Lawyers and Notaries add protection to your transaction
When buying or selling a home in British Columbia it’s customary, although not required, for homebuyers and sellers to a hire lawyer or notary. Realtors agree that with so much at stake it can be money well spent. Since signed contracts are legally binding, hiring a notary or a lawyer ensures your interests will be protected.
What can a Lawyer or Notary do for you?
A lawyer or notary will guide you through all the finer points of your transaction and help you understand your decision. As your advisor, he or she will review and explain the Agreement of Purchase and Sale, the Property Condition Disclosure Statement, the survey certificate and any inspection reports or warranties.
Although your Realtor would have already conducted a title search and reviewed any changes, a lawyer or notary will search the title to ensure that the property is free of any problems such as liens, and that the seller has a clear title to sell the property. The advisor will also explain encumbrances such as rights of way or easements.
At closing emotions often run high. As your advocate, your notary or lawyer will evaluate the transaction from a business perspective. He or she will scrutinize documents for any errors or omissions and will ensure compliance of all provisions in the contract.
Here are some other ways your lawyer or notary can help you with you real estate transaction:
· Explain taxes such as the Property Transfer Tax, municipal property tax and the GST;
· Calculate exemptions, rebates and prorates, and prepare statements of adjustment;
· Arrange for payment of funds and removal of subjects;
· Register final documents such as the transfer of title
· Finalize mortgage documents;
· Confirm the possession date and time, as well as which chattels and fixtures will remain in the house (i.e. chandeliers, appliances and garden equipment).
Buying a home is probably the biggest investment you’ll ever make.
Why not protect it by seeking professional advice when finalizing your real estate transaction. It will be money well spent. How to find a notary or a lawyer: ·
Ask friends, relatives and business acquaintances for a recommendation; Contact the Society of Notaries Public at www.notaries.bc.ca or phone 1-800-663-0343. The Society will refer your to a notary at no charge.
Contact the Lawyer Referral Service, sponsored by the Canadian Bar Association BC Branch, at www.bccba.org or phone 687-3221. The service refers you to a lawyer for an initial 30-minute interview for just $10.