In BC you need a Lawyer (who is also a Notary Public) if you are doing a real estate transaction, buying or selling property, getting a mortgage or secured line of credit, and/or making changes to the ownership and title of a property.
The Lawyer will do the required legal work on your behalf. This is called Conveyancing.
Conveyancing is legally transferring property and the title to a property (and/or mortgages and/or liens) from one property owner to another property owner.
In order to do the conveyancing, you will need some legal assistance and Notaries are specially trained and experienced at handling these transactions for you whether your are the Buyer, Seller, Borrower or Lender.
The idea behind conveyancing is simple, but the actual practice of it is complex. Here are some of the moving parts behind the conveyance procedure:
1. Due Diligence
This includes researching the title to the property and determining any mortgages, liens or encumbrances that are registered against the title and review of any non- financial charges that may affect the property.
2. Reviewing Plans
This includes going over the property or strata plans with you including reviewing strata information, if applicable. It is of great importance that you have reviewed the minutes and financials of any Strata purchase. A Notary will make sure you understand the full implications of your real estate transaction.
3. Preparing Documentation
The Lawyer will prepare legal documents for you and meet with you to review the paperwork, answer any questions you may have and make sure everything is signed correctly and legally. Additionally, the Lawyer will facilitate the transfer of title and money transfer with a series of legal undertakings. To protect your major purchase you will want to engage a Notary.
Only Notaries or Lawyers carry the appropriate E. & O. E insurance (Errors and Omissions Insurance) who can rely on undertakings provided to them and given to other law firms to facilitate the purchase and sale of real estate closings for your protection.
4. Transfer of Funds
The Lawyer will facilitate the transfer of funds in a real estate transaction and will ensure that any financial charges are paid out in full or transferred, depending on the individual case at hand OR alternatively if acting for the new mortgagee to obtain mortgage proceeds to complete the purchase with your downpayment of funds held “in trust”.
5. Registration With the Land Titles Office
In conveyancing there is documentation that must be filed correctly with the provincial land titles office. The Notary attends to these details with electronic registration through portal access, secured logins and a digital signature.
The above list is just a small part of what conveyancing requires. As you can see, it’s not only complicated, but it’s also very important that you have someone specially trained, like a Notary, in conveyancing and legal matters to assist you.
If you need some help with a property conveyance, contact dks Legal & Notary Services to assist you.
Based in White Rock, BC, dks Legal & Notary Services works with individuals, businesses and families to navigate notarial and legal matters. If you have any questions about this article or would like to make an appointment with us, please call (604) 531-2611 or email us at [email protected].
