Professional Real Estate Lawyers in Vancouver, BC
Titan Law provides real estate conveyancing services for those looking to purchase, sell, or refinance residential and commercial properties in Canada.
Buying or selling property can be one of the most stressful transactions you might ever encounter, however, the team at Titan Law is here to guide you through the process. Our real estate lawyers are knowledgeable and resourceful and have experience in dealing with all types of property transactions. We are here to ensure there are no surprises and carry out a smooth transaction.
Our Lawyers Specializing in Real Estate Conveyancing are Ready to Help You
WHAT IS CONVEYANCING?
If you are buying or selling a property, or looking to change the title of a property, you will be involved in conveyancing.
Conveyancing is the process of transferring legal title and ownership of property between parties. This includes property titles, mortgages, liens and other charges registered on the property. It is the legal process legitimizing real estate transactions in Canada.
CONVEYANCING PROCESS
The process of buying and selling varies from transaction to transaction and from province to province in Canada. The following are some general steps required to complete these transactions in British Columbia:
- The realtor, buyer, seller, or owner is introduced to the lawyer and provides the lawyer with the Agreement of Purchase and Sale or other conveyancing instructions. The lawyer will also receive mortgage instructions from the lender if applicable.
- The lawyer completes due diligence on the property and conducts thorough searches to learn about the property’s title history and any outstanding taxes, liens or encumbrances.
- The lawyers prepare the applicable documents for review and signatures by the clients. Once both parties have signed documents, funds can be requested from the lender and client, confirming any excess deposit that have been received.
- All documents are reviewed by both lawyers and any undertakings from the lawyers that are required are collected prior to registration.
- Both lawyers provide final reports to confirm the transfer of the property.
- Pre-registration and post-registration title searches are performed to ensure no new charges are registered against the property. The balance is paid to the seller.
- The seller’s lawyer must provide proof of payment of existing mortgages or any other charges and a Discharge of Mortgage Form from the lender. The Discharge of Mortgage Form must be registered with the Land Titles Office in order for a State of Title Certificate to be obtained, deeming the conveyancing process complete.
REQUIREMENTS
Real estate transactions can be quite complex and it is important to be prepared before committing to them. The following is a general list of requirements for a smooth transaction:
- Mortgage approval and contact information for broker
- Available extra funds to cover legal fees, realtor commission, disbursements, taxes, insurance, surveys, and other fees that may come up
- Documentation such as government issued ID, certified checks/bank drafts, mortgage documents and property tax information
TITAN LAW’S CONVEYANCING SERVICES
The following is a non-exhaustive list of services provided by Titan Law’s conveyancing team:
- Buying / selling residential or commercial real estate
- Arranging for title insurance
- Registering / discharging mortgages
- Register trusts or beneficial interests
- Filing with the Land Owner Transparency Registry
- Reviewing contracts of purchase and sale or pre-sale documentation
- Reviewing disclosure documents and depreciation reports
- Creating and filing life estates
- Asset / share purchases or sale
The lawyers at Titan Law realise that sometimes things don’t go as planned. Disagreements can arise regarding the property and the Agreement of Purchase and Sale and often leads to litigation.
You can rest assured that Titan Law’s expert litigators will be there to support you and protect your interests. Our litigators work together with our real estate lawyers to tackle complex transactions and devise comprehensive solutions to problems.
HOW TITAN LAW CAN HELP
Whether your transaction is straight forward or requires litigation, Titan Law is ready to assist you with all aspects of the matter. We understand that it is a complicated process with a lot of steps and paperwork, which can be overwhelming. Our team is available at all times to answer any questions and guide you through a smooth transaction.
We are a boutique firm located in downtown Vancouver with lawyers specializing in real estate conveyancing, disputes and litigation.
FAQs
Real estate transactions can be quite complex and involve a lot of paperwork. Even those familiar with the process can get lost in the steps and legal jargon. A real estate lawyer not only handles the transaction from start to finish, they are also there to protect your interests and ensure there are no surprises that could hinder the transaction.
A real estate lawyer is responsible for reviewing the Agreement of Purchase and Sale along with other legal documents pertaining to the sale to ensure the seller’s interests are protected. The lawyer will negotiate the terms and conditions in your favour and ensure all closing conditions are satisfied, including the payout of the mortgage.
Fraudulent conveyance, also known as “fraudulent transfer” with regards to property law, refers to the illegal transfer of a debtor’s property within two years of filing for bankruptcy, where the debtor was insolvent and did not receive any consideration. This also refers to conveyances made to hinder, delay or defraud creditors by placing the assets out of their reach.
A Deed of Reconveyance is a document commonly issued when a borrower repays the lender of a mortgage in full, allowing the property title to be transferred from the lender to the borrower. It indicates that the borrower has satisfied all conditions of the loan and now owns the property entirely.
Conveyance tax, also known as “property transfer tax” is tax paid when you purchase or gain an interest in a registered property. The tax is calculated based on the fair market value of the property on the day it was registered with the Land Titles Office. The general property transfer tax is currently 1% for properties up to and including $200,000; 2% for properties valued from $200,000 up to and including $2,000,000; and 3% on properties greater than $2,000,000.
Voluntary conveyance, aka voluntary transfer is the transfer of title of a property from one person to another without receiving consideration. The transfer is done in good faith by public or private grant or by public dedication.
