WHAT YOU ARE BUYING

When purchasing a property, you are acquiring the fee simple title to the property. “Fee Simple” you have “absolute ownership” subject to basic government rights such as taxation and subject to deed restrictions. The most common restrictions, easements, and / or encumbrances include public utility easements, neighborhood restrictions such as building set-back lines, and water / wastewater easements.

THE PROCESS

The process followed when buying a property is called a conveyance. Conveyancing is when the previous home owner transfers his ownership data to you. In BC, the real estate conveyancing process takes place after a written agreement has been signed and all subjects to the deal have been signed off on. In other words, this is the final contract.

Conveyancing may also consist of refinancing or the sale of a home.

WHAT HAPPENS IN A CONVEYANCE

STEP 1:

Retain the services of a lawyer or notary. You should retain your lawyer or notary as soon as you have an accepted Contract of Purchase and Sale and have removed all subjects. Ask your other professional advisors for a referral.

STEP 2:

Your lawyer or notary will need to gather information from you including how you wish to hold title to the property if you are buying with your spouse or partner. Don’t hesitate to contact your lawyer or notary if you have not heard from them at least 3 – 4 weeks before the closing.

STEP 3:

Your lawyer or notary conducts a title search and obtains tax information and any additional information necessary to prepare Statement of Adjustments. If you are taking a mortgage your lawyer or notary will need to obtain an insurance binder with “loss payable” to your lender.

STEP 4:

Your lawyer or notary prepares closing documents including title transfer, mortgage, property transfer tax forms and Statement of Adjustments. Your lawyer or notary will forward the seller’s closing documents to the seller’s lawyer or notary for execution.

STEP 5:

1 – 3 days before closing is when you usually meet with your lawyer or notary to sign documents and deliver the balance of the down payment or equity, the balance of funds will need to be paid to your lawyer or notary by certified cheque, bank draft or inter-bank transfer. If your funds are invested ensure that they will be available for deposit in advance of closing.

STEP 6:

Your lawyer or notary will register the transfer and mortgage documents, arrange for the seller’s lawyer or notary to pick up funds and notify you that the purchase has completed.

STEP 7:

Normally you receive the house keys directly from your realtor on the Possession Date as set out in the Contract of Purchase and Sale.

STEP 8:

Move in and enjoy your new home!

We’re ready to answer your questions

You can contact us at any time during or after the process with any questions you have.
Call: 250.861.4452

SELLING REAL ESTATE

When a person or company sells Real Estate, you require someone to act on your behalf to assist you to sign the documents, attend to paying out and discharging your mortgage, and ensuring that you receive the appropriate sale proceeds.

What typically happens is that you will have listed your property with a realtor who markets to the property and finds a buyer. The realtor will supervise the writing up of a Contract of Purchase and Sale where the buyer agrees to buy and the seller agrees to sell the property. Once you have a contract signed by both parties, a notary or lawyer will act for each party to perform the contract. When you decide to sell your property, it is important to retain a notary or lawyer early on so that we have sufficient time to process the transaction. Short notice transactions are possible but may incur additional expense.

If the property is a rental property with tenants, make sure that the buyer knows this and it is mentioned in the contract. If the buyer intends to live in the property, make sure that proper notice is given to the tenants to vacate the property.

It is important to identify which items are included in the sale of your property. The contract should specify appliances or other items that you are taking with you or what stays for the buyer. It is always better to determine this in advance than have a disagreement after the sale has taken place.

MORTGAGE REFINANCING

Notaries have extensive experience helping BC homeowners with all real-estate related transactions, including Mortgage Refinancing. We understand and protect your needs to ensure smooth home Mortgage Refinancing.

WHAT IS MORTGAGE REFINANCING?

Many BC homeowners have significant equity in their homes; either because they’ve paid down an existing mortgage, enjoyed a significant increase in the value of their home as house prices have risen- or both.

Mortgage Refinancing involves borrowing money- usually in the form of a line of credit-against the current value of your home. Using your home as security, you can arrange to have funds available to help you pay for your children’s education, purchase a second property for an investment or recreation, take that long-delayed dream vacation or simply ease your retirement.

Mortgage Refinancing allows you to use your home to get more out of life.

If you’re considering a Mortgage Refinancing and want to learn more, talk to your Notary. We can help you understand and navigate the complete refinancing process.
You can contact us at any time during or after
the process with any questions you have.

TRUST MONIES

As per the Society of Notaries Public Trust Accounting Rules (Rule 4.03): No Member shall deposit money in excess of $2,500.00 received in trust in a general trust account unless such money consists of guaranteed institutional draft(s), electronic transfer of funds by the financial institution, certified cheque(s) by Members themselves or trust cheque(s) issued by a notary, solicitor or licensed real estate agent.

PLEASE NOTE

To sign any legal documents you just provide the Notary with 2 pieces of identification (one of those pieces must be Government issued with a photo – such as a driver’s license, BC ID, Passport, Permanent Resident Card, etc.) Please contact us about pricing or if you have any questions regarding the legal services we offer.