A successful real estate transaction is a complicated one as there are many parties involved – listing realtor, buying realtor, lender, appraiser, mortgage broker, insurance agent, buyer’s lawyer, seller’s lawyer, etc. When it comes to the legal aspect, in BC, the buyer’s lawyer does most of the work.
What does a buyer’s lawyer do?
• Reviews the Instruction Letter and Contract.
• Contacts the Buyers, confirms acting for the Buyers, confirms personal details, discusses any preliminary issues raised by the Contract, and opens the Buyers file.
• Orders a copy of the Title and any Charges that will be remaining on Title.
• Advises Buyers of any concerns re Charges that will remain on Title; generally the existing Charges on the Title are acceptable.
• Reviews Mortgagee’s Instruction Letter.
• Prepares the necessary conveyancing documents.
• Forwards the Seller conveyancing documents to the Seller’s Lawyer for execution by the Seller and return to the Buyer’s Lawyer.
• Advises Buyers of Mortgagee’s insurance requirements, the amount of the Cash Shortfall required and arranges an appointment to sign the necessary documents.
• On Signing Day – reviews the whole transaction and documents with the Buyers and attends to the signing of all documents.
• Ensures Property Insurance is obtained.
• Registers over the Internet on the Closing Date or forwards the Form A – Transfer of Land, Property Transfer Tax form, cheque for the Property Transfer Tax and Form B – Mortgage by courier to the Buyer’s Lawyer’s Land Title Registry Agents a few days before the Closing Date for registration.
• Requests mortgage funds from Mortgagee for Closing Date.
• On Closing Day ensures that all the documents are registered.
• Confirms the registration on the Closing Date and advises the Buyer, Seller’s Lawyer and Realtors that the deal has registered. On the Closing Day, there will be a post-registration search done which will record the registration numbers of the Form A – Transfer and Mortgage (if applicable) on the bottom of the current title. This is the first part of getting the title into the Buyer’s name. Based on this search, payment is made to the Seller’s Lawyer and possession of the property is given to the Buyer. The actual new title showing the Buyer as registered owner won’t be produced by the Land Title Office for at least a week. When the title is produced, the Seller’s Mortgage may still be registered on the title. This is the second part of getting the title into the Buyer’s name.
If you are planning to purchase a new home, or have any real estate related questions, why not get in touch with us for some useful advice. Call us on 604 913 1000, contact us or follow us on Facebook.