A customer I worked with before may lose their deposit because the expiration date in the financing clause of her sales agreement was not addressed in time.
I share this not to assign blame, but to highlight an important lesson: when purchasing property, deadlines matter. Missing a financing-clause deadline could leave your deposit at risk—even if your financing has not been approved.
Your attorney should do more than review documents and complete the closing. They should help you understand the agreement, identify critical dates and protect your interests throughout the transaction.
When selecting an attorney for a real estate purchase, look for someone who:
Specializes in conveyancing and regularly handles real estate transactions
Is not primarily focused on litigation or an unrelated area of law
Carefully tracks financing, inspection, deposit and completion deadlines
Has experience working with first-time buyers
Explains contractual terms in language you understand
Responds promptly and communicates professionally
Is reasonably accessible after hours when an urgent deadline or issue arises
Your real estate agent and attorney should also communicate throughout the transaction. When both professionals are responsive and attentive, potential problems can often be identified before they place your purchase—or your deposit—at risk.
Based on my experience, I have three attorneys I recommend because they demonstrate many of these qualities:
Rchetta Godet of Alexiou Knowles & Co
Donovan Gibson of Munroe & Associates
Dwayne Gibson of Gibson & Associates
None of my recommendation replaces your own due diligence, but choosing an attorney with the right experience can make a significant difference.
If you are a conveyancing attorney and would like to explore working with our team at REMAX Bahamas and our clients, please email me at matt@remaxbs.com.
