To be well informed is a great way to save money. More so when it comes to the world of real estate, where knowledge, or lack thereof, can make or break a deal. Luckily, a diligent notary is usually employed to help in the process, but it never hurts to familiarize oneself with the ins and outs of a property acquisition or disposition.
Conveyancing is the legal term describing the act of transferring a property title. The process is usually aided by a pair of lawyers or notaries; one representing the seller, and one the prospective buyer. Much of the work in conveyancing involves gathering the contract of purchase and sale with all of its addendums, reviewing it, getting all supporting document to ensure the property is fully checked and clear to change hands. We order strata documents, insurance binders, title insurance, copies of all charges registered on title and any other necessary documents to ensure that everything follows correctly. This helps protect both parties involved.
The notaries will check to ensure that:
-the contract of purchase and sale is for the right property
-the seller owns and has the right to sell the property
-if there are any debts attached to the property, they are taken care of before transferring title
-the correct searches are carried out (based on the property and location this may involve a tax search, main roads search, contaminated land search, etc.)
With an investment that is big enough to require conveyancing, it is important to know every single detail before the sale proceeds. This is especially vital to the buyer, who, without the due diligence of his notary, might unwittingly buy a property with debt attached to it, or discover there are constraints on how the property can be used, or, in the very worst of cases, find out that they have been sold a property under some set of false pretences.
Once both notaries have completely satisfied the requirements of due diligence in checking the sale, on completion date payments are exchanged between the notaries and the transfer of title done by the notary representing the buyer.
Lawyer or Notary to do my conveyancing work?
Many people ask if there is a difference in doing this process with a lawyer or a notary. There is no difference. Both will be able to provide the exact same service. The type of lawyer that offers conveyancing work is called barrister lawyer. If a problem arises and court action is required, a solicitor will need to be hired by the client. (solicitor is a lawyer that works representing clients in courts).
Real Estate Legal Services in BC
At Zancope Notary Public, we offer real estate services for clients in Langley and throughout Greater Vancouver and the Fraser Valley. We can help you with buying, selling, and refinancing real estate, and also provide family property transfers and independent legal advice. We are a full-service firm that is well acquainted with real estate law.
If you have any questions about this article or Real Estate Property Tax in general, or if you want to make an appointment with Zancope Notary Public, please contact us at (604) 260-6783.
- Only Canadians will be allowed to own residential real estate in Canada as of January 1, 2023. - December 16, 2022
- Real Estate Deals That Fall Apart - April 27, 2022
- Private Contracts of Purchase and Sale of Real Estate - April 20, 2022