Conveyancing in BC
Conveyancing is the process of transferring the legal title of real property from one person to another. That transfer of interest is known by the majority of the public as buying and selling a property.
There are several important parties involved in a conveyance transaction and each party plays a key role in the process. For example,
- realtors provide us the fully executed contract, addendums, and commission reports;
- mortgage brokers and lenders provide us mortgage instructions and requirements; and
- buyers and/or sellers provide us with their personal information.
Notaries are responsible for obtaining and confirming that the correct information is received. That is the most crucial part of the entire process. We conduct our due diligence through searches and enquiries and confirm the details that have been gathered from the various parties.
We rely on municipalities and strata companies to provide necessary details for all the required adjustments so we can finalize the numbers. When calculating the final down payment required for a purchase, we must consider all the strata fees, tax adjustments, and provincial property transfer tax.
For sales and refinances, we must obtain a final mortgage payout statement (including any applicable pre-payment penalties) to determine the remaining balance owing to our clients.
Clients rely on Notaries for accuracy when preparing their legal documents. That is why it is helpful to have as many of the required details in hand as soon as possible from the parties involved. Once all the mortgage and title legal documentation has been prepared, we meet with our clients to sign all the documents. On the date of completion of the transfer of title or mortgage refinance, Notaries register those transactions at the Land Title Office and report to all the relevant parties in the transaction.
I recently passed my 10-year mark as a BC Notary Public. I remember as a student talking about a “simple” conveyance. I have not yet seen a “simple” conveyance but I have seen less-complicated conveyance transactions. Buying and selling property is not simple; laws are revised, new processes are introduced often, and the legal forms used for webfiling are constantly being updated.
As legal professionals who handle a large percentage of the residential conveyancing work in BC, it is our job to be focused and current with legislation. Notaries need to know all the information required so they may best inform, explain, and advise their clients in legal matters.
Rimpy Sadhra is a BC Notary with West Coast Notaries; they have offices in Vancouver, Burnaby, and Coquitlam.
Posted in Real Estate