also comes with increased administrative work, costs, and regulatory requirements. It’s essential to weigh the advantages and drawbacks based on your unique circumstances. Consulting with a legal professional at Wilson Marshall Law Corporation, as well as an accountant, will help you determine if incorporating is the right choice for your business, taking into account your objectives, financial situation, and future plans.
What is corporate law, and why is it important for businesses?
Corporate law is a legal field that focuses on the formation, governance, and regulation of corporations, as well as the relationships between shareholders, directors, and other stakeholders within a corporation. It encompasses a wide range of topics, such as incorporation, mergers and acquisitions, securities, corporate finance, and corporate governance.
Corporate law is important for businesses for several reasons. First, it provides a legal framework for creating and operating a corporation, ensuring compliance with regulations, and protecting the rights and interests of stakeholders. It also helps businesses maintain good corporate governance, which is essential for long-term growth, stability, and credibility in the eyes of investors, customers, and the public. Moreover, corporate law helps businesses navigate complex transactions, such as mergers, acquisitions, and capital raising, ensuring that these activities are conducted legally and efficiently.
Understanding and adhering to corporate law is crucial for businesses to minimize legal risks, protect their assets, and maximize opportunities for growth and success. Working with experienced legal professionals, such as the team at Wilson Marshall Law Corporation, can help businesses navigate the complexities of corporate law and maintain compliance with the applicable regulations.
How can a business lawyer assist my company in complying with corporate regulations?
A business lawyer plays a vital role in helping your company comply with corporate regulations by providing expert legal guidance and support in various areas. Some ways a business lawyer can assist your company include:
- Advising on corporate structure: A business lawyer can help you determine the most suitable corporate structure for your company, taking into account legal requirements, tax implications, and potential liabilities.
- Drafting and reviewing documents: Business lawyers prepare and review essential corporate documents, such as articles of incorporation, shareholder agreements, and contracts, ensuring they are in compliance with applicable laws and regulations.
- Corporate governance: A business lawyer can assist in establishing and maintaining proper corporate governance practices, such as board meetings, shareholder meetings, and record-keeping, to ensure compliance with legal requirements.
- Regulatory compliance: Business lawyers stay up-to-date on the ever-changing laws and regulations governing corporations, helping your company navigate compliance with industry-specific regulations.
- Mergers, acquisitions, and financing: A business lawyer can guide your company through complex transactions, such as mergers, acquisitions, and capital raising, ensuring they are conducted legally and in compliance with relevant regulations.
- Risk management: Business lawyers identify potential legal risks and provide advice on strategies to mitigate those risks, safeguarding your company’s interests and assets.
By partnering with a skilled business lawyer like those at Wilson Marshall Law Corporation, your company can more effectively navigate the complexities of corporate law, maintain regulatory compliance, and focus on growth and success.
How can a business lawyer help me in negotiating and drafting contracts with suppliers and clients?
A business lawyer can significantly assist you in negotiating and drafting contracts with suppliers and clients by:
- Identifying key terms: Lawyers help pinpoint essential terms, such as payment schedules, dispute resolution, and termination clauses, ensuring your interests are protected.
- Customizing contracts: They draft tailored contracts that address your unique business needs and goals, minimizing potential misunderstandings or disputes.
- Negotiation support: Lawyers provide guidance during negotiations, ensuring that your position is well-represented, and any potential risks are addressed.
- Legal compliance: They ensure that contracts comply with applicable laws and regulations, mitigating potential legal issues.
- Reviewing contracts: A business lawyer can review contracts proposed by other parties, identifying potential red flags or unfavorable terms.
By working with a business lawyer like those at Wilson Marshall Law Corporation, you can secure well-drafted contracts that protect your interests, minimize risks, and foster strong business relationships.
What are the steps involved in incorporating a company, and how can I protect myself and my business during the process?
Incorporating a company involves several steps, and taking appropriate measures can protect you and your business:
- Choose a company name: Select a unique and suitable name, ensuring it complies with local regulations and doesn’t infringe on existing trademarks.
- Prepare incorporation documents: Draft articles of incorporation, outlining your company’s structure, share classes, and other key details.
- File with the appropriate authority: Submit the required documents to the appropriate government agency, along with any necessary fees.
- Create bylaws and shareholder agreements: Draft corporate bylaws and shareholder agreements to govern company operations and relationships among shareholders.
- Obtain licenses and permits: Acquire any necessary licenses or permits specific to your industry or location.
- Set up a record-keeping system: Establish a system for maintaining corporate records, including meeting minutes, financial statements, and legal documents.
