In British Columbia, a Power of Attorney is effective when it is prepared in accordance with Power of Attorney Act of BC. While there are pre-printed Power of Attorney forms available from websites or legal stationers, these forms are not tailor made to be suitable for all situations. When it comes to dealing with real property using Power of Attorney, the Land Title Office has requirements before accepting documents signed by way of a Power of Attorney. If the Power of Attorney does not meet the requirements of the Land Title Office, it will not be accepted for registration and therefore not effective for land purposes.
Some of the common mistakes of Powers of Attorney are:
It is important for the Power of Attorney to be prepared correctly in the first place and that mistakes stated above will result in Power of Attorney being rejected for registration at the Land Title Office.
Joint Tenancy vs. Tenants in Common
Property owned by more than one person must be owned in one of two ways: Joint Tenancy or Tenancy in common. When a property is owned in a joint tenancy arrangement, the interest of a deceased owner automatically gets transferred to the remaining surviving owner(s), meaning the surviving owner(s) has the right of survivourship. On the other hand, if the property is in tenants in common, the interest in the property becomes owned by the estate of the deceased and is transferred to beneficiaries by the estate.
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.