Real Estate Transactions,  Title Transfer & Mortgage

Our team is pleased to offer the following real estate conveyancing services:

• Purchase and Sale of Real Estate
• Purchase with Financing
• Mortgage Take-Out and Refinance
• Transfer of Title
• Transmissions of title to surviving joint tenant(s)

How does the buy and sale process work?

​From the buyer’s perspective:

1. Once the buyer(s) confirms to retain our service to act on their behalf, we will request a signed copy of the contract of purchase and sale from either the buyer(s) or the real estate agent.
2. We will then perform a title search electronically at the Land Title Office. This is to verify the owner of the property matches with the seller on the contract. The title search will also show if there is any other charges on title that needs to be removed. These charges may include other mortgages, caveats, judgements, and liens. If such charges exist, we will work with the seller’s solicitor to ensure that these charges are removed by the sellers prior to the transfer.
3. We then gather other necessary documents such the conveyancing instructions from the realtor’s office, mortgage instruction from the lender (banks), Form F Certificate of Payment & Form B Information Certificate from the strata corporation (if it is a strata property), survey or title insurance (if it is required by the lender), and insurance binder, if applicable.
4. Once we obtain all documents, we will prepare two sets of documents – one for the seller and one for the buyer.
5. We will set up a meeting with the buyer(s) 1-3 days prior to completion date.  During our meeting we will explain and sign each document with the buyer(s). There are various documents involved and mostly will include Form B Mortgage, Property Transfer Tax form, mortgage terms, and statement of adjustments. We will also ask the buyer to bring in the balance of funds required to complete the transaction in the form of a bank draft.
6. The other set of documents will be sent to the seller’s solicitor to arrange for signing by the seller. The seller’s solicitor will return the signed documents to the us prior to the completion date.
7. If the buyer(s) is applying for a mortgage, we will request funds from the lender prior to the completion date. We will also ensure that the excess deposit has been received from the realtor. This is to ensure we have enough funds to complete the transaction.
8. Prior to the completion of the transfer of title, all documents are reviewed again and a pre-registration title search is performed. This is to confirm that there have been no new charges registered against the property by comparing it to the search we did when we first opened the file.
9. Once we confirm that no new charges have been put on title, we can proceed with the actual transfer of title. Once that is done, we will need to perform another title search shortly after to ensure that no other application is registered in the Land Title Office against this property.
10. When the title is transferred without any problems, we will contact the seller’s solicitor and pay them the seller’s proceeds.
11. If the seller has an existing mortgage on the property, the seller’s solicitor will  pay off the mortgage with the proceeds prior to the release of any extra funds to the seller. We will ensure to receive confirmation of such from the seller’s solicitor within 5 business days. The lender must provide the Form C Discharge to the seller’s solicitor within 30 days after receipt of such request.
12. Once we receive confirmation of the registration of the discharge from the seller’s office, we will order a State of Title Certificate – a document signed by the Registrar of the Land Title Office to confirm ownership belongs to the buyers – and send it to the buyer. The conveyancing process is now complete.

From the seller’s perspective:

1. Once the seller(s) confirms to retain our service to act on their behalf, we will request a signed copy of the contract of purchase and sale from either the seller(s) or the real estate agent.
2. We will then perform a title search electronically at the Land Title Office. This is to verify the owner of the property matches with the seller on the contract. The title search will also show if there is any other charges on title that needs to be removed. If so, we will work with the seller to ensure these charges are removed prior to the transfer.
3. We will request documents from the buyer’s solicitor. This set of documents usually involves Form A Freehold Transfer, Seller’s Statement of Adjustments, GST Certificate, Residency Declaration, Park Stall/Storage Locker Assignment (for condo), and Survey Declaration (if applicable).
4. We will review these documents to ensure their accuracy prior to scheduling a meeting with the seller for signature, usually 1-3 business days prior to completion date.
5. After these documents are signed, we will return them to the buyer’s solicitor, on their undertaking that they will not file the transfer until the closing date and that they confirm that the required funds to complete the transaction is obtained from the buyer. They will also undertake that the funds will be deliver to us, payable to the seller, upon registration of the transfer.
6. Once we receive the funds from the buyer’s solicitor, we will pay out the existing mortgage, if any, to the lender, and any other disbursements and expenses.
7. We will arrange with the seller to deliver the outstanding funds to them according to the seller’s statement of adjustments.
8. We will confirm with the buyer’s solicitor that the existing mortgage is paid off by providing proof of delivery and the copy of the bank draft to the lender within 5 business days.
9. We will request the Form C Discharge from the lender upon the mortgage payout, and the lender must deliver the Form C to us within 30 days.
10. Once we receive the Form C Discharge from the lender, we will register it with the Land Title Office electronically.
11. We will notify the buyer’s solicitor of such and the transaction is then complete.

What can you expect next?