To protect yourself and your business, consult with an experienced business lawyer, like those at Wilson Marshall Law Corporation. They can guide you through the incorporation process, ensuring compliance with regulations, and help establish a solid foundation for your company.
Commercial Law
What should I include in my contracts with suppliers and clients to ensure that the terms are fair and legally enforceable?
To ensure that contracts with suppliers and clients are fair and legally enforceable, it’s essential to include specific key elements:
- Clear identification of parties: Clearly state the names and contact information of all parties involved.
- Scope of work or services: Precisely outline the goods or services being provided, including specifications, quantities, and delivery timelines.
- Payment terms: Specify the payment amounts, schedules, and methods, along with any late fees or penalties.
- Confidentiality clauses: Include provisions to protect sensitive information shared between parties.
- Dispute resolution: Outline the preferred method for resolving disputes, such as mediation, arbitration, or litigation, and the governing law and jurisdiction.
- Termination clauses: Specify the conditions under which the contract can be terminated, along with any notice requirements or penalties.
- Warranties and representations: Clearly state any warranties or representations made by each party.
- Force majeure: Include a clause addressing unforeseen events or circumstances beyond a party’s control that may affect contract performance.
- Signatures: Ensure all parties sign and date the contract.
To guarantee that your contracts are comprehensive and enforceable, it’s recommended to consult with a business lawyer like those at Wilson Marshall Law Corporation. They can help draft and review contracts, ensuring they are legally sound and protect your interests.
What legal obligations do I have as a director of a company, and how can I fulfill my duties and responsibilities effectively?
As a director of a company, you have several legal obligations, often referred to as fiduciary duties. To fulfill these duties effectively, keep the following in mind:
- Duty of care: Act diligently and carefully in managing the company’s affairs. Stay informed about company operations, attend board meetings, and make well-informed decisions.
- Duty of loyalty: Prioritize the company’s interests above personal interests. Avoid conflicts of interest and disclose any potential conflicts to the board.
- Duty to act in good faith: Make decisions in the best interests of the company, considering the welfare of shareholders, employees, and other stakeholders.
- Duty to act within your authority: Ensure that your actions are within the scope of the company’s governing documents and comply with applicable laws and regulations.
- Compliance with laws and regulations: Stay informed about relevant laws and regulations and ensure the company adheres to them, including tax, employment, and industry-specific rules.
- Protect company assets: Safeguard company assets, including intellectual property, and use them responsibly to further the company’s objectives.
- Maintain proper records: Ensure the company maintains accurate financial records, minutes of meetings, and other essential documents.
Consulting with a business lawyer, like those at Wilson Marshall Law Corporation, can help you understand your duties as a director, provide guidance in fulfilling your responsibilities, and ensure compliance with relevant laws and regulations.
What are the potential liabilities that a company may face, and how can I limit my exposure to legal risks and disputes?
Companies may face various liabilities, including contractual disputes, regulatory violations, employment issues, and tort claims. To limit your exposure to legal risks and disputes:
- Maintain strong contracts: Draft clear, comprehensive contracts, and review those proposed by others to ensure fairness and compliance.
- Comply with regulations: Stay informed about relevant laws and regulations and implement processes to ensure compliance.
- Implement risk management strategies: Identify potential risks and develop strategies to mitigate them, such as insurance coverage and internal controls.
- Establish proper corporate governance: Implement effective governance structures, including board oversight, transparent communication, and ethical practices.
- Seek legal advice: Consult with a business lawyer, like those at Wilson Marshall Law Corporation, to help navigate legal complexities, avoid disputes, and protect your company’s interests.
How can I structure my company’s ownership and governance to maximize tax benefits and minimize legal and financial risks?
Structuring your company’s ownership and governance requires careful consideration of your goals, legal and tax requirements, and potential risks. It is important to consult with experienced accounting professionals who can provide tailored advice to your specific situation. Generally, creating a limited liability entity, such as a corporation or limited liability company, can help limit personal liability and provide tax benefits. Additionally, implementing strong governance practices, such as adopting bylaws and a shareholder agreement, can help ensure compliance with legal requirements and reduce the risk of disputes among owners. It is also important to regularly review and update your ownership and governance structure to ensure it remains effective and meets your evolving needs.
Real Estate
Commercial Real Estate
What types of commercial real estate transactions does Wilson Marshall Law Corporation handle?
Wilson Marshall Law Corporation handles a wide range of commercial real estate transactions to meet the diverse needs of our clients. Our experienced legal team assists with the purchase and sale of commercial properties, including retail, office, industrial, and mixed-use spaces. We also provide guidance on commercial leasing matters, such as lease negotiations and lease reviews. Additionally, our firm helps clients navigate land use and zoning issues, real estate financing, and property development. By offering comprehensive and customized legal services, we ensure that our clients’ commercial real estate transactions proceed smoothly, efficiently, and in compliance with all relevant laws and regulations.
