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Buying a Home?
After you have contacted our office with the information about your new home you may wonder what happens next. We will obtain your legal names and occupation(s) and if there is more than one Buyer, we will determine whether you wish to own the property as Joint Tenants or Tenants in Common. We will search the title to the property, search the property taxes and strata fees and ensure that there are none outstanding. Our role will also include preparing a Statement of Adjustments for taxes, strata fees etc for all of the funds between you, the mortgage lender and the Seller which will determine the amount of the bank draft you will need to bring in to complete the transaction. Please note that if you are using funds held by a virtual bank, allow at least three business days for those funds to arrive. On the Completion date, we will register the appropriate land title and mortgage documents in the Land Title Office and pay out funds to the Sellers notary or lawyer. You can then make arrangements with your Realtor to obtain the keys and take possession of your new home. We will provide you a final report with a State of Title Certificate (proof of ownership).
What does the Buyer need to do besides packing?
Let your Realtor and your mortgage lender know that you are using our office.
For a non strata home, you will need to obtain homeowners insurance for the home prior to the completion date and let our office know the name and number of the insurance broker you are using for this.
Bring in a bank draft for the remainder of the funds to complete the transaction.Please note that if you are using funds held by a virtual bank, allow at least three business days for those funds to arrive.
Selling a Home?
After you have contacted our office with the information about the home you have sold, you may wonder what happens next.
We will receive the Contract of Purchase and Sale from your Realtor's office and we will conduct a title search of the Property. Our role will include obtaining balances on any mortgage(s) you may have and paying them out with the sale proceeds.
If you have sold a strata property, any outstanding strata fees, levies or fines will be paid out of the sale proceeds.
The sale proceeds will be available for you at 11:00 am on the next business day (in most cases) after the Completion date. City of New Westminster real estate Sellers: If your property is located in New Westminster, we will pay out and close your electrical account with the City. In order to do this, we will hold back funds at the time of the sale, pay the final electrical account to the City and return the balance to you.
Since 1987 our insured Notary office has assisted many British Columbians in conveyancing with property transfers and mortgages when they have bought or sold a home. Embracing technology, in 2004 we were noted as one of the first users of the web based Electronic Filing System in the Land Title and Survey Authority of British Columbia. This new system allows for faster, more flexible hours of property transfer and mortgage registrations, allows fax title transfer and mortgage documents from anywhere in the world and eliminates some courier charges.
Our office takes great pride in providing quality legal services in a friendly, courteous environment. We realize that your purchase is a major investment and we will work closely with all parties to make the purchase transaction understandable, smooth, and as seamless as possible.
If you would like us to assist you, please let us know by phone 604-526-7884 or by Email and inform your realtor and mortgage broker that you will be using our office.
Who Qualifies for the Exemption from the PTT as a First Home Buyer? You qualify for the exemption if: 1) you are a Canadian citizen, or a permanent resident as defined by the Immigration and Refugee Protection Act (Canada), 2) you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed two income tax returns as a British Columbia resident during the 6 years before the date you register the property, 3) you have never owned an interest in a principal residence anywhere in the world at any time (a principal residence is defined as the usual place where an individual lives), and 4) you have never received a first time home buyers? exemption or refund.
What Property Qualifies for the Full Exemption? The property you purchase qualifies if: the fair market value of the property (land plus improvements) is not more than the current threshold of $425,000, the land is 0.5 hectares (1.24 acres) or smaller, and the property will only be used as your principal residence. The current threshold amount applies to purchases registered on, or after, February 20, 2008. More information about the requirements for the exemption from the PTT as a First Time Home Buyer in British Columbia can be found here First Time Home Buyer Eligibility Requirements.
 450 - 6th St. New Westminster, BC, V3L 3B3 Voice: (604) 526-7884 Fax: (604) 526-5227 martin@notary-kastelein.com
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