Real Estate Transfers and Conveyancing in the Tri-Cities
Conveyancing is the legal term and process for the transfer of real estate ownership from one person to another. A Notary Public is in charge of the preparation, execution, verification and lodgement of the numerous legal documents involved in the process of conveyancing.
When working with us, we will clearly explain the meaning and importance of each step in the conveyancing process to help you understand exactly what is involved and what documentation you are signing. We will also make certain that you meet your legal obligations and that your rights and best interests are protected.
Conveyancing Process
Purchasing real estate:
During the conveyance process the ownership of real estate will be transferred from a seller (vendor) to a buyer ( purchaser). The ownership of real estate is registered in a land title office in British Columbia. While acting for a purchaser, a document called Form A is prepared, in which the seller agrees to transfer the ownership of the real estate to the buyer in return for receiving the purchase price. This document should be signed by the seller in the presence of a lawyer or notary public.
If the real estate is a strata or condominium, it is also necessary to acquire Form F (certificate of payment) and Form B (information certificate) from the Strata Management Company. By doing so, this ensures that all strata fees and any outstanding assessments have been paid.
Additionally, a Property Transfer Tax is prepared which is necessary for every transaction of real estate in British Columbia. There are some exemptions to the Property Transfer Tax such as real estate which is transferred to a surviving joint tenant or when a person, who is qualified as a First Time Home Buyer, acquires the ownership of real estate. A Property Tax Certification also must be ordered to ensure that taxes have already been paid or to determine any outstanding debts, and to establish the amount of tax that should be adjusted between the seller and buyer in their statement of adjustments.
The Statement of adjustments is the document prepared by a buyer’s notary for the seller and buyer. Many items, including Property Tax, strata fee, and utility fees, will be adjusted between the buyer and seller in the adjustment document. As notaries, we obtain a copy of the property plan and ask the buyers to confirm that the plan matches with the real estate they intend to purchase.
If the purchase involves a mortgage, a set of mortgage documents are received which include the Mortgage Instructions, Disclosure Statements, Cost of Borrowing Disclosure Statement, Insurance and Tax Documentation, and the Mortgage Commitment from the lender. Form B (Mortgage) is prepared which is to be signed by the buyer (borrower).
Prior to registering the transfer, we conference with you in person, explain the nature of each document, and deposit the purchase price in our trust account. After the transfer and registration of the Mortgage Discharge, the State of Title Certificate is ordered by which the Land Title office guarantees that the person(s) named in the document as a legal and registered owner, is in fact the registered and legal owner of the real estate. You are provided a copy of this document in addition to all pertinent reporting letters.
Selling Real Estate:
Usually a realtor will list your real estate in the market in order to find a buyer. When the contract of purchase and sale is signed by the seller and buyer, a notary or lawyer begins acting on behalf of the parties to assist in the performance of the contract. The notary of the buyer prepares a series of documents often including Form A, a seller’s Statement of Adjustment, Residency Certification, GST certification, and parking stall and storage locker assignment. These documents are sent to the seller’s notary for execution by the seller. The notary of the seller also orders a payout statement for the mortgage and prepares an order to pay. After execution, all documents will be sent back to the buyer’s notary.
It is important to note, in the contract of purchase and sale, which items will stay on the property for the buyer and which items will be taken from the property by the seller since this will prevent any potential conflict in the future.
We can help
At Anahita Rostami Notary, we protect our clients. If you are in the process of buying or selling a property, we would be happy to assist. Contact us to learn more about our conveyancing services or book an appointment.