Fredi Magazine Winter 2016 / Volume 2 Issue 2 - Page 62

» barrila law THE ArtOF CLOSING A DEAL INTERVIEWED BY ALAN SERRECCHIA / ANSWERED BY GAETANO BARRILA As our real estate market continues to move ahead at a dizzying pace, one aspect of the buy and sell process that often goes overlooked is the closing process involved in all deals. Sure it is not the heated market search or tense negotiation process, but there is no transaction without the closing – and not all closings are equal! QUESTION. What is the biggest difference between closing a deal on a home/condo and a commercial property? ANSWER. In general, no two real estate transac- We sat down with Gaetano Barrila of Barrila Law, recipient of the York Region Small Business of the Year Award for 2015 to talk about the Art of Closing a Real Estate deal – the to do’s and the not to do’s as told by an experienced lawyer whose practice is dedicated to wills, estates, business and real estate law. tions are ever the same. Each one comes with its own twist and turn. That is especially exaggerated in commercial closings. Commercial closings are much more intricate and have many more “moving-parts” than the closing of a traditional home/condo. Some of those moving parts include more stringent financing requirements; due diligence with municipalities; Ministry of the Environment issues; Health and Safety issues and the like, depending on the nature of the commercial property being acquired. QUESTION. What is the most common error(s) QUESTION. Is there a difference between closing you see sellers making? ANSWER. Given the current market conditions, I often see buyers make two very fatal mistakes when buying a property: First, they waive their inspection condition or don’t insert an inspection condition at all into the purchase agreement. Often the buyers are t BFBFWv6RFR( &FFrv.( bFWvBF6GV7@7V7FגGf6RFBfFF0G&6V6BR7W&RFBR6ff&@W"RvR6fBb&&V2@&'&r( 2'WBvR6( BfR'F@R( 2WbRW7BvFR&FFrv"'WB6( Bff&BF66RFRG&67F"P&R7G&WF6rW'6Vb&WBW"V2PfV( BvFrRfRVVBW'6V`WF6RFVFǒ6W&W2f67G&W72TU5DvB2'FBFrFpvrF&VW7FFR66s5tU"VRgFV֗7FR&VW7FFR66rf"6WFrFBVG2FR66rFFRw&VVVBbW&66RB6RF'W 6VR2Fr&RF6G&7B@W"6G&7GV&ƖvF2FFRFW"'GFBVBW7B&V6W6RFRG&67F66W2f"WRFR'WW"7F2&V6W'6RgFW FR66rFFRv7BFRFV6WFfR6VW"vG&VBF6fW"WFVfV7BFRRW7B0vVFR6VW"2&V6W'6Rv7B'WW"`FR6VW"2fW'BF"WFƗG&( 2FP'WW"2F&6FR6VW"FRfW'VCFR'WW"6( BW7BFRvFfc ( "g&VFvFW"#`FV&W6RRfW'7W2RFB0BWB&VV'VC5tU"vRWrW2fRFR6V7W&GbGW&W6WFvFWBFRv''bFFF67G2&WV&VBf"WFFW2&W'2&W6PW2F6''vFFVGvfW'&r( 6W'FFW>( 2ƖRF6FVf'7BFRW&66P&6R&W6RW&66R2FR6WBW&66P&6RFBFR'WW"266rvW&V0FRW&66RbWrRFRW&66P&6RFRw&VVVB2gFV7V&V7BFFW FW7FVG2"7&V6W2ƖRFWfVVBWfW26&vW2f"7FFbWFƗGWFW'2FR67@f"FRF&v'&GB6f'F6V6BFP66rFFR&W6RW&66R26G&7GVB2fVBFBV2RvvVP&RvrF66RvW&V2vFWrPW&66RFR66rFFRg&FR'VFW"FVG0F&R( frF&vWB( BFR6WFW2`FR67G'V7Fv&B6VBFFV2BgFVWFV62bFR66rFFRࠧ&6W72RFBvBFfBWBFBPfRFRw&rW'6&W&W6VFrRFP֖FFRbF27&F6G&67FࠥTU5DvB2FR&'&Rbv@wW"FR66r&6W735tU"ƖRFFbג&RFR&VW7FFRG&67F2FR( V'FW"&6( FPwW'2&VW7FFRG&67F&RFRখFfGV2v6&FFRFVƗfW&&W2g&FP&VW7FFRvVG2W"VFW"BFR'WW"@6VW"vVR&R'WW"FRwW.( 2&'v2FvWBRvBBfƖBFFRF2vfW0RFRVv&vBF67WW"RB6VBFRgWGW&RvVR&R'WW"FR6VW.( 0&'v2FV7W&RFBB66fW6V FFRFFR'WW"6FBR66VW"PB'FFR6R7W'W2gVG2TU5DB2&V6R7&V6vǒ6F6VRVRGFVBF7B2FV"v&VW7FFRvVB( 26VR66RFV"vFV0vFWBFRBbwW#5tU"7W'&VFǒF&V6`FP'WW"BFR6VW"W7B&WFwW"F6WFR&VW7FFRG&67FN( 2'FBF66RFR&vBwW"vV6V&6rf"wW"R6VB&Rrf"&VW7FFPwW"v27Vff6VBWW&V6R&VwV&ǐ&7F6W2FR&Vb&VW7FFR2f֖Ɩ&GvFFR6vVw&2&VBFRWfVb6W'f6RFW&fFR&Rv'b&VW7FFPwW'2vffW"&6&GF&6W2"V&v֖62( 2&VV&W"W7BƖRFrV6RP'W( 2RvWBvBRf"ࠥTU5DvB2FR&W7BGf6RR6&fFRf"FR6WFVǒVFFVB'WW"6VW#5tU"FW"Wv&F22ƖVǒFP7B'FBG&67FFBR&RvrFRW"ƖfRN( 2BFRF7W@6&W'2WfW'RvRv&vF2খ7BFRG&67FB6N( 2'F@F6FR&vBwW"&VF"7V7F"@VFW"F6WFRFRG&67F6&VBvWB&VfW&V6W2B&V6VFF2g&VRRG'W7BFVwVFRRFR6VV7FࠤvWF&'&2FR&6b&'&r6ƖVB6VG&VB6W'f6R&VFVBpf&vFff6W2F&VR6F23r6"VffW"&v7VFR3fVvDT〤4D5CR3#b#scr vWF&'&r6РU4RdR