How can Wilson Marshall Law Corporation assist in the negotiation and drafting of commercial real estate contracts?
Wilson Marshall Law Corporation is well-equipped to assist clients in the negotiation and drafting of commercial real estate contracts. Our skilled legal team takes a client-centered approach to understand your specific needs and objectives, ensuring that the contracts are tailored to protect your interests. We help negotiate terms, such as purchase price, contingencies, representations, warranties, and closing conditions to facilitate a successful transaction.
Our lawyers also draft clear and comprehensive contracts, including purchase agreements, lease agreements, and other related documents, to minimize ambiguities and mitigate potential disputes. By carefully reviewing each contract’s provisions and ensuring compliance with applicable laws and regulations, we strive to create a solid legal foundation for your commercial real estate transactions. This meticulous approach allows us to proactively address potential issues, ultimately saving our clients time and resources in the long run.
How can your firm help me navigate land use and zoning regulations for my commercial property?
Wilson Marshall Law Corporation assists clients in navigating the complex world of land use and zoning regulations for commercial properties. Our experienced legal team stays up-to-date with local and regional land use policies, helping clients understand the potential implications for their property and business plans.
We provide guidance in obtaining necessary permits, variances, and rezoning approvals to ensure your project aligns with local zoning ordinances. By collaborating with relevant stakeholders, such as municipal authorities and planning commissions, we work to address concerns and minimize delays in the approval process.
Additionally, our firm offers counsel on potential land use issues, such as easements, restrictive covenants, and environmental regulations. We strive to create a comprehensive strategy tailored to your unique needs and objectives, helping you navigate land use and zoning regulations efficiently and effectively to bring your commercial property vision to life.
What are the most common legal issues encountered in commercial real estate, and how does Wilson Marshall Law Corporation address them?
Some of the most common legal issues encountered in commercial real estate include:
- Contract disputes: Issues may arise due to unclear terms, misinterpretation, or breach of contract. Wilson Marshall Law Corporation addresses these disputes by drafting comprehensive, clear, and customized agreements that minimize ambiguities and align with our clients’ objectives. We also assist in resolving disputes through negotiation or alternative dispute resolution methods when necessary.
- Zoning and land use conflicts: These can occur when a project does not comply with local zoning ordinances or faces opposition from local authorities or community members. Our legal team provides guidance in obtaining permits, variances, and rezoning approvals, working closely with relevant stakeholders to address concerns and minimize delays.
- Title and boundary issues: Discrepancies in property boundaries or defects in the title may lead to disputes. We conduct thorough title examinations and review survey documents to identify and resolve potential issues, ensuring our clients have a clear and marketable title to their property.
- Environmental compliance: Navigating environmental regulations can be challenging for commercial property owners. Our team stays informed about environmental laws and assists clients in understanding and complying with relevant regulations, reducing the risk of fines or penalties.
- Lease negotiations and disputes: Conflicts can arise between landlords and tenants over lease terms, rent payments, or property maintenance. We help negotiate, draft, and review commercial lease agreements, ensuring the terms are fair and mutually beneficial. If disputes arise, we work with clients to find amicable resolutions.
By addressing these common legal issues proactively, Wilson Marshall Law Corporation helps clients successfully navigate the complexities of commercial real estate transactions while safeguarding their interests.
How can your firm help clients mitigate risks associated with commercial real estate transactions?
Wilson Marshall Law Corporation assists clients in mitigating risks associated with commercial real estate transactions by employing a proactive, detail-oriented approach. Our legal team helps clients identify and address potential issues before they escalate, ultimately protecting their interests and investments. Some ways we help mitigate risks include:
- Conducting thorough due diligence: We research and analyze various aspects of the property, such as title, zoning, environmental factors, and encumbrances, ensuring that clients are aware of potential risks and can make informed decisions.
- Drafting and reviewing contracts: Our experienced lawyers draft clear, comprehensive, and tailored contracts, minimizing ambiguities and the potential for disputes. We also review contracts to ensure they align with our clients’ objectives and protect their interests.
- Navigating zoning and land use regulations: We help clients understand and comply with local zoning ordinances and land use policies, working closely with municipal authorities and planning commissions to minimize delays and ensure project feasibility.
- Assisting with financing and transaction structuring: We provide guidance on financing options, negotiate loan terms, and help structure transactions to minimize tax liabilities and maximize financial benefits.
