The offer and its conditions
An accepted offer is a binding contract, so the conditions in it are your main protection. Common ones make the purchase subject to satisfactory financing, a home inspection, and review of relevant documents — for a condominium, the governing documents and financial statements.
Waiving conditions to win a competitive bid transfers real risk onto you. If a financing condition is waived and the lender later reduces or declines the loan, you can be left liable under a contract you cannot fund.
Title and what could be attached to the property
A title search confirms the seller can actually convey the property and reveals what runs with it: mortgages, liens, easements, rights of way, unpaid taxes, or restrictions on use.
In the US, title insurance and escrow closings are standard practice. In Canada, lawyers commonly obtain title insurance and complete registration; in Quebec, a notary handles the deed and registration. Unresolved title problems are far cheaper to fix before closing than after.
Inspection and disclosure
An inspection is your opportunity to discover problems while you still have a contractual exit. Read the inspector's contract too — these agreements often significantly limit the inspector's liability.
Disclosure obligations vary. Sellers are generally responsible for hidden defects they knew about and concealed, not for issues a reasonable inspection would have revealed. Quebec's Civil Code provides a latent-defect warranty that often gives buyers stronger recourse than elsewhere.
Closing, and afterwards
At closing, funds and title change hands, adjustments for taxes and utilities are calculated, transfer taxes are paid, and the transfer and mortgage are registered. Confirm your total closing costs early — they are frequently underestimated.
Two things worth doing at the same time: confirm property insurance is in place effective the closing date, and consider how the property is held (joint ownership, tenancy, or through a trust), because that has estate consequences most buyers never think about.
Frequently asked questions
- Do I need a lawyer to buy a house?
- In most Canadian provinces a lawyer (or a notary in Quebec) is effectively required to close. In the US, practice varies by state — some require an attorney, others use title and escrow companies.
- What does a title search reveal?
- Whether the seller can convey clear title, and what is registered against the property — mortgages, liens, easements, rights of way, and unpaid taxes.
- Is it risky to waive the inspection or financing condition?
- Yes. Those conditions are your exit if the property or the loan turns out differently than expected. Waiving them to win a bidding war moves that risk onto you.
- What if I find a serious defect after closing?
- It depends on what was known and disclosed and on local law. Sellers can be liable for concealed hidden defects; Quebec's latent-defect warranty is comparatively strong. Act quickly, as notice and limitation deadlines apply.
- What are closing costs?
- Beyond the price: land transfer or recording taxes, legal or notary fees, title insurance, adjustments, and lender charges. Ask for an estimate early so the total does not surprise you.
This guide is general information, not legal advice. Laws, costs, and procedures vary by state, province, and your specific situation — speak with a qualified real estate lawyer about your circumstances before acting.