We order Tax Certificate from the City to ascertain if there are any outstanding taxes or the property has been flagged as a grow up or has any other violation listed against it. There are exemptions to first time homebuyers and some other transfers based on the guidelines of Ministry of Finance BC. It is mandatory to pay PTT in BC whenever there is transfer of property. We also prepare Property Transfer Tax (PTT) form for you. This form is signed by the present owner in front of a Lawyer or Notary, it confirms that the current owners agrees to transfer the ownership at the price which has been agreed upon in the Contract for Purchase and Sale. We examine the Title and bring to your notice any red flags which may affect the proposed use of the property. When we act to assist you in purchase of real estate, we do our due diligence to ensure that you are protected from fraud, since it is invariably the most expensive purchase one makes in a life time. This process commences when you get into a contract to buy or sell with the help of your real estate agent. There should be enough clarity in the contract to avoid any differences at the time of handing over of property.Īs the term suggests it is conveying the property from the current owner (seller) to the buyer (prospective owner). The contract must identify if any appliances or moveable property currently a part of the property being sold is to stay with the property as part of the sale. If the property being sold is on rent and the buyer intends to live in the property, we need to ensure that adequate notice is given to the tenant in accordance with Residential Tenancy Act and other guidelines under Residential Tenancy Act. This may entail holdback of money or force you to incur additional expenses. Mostly there is adequate time at hand to undertake these transactions however, sometimes the completion date is too soon to obtain appropriate discharge information from the Lender and other affected stakeholders. When a person sells real estate, you require a representative to act on your behalf to receive funds, discharge the existing mortgage, pay out your outstanding debts if any and pay you the sale proceeds. The Fee Simple ownership devolves greatest bundle of rights to the property owner. The proportion of rights held by the owner in a property can be inherited by anyone. When a person buys property he or she is acquiring a ‘Fee Simple’ Title to the property.
Real estate conveyance fo registration#
The Title Registration process in BC can be ranked as one of the most evolved in the world.
If you have the money or you can get a lender to get you the money you can buy real estate in BC without a sweat. Services Real Estate Conveyancing Buying and Selling Real Estate in BC
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