BUYING A PROPERTy

• After subject removal, we will ask you or your real estate agent to provide a copy of the Contract of Purchase and Sale for our review. The realtor’s office will also send us conveyancing reports that outline the commission amounts (rest assured, these commissions are paid by the Seller).
• Upon reviewing your contract, one of our legal assistants will reach out to you either by phone or email to gather necessary information required to prepare the legal documents. This information may include your legal name, occupation, date of birth, SIN, whether the property will be your principal residence or an investment, and whether you wish to register as Joint Tenants or Tenants in Common (if there is more than one owner). The information you provide will help us accurately prepare documents such as the Property Transfer Tax Application, GST Rebate Application, and Land Title Transfer form.
• We will also obtain and review the title search and tax certificate for the property. This helps us negotiate undertakings with the Seller’s solicitor and make necessary adjustments for property taxes and utilities, if applicable.
• If you are purchasing a condo or townhouse (strata property), we will contact the strata management company to notify them of the impending change of ownership. By law, we are required to obtain a Form F Certificate of Payment from the strata to confirm that there are no outstanding payments owed by the previous owner(s). If there are outstanding payments, we will arrange for them to be settled at the time of the title transfer. The strata will also provide information on strata fees and any applicable moving fees.
• If you are buying a newly built condo or townhouse, we will also need the information package from the Developer’s lawyer. This package is typically provided 1 to 3 weeks before the completion date.
• Once we have gathered all necessary information regarding taxes, utilities, commissions, strata fees, your mortgage, and any required documentation, we will compile your file.
• When your file is complete, we will contact you to schedule a meeting, usually 2 to 5 business days before the completion date. At that time, we will provide you with the final balance needed to complete the purchase, allowing you to prepare a bank draft in advance of our meeting.
• During the meeting, the Notary will review all legal documents with you, which must be signed in the presence of the Notary. The meeting typically lasts about 30 minutes.
• In most cases, once you have met with the Notary, you will not need to return on the completion date. We will handle the title transfer and mortgage registration on the completion date and, upon completion, provide you with the registration number. At this point, you will be the legal owner(s) of the property. Your realtor and their office will also receive the registration number, after which they will arrange for you to collect the keys to your new home.

If you require financing (ie. if you're getting a mortgage)

• We will reach out to your mortgage advisor to ensure that we receive the mortgage documents, ideally at least 5 business days before the completion date.
• Some lenders may also require us to obtain either a title insurance policy or an up-to-date survey (for single family homes). A survey is used to confirm the location of buildings on the land, the property boundaries, lot size, any encroachments, and to verify with the municipality that the property meets setback requirements. Title Insurance can be used instead of, or in addition to, a Survey Certificate and provides coverage for any title defects that are not immediately apparent.  Costs for surveys and title insurance vary based on property location and mortgage amount.
• For condo or townhouse purchases (strata properties), we will obtain a Form B Information Certificate from the strata, which is a requirement of the lender. We will also get an insurance binder from the building’s insurance company, as required by the lender.
  
• If you are buying a house, we will ask you to provide the details of your chosen insurance company so we can obtain an insurance binder from them, also as required by the lender.
  

​WHAT CAN YOU DO TO HELP US TO ENSURE A SMOOTH TRANSACTION

• Once you decide to use our services for your purchase, please provide our contact information to your realtor so they can send us the contract and any relevant details.
• Ensure to provide us with the requested information as soon as possible.
• Also, give our contact details to your mortgage broker or banker to ensure the mortgage documents are sent to us. Ideally, you should have arranged your financing in advance; if not, please secure it as soon as possible.
• If you will be out of town during the week leading up to the completion date, let us know in advance so we can make the necessary arrangements.
• For pre-sale purchases, please forward a copy of the completion notice to us as soon as you receive it from the developer. Additionally, send a copy to your mortgage broker to keep them informed about the mortgage funding date.

SELLING A PROPERTY

• Upon subject removal, we will ask you or your real estate agent to send us a copy of the Contract of Purchase and Sale to review. The realtor’s office will also send us conveyancing reports detailing commission amounts.
• We will obtain and review the title search on the subject property. If you currently have a mortgage on title, it will be on the title search.
• One of our legal assistants will either call you or send you an introduction email to obtain some pertinent information in order for us to prepare the legal documents. If there is current mortgage on title, we will ask you to email us a copy of your mortgage statement. We use the reference number from this statement to order a payout statement.
• The buyer’s legal representative will prepare documentation for the Seller. Once we receive this paperwork and the mortgage payout statement (if there is a current mortgage on title), we will work on putting together your file.
• When your file is ready, we will contact you to arrange a meeting, usually 1 to 3 business days before the completion date.
• During the meeting, the Notary will go through all the legal documents with you and you must sign in front of the Notary.  The meeting usually lasts about 30 minutes. We will be asking you if you would like to pick up the cheque for your sale proceeds, or if you would like it direct deposited, in which case please be ready with your bank account number.
• In most cases, once you have met with the Notary, you do not need to return on the completion date. Once we receive the sale proceeds from the other legal representative on the completion date, we will prepare a trust cheque for you. Once the trust cheque is ready, we will notify you to pick it up, or depending on which financial institution you bank with, we can direct deposit the funds for you as well.

