Real Estate Services
Buying or Selling a home in British Columbia
Buying or selling a home is the most important financial transaction for most people. As your Notary Public, I will work with you to make sure that your interests are protected and your transaction completes to your satisfaction.
How We Can Help with the Purchase of Your Home
After the terms of the contract between you and the Seller have been agreed upon, and subjects have been removed, your realtor will forward the contract to our office in order for us to act on your behalf on the conveyance of the property (conveyance is the technical term for the process which
Notaries and Lawyers undertake to transfer legal title from one party to another). When you hire us to represent you we open your file and gather the additional necessary documents. Some notable tasks we perform include:
- Investigating financial and non-financial charges that are registered on title such as:
- Liens
- Judgments
- Certificates of Pending Litigation
- Easements
- Covenants
- Statutory Rights of Way
- Mortgages
- Negotiating appropriate undertakings with the seller’s Notary or Lawyer:
- To ensure the Seller’s mortgage is discharged
- To adjust for property taxes, strata fees, utility charges, and other charges that ‘run with the land’
- To ensure specific performance of all negotiated clauses in the contract between the parties
- Any other items considered in the contract.
- Obtaining tax and utility information for the property
- Obtaining strata information for the property (if applicable)
- Taking instructions from your lender in order to register your mortgage on title and receive and distribute the proceeds of your mortgage.
- Obtaining paperwork from your home insurance company
- Registering necessary documents with the Land Title and Survey Authority, the Land Owner Transparency Registry, and the Province of British Columbia (Property Transfer Tax, Foreign Residents Tax)
- Reminding you of your obligations regarding municipal, provincial, and federal taxation reporting and payment thereof.
How We Can Help with the Sale of Your Home
After the terms of the contract between you and the Buyer have been agreed upon, and subjects have been removed, your realtor will forward the contract to our office in order for us to act on your behalf on the conveyance of the property (conveyance is the technical term for the process which
Notaries and Lawyers undertake to transfer legal title from one party to another). When you hire us to represent you we open your file and gather the additional necessary documents. Some notable tasks we perform include:
- Investigating financial or non-financial charges which will be required to be discharged from title such as :
- Liens
- Judgments
- Certificates of Pending Litigation
- Mortgages
- Negotiating appropriate undertakings with the Buyer’s Notary or Lawyer:
- To ensure your mortgage is paid out and discharged with the proceeds received from the Buyer at time of completion
- To adjust for property taxes, strata fees, utility charges, and other charges that ‘run with the land’
- To ensure specific performance of all negotiated clauses in the contract between the parties
- To ensure the Buyer has provided their Notary or Lawyer total proceeds necessary to complete the transaction prior to registering the tansfer.
- Any other items considered in the contract.
- Registering necessary documents with the Land Title and Survey Authority, the Land Owner Transparency Registry, and the Province of British Columbia (Property Transfer Tax, Foreign Residents Tax).
- Reminding you of your obligations regarding municipal, provincial, and federal taxation reporting and payment thereof.
How We Can Help with the Refinance of Your Home
Mortgage renewal occurs at the end of each mortgage loan term, unless the mortgage has been paid in full. Depending on the type of mortgage loan you select, terms generally range from six months to five years. Renewing a mortgage loan can be done with your existing lender or elsewhere if you
prefer the services and interest rate of another lender. The interest rate is the main issue when you renew your mortgage loan so you may want to consider your options with other lenders to find the best arrangement. Although your existing lender may charge you a fee to switch your mortgage to
another lender, you may be able to negotiate with your new lender for the fee to be covered. When refinancing a property, make sure you begin at least 60 days before the expiry of your term to give yourself enough time to make the necessary arrangements. After the terms of your new mortgage are
negotiated and agreed upon between you and your lender, your lender will forward mortgage instructions to our office in order for us to act on your behalf on the refinance. When you hire us to represent you we open your file and gather the additional necessary documents. Some notable tasks we
perform include:
- Investigating financial or non-financial charges, on behalf of the lender, which will be required to be discharged from title such as :
- Liens
- Judgments
- Certificates of Pending Litigation
- Mortgages
- Negotiating appropriate undertakings with your lender:
- To ensure your existing mortgage is paid out and discharged with the proceeds received from the lender at time of completion
- To pay, if required, property taxes, strata fees, utility charges, and other charges the lender requires us to pay on your behalf from the proceeds of the mortgage
- Any other items considered in the mortgage instructions
- Registering necessary documents with the Land Title and Survey Authority, the Land Owner Transparency Registry if applicable, and the Province of British Columbia (Property Transfer Tax, Foreign Residents Tax) if applicable.
- Procuring Title Insurance on behalf of you and your lender, as per their instructions
- Reminding you of your obligations regarding municipal, provincial, and federal taxation reporting and payment thereof.
How We Can Help with the Transfer of Your Home
There are several reasons why you may want to transfer an interest in real estate to a family member, including:
- Parents helping an adult child purchase a home
- Avoiding probate
- Husband or Wife adding their spouse to title
- An inter vivos (while alive) gift to a loved one
Family transfers seem easy and straightforward but in fact there are many legal issues to consider. Therefore family transfers should not be taken lightly and there are many questions you need to consider:
- Are there income tax implications?
- Will you lose some or all control of the property?
- Could you be in default of your mortgage?
- Do you need your inform your lender?
- Will Property Transfer Tax be payable?
- Will the transfer create a resulting trust?
- Is the transfer a gift? Or is there money changing hands? Does it matter?
- Who is being transferred on title? And why?
- Are you transferring title only to one child and not another?
- Are you wanting to transfer title in anticipation of a lawsuit?
- Are you transferring title as a result of a separation or divorce?
- What if the adult child I transfer the property to is married and they divorce in the future?
Other Real Estate Services
- Contract of Purchase & Sale
- Commercial Leases & Assignment of Leases
- Easements and Rights of Way
- Independent Legal Advice (ILA) to individuals who are residential mortgage guarantors, covenanters, and spouses of borrowers when ILA is required by financial institutions
- Manufactured Home Transfers
- Marine Bills of Sales & Mortgage
- Real Estate Disclosure Statements
- Restrictive Covenants & Builder’s Liens
- Subdivisions & Statutory Building Schemes
- Zoning Applications
To answer these questions you need to seek the advice of a legal professional who can assess your situation and provide you advice so you can be confident in your don how to proceed. Our Notaries are here for you and can provide you the advice and direction you need.