Obtain mortgage assumption or discharge statement from Mortgage Lenders. If rental property, prepare notice to tenant (if necessary) to vacate property. Review the Agreement of Purchase and Sale and advise of Potential problems, if any.Ĭonduct a Search of Title, in order to determine which registered encumbrances such as mortgages (not being assumed), judgments, tax liens, builders liens, notices and other encumbrances, must be paid out or dealt with and discharged from title. The foregoing is intended to be of general nature and the scope of retainer may vary. Prepare preliminary report and forward copies of mortgage documents and registration particulars to the Mortgage Lender and receive Mortgage proceeds.Īrrange for payments of funds on closing day and removal of all objectionable encumbrances to be removed from title and receive confirmation of their removal.įinal report to Buyer and Mortgage Lender with copies of documents and State of Title Certificate. Submit transfer and Mortgage documents for registration at the Land Titles Office after conducting a pre-registration title review to ensure no further encumbrances have been registered since the initial title search. Obtain from Buyers certified cheque or bank draft which when added to the Mortgage proceeds will be sufficient to cover all purchase costs involved. Meet with Buyers for review and signing all documentation as required. Prepare Buyer's and Seller's Statement of Adjustments, Conveyance and Mortgage documentation.įorward Seller's documents to Seller's lawyer for signing and return. Review Survey checking for encroachments.Ĭontact the Municipal Property Tax Department, Water Department, Tenants to obtain current information for preparation of Statements of Adjustments (which are the respective credits and debits between the Buyer and the Seller).Ĭalculate the Property Purchase Tax, GST, Municipal Property Tax Adjustment, Water account arrears, tenants damage deposits (including interest), accrued interest to be deducted form the Mortgage funds, disbursements and Land Titles Office charges. Determine whether exemptions or rebates apply concerning the Property Purchase Tax of GST.Ĭontact the Mortgage Lender and upon receiving Mortgage Instructions review them, and determine any special requirements.Īrrange for a Survey Certificate (if any existing one can not be located) in the event the Buyer or Mortgage Lenders requires. Determine how the Buyer wishes to take title to the property (i.e. Review the Agreement of Purchase and Sale and advise of potential problems, if any.Ĭonduct a Search of Title and obtain copies and review all registered documents and encumbrances including: Easements, Statutory Rights of Way, Covenants, Building Schemes, Subsurface Rights, Liens, Judgments, Mortgages (if being assumed), Notices, Subdivision Plans, Strata Plans, Bylaws, and all other relevant encumbrances and documents. M.A.Web: WHAT LAWYERS DO WHEN YOU PURCHASE A PROPERTY.Peter is busy outside of his practice being a busy father, travelling to Europe most summers, and avid golfer all year round. Peter meets with area real estate professionals regularly to give presentations on topics of current interest. His practice includes a wide range of transactions, from simple residential purchases and sales to complex multi-party commercial deals. Peter has over 25 years of practice experience in one of the busiest real estate markets in the province. Online, LTSA, and the Law Society of British Columbia as an expert resource in establishing real estate law, and conveyancing pilot programs in the province. Peter is at the forefront of emerging legal technologies on Vancouver Island and has worked extensively with systems providers such as B.C. After completing his articles and being called to the bar, Peter joined a local law firm and soon after founded the firm of Mullin DeMeo Wirk in 1992 with law partner John Mullin. Peter attended law school in Victoria and articled with a large national firm in Vancouver.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |