In 2022, the real estate market in Toronto has witness a decline in sales and purchases due to high inflation and high interest rates by the banks. This has lead to a downward trend in real estate. It's going to be a long road for the real estate market to pick up. Most likely, it would take at least a year for the real estate market to bounce back.
Due to rising interest rates, a lot of existing homeowners are facing issues due to increased mortgage payment. People who had given a token or upfront down payment to the buyer are losing deposits. This has led to a rise of real estate litigation. There has been a spike of litigation cases in the area of real estate. Litigation is a long term process, often times, it is a wise idea to go through mediation as it is more cost effective and less time consuming.
There are many law firms that provide Toronto real estate litigation services but choosing the right lawyer to represent your case might be time consuming. Here are some of the tips on how to choose a real estate litigation lawyer:
- Check a law firm who have experienced in similar cases
- Hire a lawyer who only focuses on litigation matters
- Hire a law firm or a lawyer who has a big team
When do i would like a lawyer?
Real estate may be a major financial investment so any dispute terms of sale, rights of property or other breaches of contract can find yourself in litigation. If you discover yourself coping with any of the subsequent situations, it's time to search out a true estate litigation lawyer to assist you navigate.
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