WHAT CAN YOU DO TO HELP US TO ENSURE A SMOOTH TRANSACTOIN

• Provide us with the information we request at your earliest convenience.
• Once you have decided to retain our services for your purchase, give our information to your realtor so that they may send us the contract and relevant information.
• If you are out of town during the week leading up to the completion date, advise us in advance so that we can make appropriate arrangements with you.

REFINANCING OR EQUITY TAKE OUT ON A PROPERTy

• We will obtain and review the title search on the subject property. If you currently have a mortgage on title, it will be on the title search.
• One of our legal assistants will either call you or send you an introduction email to obtain some pertinent information in order for us to prepare the legal documents.  The information we may require includes your legal name and occupation, and if there is current mortgage on title, we will ask you to email us a copy of your mortgage statement. We use the reference number from this statement to order a payout statement.
• We will contact your mortgage broker or banker to ensure that the mortgage documents will be delivered to us (preferably) at least 5 business days prior to completion date.
• Some lenders will also require us to obtain either a title insurance policy or an up-to-date survey (applicable only to single houses). The purpose of a survey is to confirm the location of all the buildings on the land as well as the boundaries of the property. A survey also confirms the size of the lot, reveals any encroachments, and allows the purchaser to check with the municipality as to whether the property complies with the municipal setback requirements.  Title Insurance is generally accepted in lieu of, or in addition to, a Survey Certificate and may insure the Lender and the Owner in the event of defects in title that are not readily apparent.  If you wish to have further information on Title Insurance, please contact our office and we will give you the information to contact a title insurance provider so that you may discuss the limits of coverage with them.  The cost of a survey and title insurance policy vary depending on the location of the property and the amount of the mortgage.
• If you are refinancing a condo or a townhouse (or strata properties), we will obtain a Form B Information Certificate from the strata, as a lender requirement. The strata will also notify us of the insurance company the building uses, and we will obtain an insurance binder from them, as a lender requirement.
• If you are refinancing a house, we will ask you for the insurance company you will be using so that we may obtain an insurance binder from them, as a lender requirement.
• Once we obtain all the information regarding your mortgage, we will work on putting together your file.
• When your file is ready, we will contact you to arrange a meeting, usually 1-3 business days before the completion date. The legal fee and disbursements will be taken from the mortgage proceeds. If you are not advancing any funds at the time of completion, we will send you the payment amount to be paid by cheque or credit card.
• During the meeting, the Notary will go through all the legal documents with you and you must sign in front of the Notary.  The meeting usually lasts about 30 minutes.
• In most cases, once you have met with the Notary, you do not need to return on the completion date.  We will handle the mortgage registration on the completion date.  Once we finish the registration, we will advise you with the registration number, and at that point, the refinance is complete!
• If there is any excess funds from the refinance or equity take-out that is to be returned to you, you can pick up the trust cheque at our office, or depending on which financial institution you deal with, we can do direct deposit for you as well.

WHAT CAN YOU DO TO HELP US TO ENSURE A SMOOTH TRANSCTION

• Provide us with the information we request at your earliest convenience. 
• Please give our information to your mortgage broker or banker so that they may ensure the mortgage documents are delivered to us.
• If you are out of town during the week leading up to the completion date, advise us in advance so that we can make appropriate arrangements with you.

Why is the information we request from you necessary?

1. LEGAL NAME - For obvious reasons, we need to confirm that the title of the property will be, or is, registered in your name and not someone else's. We typically use the legal name on your Driver's Licence, as this is the recognized legal name in the Province of British Columbia.​
2. DATE OF BIRTH - This is only required when you are buying a property.  It is a mandatory field on the Property Transfer Tax Return.
3. SOCIAL INSURANCE NUMBER - This is a mandatory field on the Property Transfer Tax Return, if you are a Canadian Citizen or a Permanent Resident.  The Ministry of Finance of British Columbia will also use your SIN to keep track of home ownership on all properties in B.C.
4. CANADIAN CITIZENSHIP OR PERMANENT RESIDENCY - If you are a Canadian citizen or a permanent resident at the time of purchase, you are required only to pay the basic Property Transfer Tax.  You do not need to pay the Additional Property Transfer Tax (20%), which is applicable to foreign buyers.  In some circumstances, you may be exempt from the additional property transfer tax, such as if you are a confirmed B.C. Provincial Nominee.
5. OCCUPATION - A mandatory field that is required for the Buyer(s)/Transferee(s) on the Land Title Office Transfer application Form A.
   
6. PURCHASE PRICE - This is important because it will determine the amount of Property Transfer Tax you owe and whether you qualify for the "First Time Home Buyer" or "Newly Built Home" exemption. It will also determine if you are eligible for a GST rebate when purchasing a brand new property.
   
7. PRINCIPAL RESIDENCE OR INVESTMENT PROPERTY - How you intend to use the property is another factor in determining your eligibility for a Property Transfer Tax exemption or the type of GST rebate you may qualify for. Most government incentives are available only if the property is used as your principal residence.