- Resolving disputes: In the event of a disagreement, our legal team works with clients to find amicable resolutions through negotiation, mediation, or alternative dispute resolution methods, avoiding costly and time-consuming litigation.
By taking a proactive approach and focusing on our clients’ unique needs and objectives, Wilson Marshall Law Corporation helps to minimize risks and ensure successful commercial real estate transactions.
Residential Real Estate
Do I need a lawyer to buy or sell a home?
While it is not legally required to have a lawyer when buying or selling a home, involving a lawyer in the process offers significant benefits. Real estate transactions can be complex, involving numerous legal documents, and it’s essential to ensure that your interests are protected.
A lawyer can help review and prepare contracts, such as the purchase and sale agreement, to confirm that the terms are fair and in line with your expectations. They can also assist with title searches, ensuring that the property is free from liens, easements, or other potential issues. Additionally, a lawyer can handle the transfer of funds, including the deposit and final payment, and ensure the proper registration of the new title.
Having a lawyer like those at Wilson Marshall Law Corporation can provide peace of mind, safeguard your interests, and help you navigate the legal complexities of buying or selling a home.
What is the lawyer’s role in a real estate transaction?
In a real estate transaction, a lawyer plays a crucial role in ensuring the process runs smoothly and that the interests of their client are protected. Some key responsibilities of a lawyer in a real estate transaction include:
- Reviewing and preparing contracts: The lawyer examines and drafts legal documents, such as the purchase and sale agreement, to ensure the terms are fair and meet their client’s expectations.
- Title search and due diligence: They conduct title searches to verify the property’s ownership, identify any liens or easements, and uncover potential issues that may affect the transaction.
- Managing funds: The lawyer handles the closing fund transfer process, ensuring the proper transfer of funds, such as deposits and final payments, between the parties.
- Closing the transaction: They coordinate the closing process, including preparing and registering the transfer documents, calculating adjustments, and disbursing funds.
- Providing legal advice: The lawyer offers guidance on various aspects of the transaction, such as tax implications, zoning issues, or mortgage terms, to help their client make informed decisions.
By engaging a lawyer like those at Wilson Marshall Law Corporation, you will navigate the complexities of a real estate transaction with confidence, knowing your interests are protected and legal requirements are met.
Can you also help me with my mortgage?
Yes, a lawyer can provide valuable assistance with your mortgage during a real estate transaction. Some of the ways a lawyer can help you with your mortgage include:
- Mortgage review: The lawyer will review your mortgage documents to ensure the terms are clear, fair, and in line with your expectations. They can also help you understand the implications of the mortgage terms, such as interest rates, prepayment options, and penalties.
- Mortgage registration: They will coordinate with the lender and register the mortgage on the property title, ensuring that the mortgage is properly secured against the property.
- Refinancing or discharge: If you’re refinancing or paying off your mortgage, a lawyer will prepare and register the necessary documents, such as a discharge of the mortgage, and guide you through the process.
By working with a lawyer like those at Wilson Marshall Law Corporation, you will receive valuable guidance and support in managing your mortgage during a real estate transaction, ensuring that your interests are protected and the process runs smoothly.
What are the legal requirements for purchasing or selling real estate, and what should I include in my purchase or sale agreement?
The legal requirements for purchasing or selling real estate may vary depending on the jurisdiction. Some common requirements and key elements to include in a purchase or sale agreement are:
- Offer and acceptance: Ensure a clear offer is made by the buyer and accepted by the seller, with an agreement on the price, terms, and conditions.
- Legal description: Include a detailed legal description of the property, identifying its boundaries, location, and any easements or encumbrances.
- Purchase price and payment terms: Specify the agreed-upon price and payment terms, such as the deposit amount, financing conditions, and the due date for the final payment.
- Conditions and contingencies: List any conditions that must be met before the transaction is finalized, such as obtaining financing, satisfactory property inspections, or the sale of the buyer’s current home.
- Fixtures and chattels: Clarify which items, such as appliances or light fixtures, are included or excluded from the sale.
- Closing date and possession: Establish a closing date for the transaction and the date when the buyer will take possession of the property.
- Representation and warranties: Include any representations and warranties made by the seller, such as the property’s condition or the absence of undisclosed defects.
- Default and remedies: Specify the consequences and remedies for either party if they fail to fulfill their obligations under the agreement.
To ensure compliance with legal requirements and protect your interests, it’s advisable to consult with a real estate lawyer like those at Wilson Marshall Law Corporation, who can help you prepare, review, and negotiate a purchase or sale agreement tailored to your needs.