Does my lawyer need to review the agreement of purchase and sale before I sign it in NL?
This answer covers the law of Newfoundland and Labrador.
Yes, you can ask a lawyer to review an agreement of purchase and sale before you sign it, and it is usually wise to do so first. How much time you have depends mostly on the conditions written into the offer itself, so the wording and deadlines matter more than any general rule.
Real estate agents may prepare and deliver formal agreements of sale that they negotiated without breaching the Law Society Act. That means the form in front of you may well come from the agent rather than a lawyer. A lawyer's usual role is different: preparing deeds and mortgages for registration is the practice of law, and the Registry of Deeds advises engaging a lawyer to prepare documents.
Do not assume you can back out after signing. The Real Estate Trading Act lets a buyer rescind and recover the deposit if an agent did not give a prospectus at least 7 days before signing, but the provisions are marked as not yet proclaimed. If you want a lawyer's review, ask for it as a written condition with a clear deadline before you sign.
Key takeaways
- You can have a lawyer review the agreement before you sign, and the time you get depends mainly on the conditions and deadlines written into the offer.
- Real estate agents may prepare and deliver formal agreements of sale they negotiated without breaching the Law Society Act.
- Preparing deeds and mortgages for registration is the practice of law, and the Registry of Deeds advises engaging a lawyer to prepare documents.
- The Real Estate Trading Act rescission right for a missing prospectus is marked as not yet proclaimed, so do not rely on it to back out.