Lawyers Role when Buying an Income Property
Channel: Ottawa Income Property
Date: 2021-12-20

What is it that a lawyer does for an investor during the purchase or sale of an income property?

Ken Hoyt, a prominent Ottawa Lawyer gives us the answers in this interview with Patrick Walchuk, where he talks about what he does to help people buy multi unit residential properties here in Ottawa.

Q. What should be in the agreement to purchase a multifamily building?
A. Ken says that he needs more time than usual to do everything he needs to do on the purchase of a multifamily. He needs to check such things as the legality of the building, you might have bought a 4 unit apartment building, but is it really a 4 unit, legally?  This is something your lawyer will check. They will ask for a zoning request confirmation from the City.

Q. What exactly is a zoning compliance report from the City?
A. It is basically a document that the city has that identifies what the building is legally zoned as.  We also find out if there are any work orders against the property or any violations.

Q. If I buy a 4 unit building and the zoning says it's only a 3 unit, what can I do?
A. If we find out this information in time we will present the seller with this information and it will be up to the seller to remedy this.  They can either apply for permits to make the 4th unit legal, or if they don't this would allow the buyer to get out of the deal.  Another option could occur if the seller decided not to renovate the 4th apartment, but they can offer the buyer a discount if they want to take on the renovations themselves.

Ken Hoyt is a Lawyer who knows Income Properties
Contact Ken at 613-231-2995 ext 22.
https://www.KenHoytLaw.ca 

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