Purchasing a home is wonderful, but the process may be daunting. A skilled real estate conveyance lawyer can help you relax and enjoy the process of buying a home.
Property Conveyancing’s Importance
The importance of property conveyancing is to ensure that when a person buys a home, there are no hidden limits or complications and that the home will sell smoothly in the future.
The Residential Conveyancing Process
Residential conveyancing begins when an offer on a home is approved and ends when the keys are handed over to the buyer. The procedure usually takes 8 to 12 weeks to complete; however, it can take longer depending on your circumstances.
If there are any complications, the process may take significantly longer to finish. To avoid the property conveyancing procedure being delayed, each step must be done quickly.
Transferring property ownership is difficult and time-consuming. You will need a conveyancer or property solicitor to complete the residential conveyancing process when you buy a home. The important stages in the purchasing process are highlighted here.
- Initial Quote — you will receive an initial quote.
- Memorandum of Deal — once a sale is agreed upon, the estate agent provides the parties with a memorandum of sale. This gives the lawyers all of the transaction’s data and allows them to begin processing it.
- Open the Purchase File — The conveyancer will begin by opening the purchase file for your new home. This entails sending you a letter outlining the rules of business and requesting materials such as identification and proof of finances. You’ll also fill out a purchasing questionnaire, which will allow you to ask any questions you have about the property. Based on the information you’ve supplied, you’ll be given a fixed fee estimate at this point. If the legal job becomes more involved, the price may increase.
- Contracts — Your conveyancer will get the seller’s solicitor’s drawn-up draft contract pack.
Conveyancing in British Columbia
Conveyancing legally transfers title to property from one person to another, whether you’re buying a house, condo, or townhouse. Conveyancing entails many processes and a significant amount of documentation. Both the buyer and the seller have their lawyers, but in British Columbia, the buyer’s conveyance lawyer is in charge of compiling most of the paperwork.
How a Conveyancing Lawyer Can Assist You in the Early Process
Your conveyancing lawyer will: In the early stages, depending on your needs and the sort of property you are buying, your conveyancing lawyer will:
Draft and Review the Purchase and Sale Contract
On your behalf, perform “due diligence.” This includes looking up mortgages, outstanding taxes, liens, judgments, easements, rights of way, and other issues on the property’s title (and any common property, if applicable) to see if there are any mortgages, outstanding taxes, liens, judgments, easements, rights of way, or other issues that could affect your property purchase.
How a Conveyancing Lawyer Can Assist You as the Transaction Progresses
Your residential conveyancing lawyer will work with the seller’s lawyer, your mortgage company, the realtors, and your insurance company to arrange the deal for closing once due diligence is completed. Your lawyer, for example, will:
Receive and evaluate your lender’s mortgage instructions, ensure all financing criteria (such as property insurance needs) are met and prepare the Form B – Mortgage and any other mortgage paperwork.
Prepare two copies of all required paperwork for your real estate conveyance (Form A – Transfer, Statements of Adjustments, Property Transfer Tax Return, GST certificate, and so on). Send one copy to the seller’s lawyer for signature.
Before you sign any documents, we will meet with you to examine and explain them.
How a Conveyance Lawyer Can Assist You Before, During, and After the Closing Date
As the closing date comes, your residential conveyancing lawyer will verify all paperwork to confirm they are in order and conduct another title search to ensure no new or lingering concerns have arisen.
On the day of the closing, your attorney will:
- Ensure that all real estate conveyancing documents are registered.
- Conduct a title search after you’ve registered.
- In exchange for your new home’s keys, pay the purchase cash to the seller’s lawyer.
- Require documentation of payment and registration of discharges to ensure that the purchase monies are used to pay off the seller’s mortgage or other charges on the title.
Your conveyancing lawyer then orders a State of Title Certificate from the Land Title Office after the closing date to show that any existing mortgages or encumbrances have been entirely discharged, allowing you clear title to proceed.
Although there are many reasons to use residential conveyancing during a real estate transaction, one of the most important is to ensure a smooth and trouble-free transaction. Many things can go wrong with such transactions, resulting in complicated—and expensive—judicial proceedings. This alone convinces you of the significance of these legal professionals’ roles.
Dreyer and Associates Family Lawyers is committed to preserving the best interests of families across the Fraser Valley and the Lower Mainland. We have diverse experience across family law, wills and estates, and residential conveyancing in Langley; however, family law continues to be our focus. Contact us for more information.