Property Transfers (Conveyancing)
A property transfer or “conveyancing” is the legal process of transferring the legal title from one owner to another. Unlike other Canadian provinces (e.g. Ontario), in British Columbia, real estate transfers must be performed by a legal professional (a Lawyer or a Notary Public). As Notaries Public, our role is to make sure that after the money is paid, the title is transferred free of any mortgages or other charges that need to be removed. In this process, we would collect all the information regarding a specific transaction, prepare all the required documents, and after all money involved is disbursed accordingly, we would register the new owners on the title. (Be sure to ask about our other notary public services.)
Since buying a real estate property could likely be the most expensive purchase you may ever have in your life, this time could be very stressful and overwhelming for you. A Notary acting for the buyer acquires all the information about the property (strata, taxes, mortgages, etc.) and makes sure that all money is distributed and adjusted correctly. Therefore, my role is to make this process a smooth and painless experience. Involving a Notary Public as early in this process as possible can help you better understand the procedures, and ultimately, it can save you money and stress. Waiting to contact a Notary Public until late in the buying process may delay the discovery of some problems and could result in additional cost and stress.
Our approach is to make sure that our clients understand every aspect of the transaction, which makes them more confident and makes this experience more enjoyable.
Whether you are downsizing or buying a bigger house, selling your current house can also be an exciting experience. A Notary’s role in representing the seller is to make sure that all the mortgages or other liens or charges are removed from the title so a “free title” can be transferred upon receiving the purchase price from the buyers.
Other Transfers and Transmissions
Besides buying and selling, there are other types of transfers. Adding or removing a family member to or from the title is called a family transfer. Although these types of transfers are exempt from property transfer taxes, there could be some income tax implications, which I will explore in a separate article.
A transfer of real property to the survivor of a joint tenancy when the other joint tenant has predeceased or a transfer by an Executor or Administrator of someone’s estate to the beneficiaries of an estate is called a “property transmission.” Although this type of transfer is also exempt from property transfer taxes, a competent Notary can guide you through this process and make sure the transfer or transmission is done appropriately, avoiding any income tax liability or fraudulent conveyance issues.
Mortgage Refinancing & Discharges
Our role as your Notary is to make sure that you receive proper legal advice about the mortgage agreement that you are signing and you understand all the aspects of borrowing and the consequences of “defaulting” on your mortgage payments. (Be sure to ask about our other notary public services.)
When selling or paying off your mortgage, we can help by preparing all the required documents and filing a discharge of your mortgage in the Land Title Office.
Any changes to your current mortgage require a refinancing process, which implies a discharge of the current mortgage and the acquiring of a new one; or, in other words, borrowing money against the value of your home using your home as security.