AVAILABLE FOR HOME, OFFICE AND HOSPITAL VISITS  

Services of Notary Public                                       

Real Estate Transfers

Mortgages

Power of Attorney

Wills

Real Estate Transfers

My office assists Buyers and Sellers when buying and/or selling real estate  as well as when granting mortgages to lenders for their real estate purchases or for home equity loans and attending to the release of mortgages from property.  I would be pleased to be of assistance and ask that you inform your realtor, if applicable, as well as your lender's representative and contact my office as soon as possible.   

The Contract of Purchase and Sale

This document is more than a receipt.  When signed by both parties, it is a legally binding contract.  READ IT CAREFULLY.  The parties should ensure that everything that is agreed to is in writing.  If you are not dealing with a real estate agent, I would be pleased to prepare a Contract of Purchase and Sale on your behalf.  

Title to the Property

A Buyer should satisfy himself on matters of zoning or building or use restrictions, toxic or environmental hazards, encroachments on or by the property an any encumbrances which are staying on title before becoming legally bound.  If you are taking out a mortgage, make sure that title, zoning and building restrictions are all acceptable to your mortgage company.  IN CERTAIN CIRCUMSTANCES the mortgage company could refuse to advance funds.  If you as a Seller are allowing a Buyer to assume your mortgage you may still be responsible for payment of the mortgage unless arrangements are made with your mortgage company. 

Completion

1. Buyer pays purchase price or remainder of down payment in trust to his or her notary public in trust by way of a certified cheque or money order at least one day prior to the completion date.   (I will advise you of the exact amount).  Buyer signs the documents.
2. Buyer's notary public prepares documents and forwards them for signature to Seller's lawyer or notary public who returns documents to buyer's lawyer or notary public.
3. Once in a position to proceed to complete the transaction, the Buyer's lawyer or notary public then attends to deposit of signed title documents and any mortgages in the appropriate land title office. 
4. Buyer's notary public or lawyer releases sale proceeds to the Buyer's lawyer or notary public office. 

Costs to be borne by Seller

Costs to be borne by  Buyer

Land Transfer Tax British Columbia

The requirements for the exemption from the B. C. Land Transfer Tax as a First Time Home Buyer in British Columbia are as follows:

1. Each buyer applying for the exemption/refund must be a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act (Canada). 
2. Where a buyer is not entitled to an exemption at the registration date only because they are not a Canadian citizen or permanent resident, and the buyer satisfies that requirement on or before the first anniversary of the registration date, they may apply for a refund of the tax paid.  Application for a refund must be made within 18 months of the registration date. 
3. Each buyer applying for the exemption/refund must have either continuously resided in British Columbia for at least one year immediately prior to the registration date or, if the buyer did not continuously reside in British Columbia for that period, have filed income tax returns as a resident of British Columbia for 2 of the 6 taxation years immediately prior to the registration date. 
4. Each buyer applying for the exemption/refund must not have previously owned an interest in a principal residence anywhere. 
5. Each buyer applying for the exemption/refund must not have previously obtained a first time home buyer's exemption or refund. 
6. To be eligible for the full exemption, the fair market value of the land and improvements which comprise the principal residence must not exceed the qualifying value of $425,000. 
7. If the fair market value of the land and improvements which comprise the principal residence exceeds the applicable qualifying value by an amount not greater then $25,000 a proportionate exemption is available. 
8. The buyer must occupy the property as their principal residence within 92 days of the date of registration at the Land Title Office. 
9. If the property purchased is vacant land, the residence must be established prior to the first anniversary of the registration date, and the purchaser must occupy and use the property as their principal residence from the date the residence was established to a date not earlier than the first anniversary of the registration date. 
10. If the property purchased is vacant land, the fair market value of the land plus the total cost to construct the improvement must be no greater than the sum of the applicable qualifying value in 6. and $25,000.  

Survey Certificates

Your lender may require a survey certificate showing the dimensions of your new property and the location of your new home as well as any other permanent structures on the property.  This certificate is a means of determining if there are any encroachments onto the property you are purchasing or onto your neighbour's property.  The certificate also determines whether or not the setback requirements specified in the bylaws of the City or regional district in which your property is located are complied with. 

Title Insurance

An alternative to obtaining a survey certificate is purchasing title insurance which is acceptable to most Lenders.  With title insurance, the title insurance company insures Lenders against loss or damage that would have been revealed by an up-to-date survey.   A Buyer/Borrower can also purchase a title insurance policy to be insured.   

Possession

Buyer should make arrangements through their real estate agent or the seller directly if not dealing with a real estate agent for obtaining possession.  A Seller will usually not allow a Buyer to move in before the Seller has actually received the sale proceeds. 

Risk

Buyer should arrange insurance to be effective on the completion date.  Seller should maintain their insurance in effect until the Seller receives the proceeds of sale.