Juliet Sullivan

Survey Certificate is required by the either you or your lender if your property is a single family dwelling.  A Survey Certificate is prepared by a qualified BC Land Surveyor and sets out the size of your lot and the foundations of your home.  This document ensures that your house is situated on your lot and not encroaching on other properties.  The offices of Patricia D. Wright, Notary Public, can arrange to have this done for you through one of the Land Surveyors who normally assist our clients.  A full copy of the  Strata Plan will be obtained by your lawyer or notary, if your property is a condominium setting out the size and location of your strata lot in relation the other condominiums in the project.   It is imperative to confirm that the legal description to the strata lot (condominium) you are purchasing matches that of the Strata Plan.

• appraisal costs 
  

• accrued interest

•  mortgage insurance
  

•  tax holdback
  

•  CMHC or GE application fees

The government imposes a Property Purchase Tax on the acquisition of real property.  The tax is calculated at 1% of the first $200,000.00 of your purchase price and 2% on the balance thereof.  Should you be a first time home buyer, and be financing at least 70% of your purchase price, you may (should you meet all of the requirements) qualify for a one time Property Purchase Tax exemption.  Patricia D. Wright will discuss this matter with you to determine the amount (if any) of purchase tax you will be responsible for. 

The main requirements to be exempted from this tax as a First Time Home Buyer are as follows:

•  you must never have owned a principal residence anywhere in the world;
  

• you must have resided in the Province of British Columbia for 12 months immediately preceding the purchase;
  

• you must be a Canadian citizen or Landed Immigrant; 
  

• the purchase price must be within the specified amount (in the Greater Vancouver area this amount is presently $425000);
  

• your mortgage funding must be 70% or more of the purchase price with a term of at least one year;
  

• your property must not be oversized - we will be able to provide you with more information as to the size;
  

• in the first year after the purchase you will be limited as to the amount of your prepayment under your mortgage in order to keep the Tax exemption;
  

• you must move into your new property within 90 days and live in the property for a minimum of one year.

Your lawyer or notary will calculate an adjustment for the current years taxes.  The seller will be responsible for the  property taxes and any utilities billed through the City or Municipality separately (such as water , sewer, garbage pickup) from January 1^st till the possession date.  The Purchaser will be responsible for these taxes and utilities from the possession date until the end of the year.  In the City of Vancouver there is two tax billings, one at the beginning of the year and one in the middle of the year. Therefore it is necessary that the taxes be adjusted properly between the parties.  In addition, after the City or Municipality has issued a billing, even if it is not yet due, most Lenders will require that payment be made at the time of closing the transaction.

If your property is stratified, it may be necessary for the offices your lawyer or notary to adjust the monthly maintenance fees between you and the Seller.  The Strata By-Laws may also allow the strata corporation to charge such things as move in or move out fees and/or deposits to cover any damages caused by moving.  Each strata corporation handles this differently however most of the time any move in or out costs are covered on your statement of adjustments.

• search the title, common property, pre and post searches
  

• register documents at the Land Title Office
  

• order State of Title Certificates
  

• pull any required documents from Land Title Office
  

• execute Builders Lien or Corporate searches if required

 

 

 

UTILITIES

 

 The Statement of Adjustments for your transaction will not include adjustments for electricity, gas, telephone or cable.  It is the responsibility of the seller and the buyer to have final readings taken on the possession date and to adjust and settle these matters directly between themselves. 

 

PROPERTY TAXES 

 

 If the current year’s taxes are known, the tax adjustment will be based on the actual taxes for the current year.  If the current year’s taxes are not known, the tax adjustment prepared by your lawyer or notary will be based on the estimated current year’s taxes.  If this property will be your principal residence you may be entitled to the Provincial Home Owner Grant which will reduce your taxes by up to $470.00 per year (and even more if you are a senior) subject to the annual Provincial Government budget. 

 

LAWYER OR NOTARY FEES including:

• receiving and reviewing contract of purchase and sale
  

• obtaining confirmation of full names, residency status and first time buyer status from purchaser
  

• obtaining title search and common property search
  

• obtaining confirmation of insurance coverage as per instructions of Lender
  

• agents attending at Land Title Office to obtain copies of relevant encumbrances, subdivision plan or strata plan/special resolutions and reviewing same with client
  

• obtaining company search, if necessary
  

• obtaining confirmation of payment of property taxes, arranging to pay outstanding taxes, if necessary
  

• obtaining confirmation re payment of maintenance fees to strata corporation
  

• obtaining Form A (Certificate of Full Payment),Section 36 Certificate and confirmation of move in/out fees or special resolution from strata corporation
  

• obtaining survey, including searching with prior mortgage holders for survey and preparation of statutory declaration
  

• drafting conveyance, mortgage and support documentation, as follows:
  

• freehold transfer
  

• purchaser's and vendor's statements of adjustment
  

• property transfer tax return or exemption
  

• HST certificate
  

• mortgage and support documents
  

• receipt acknowledgement of mortgage terms
  

• authority to pay
  

• covenanter/guarantor clause
  

• assignment of strata voting rights
  

• postponement of spouse or guarantee of spouse if title registered in single name (if required by lender)
  

• tender transfer documents to Vendor's solicitors on appropriate undertakings
  

• preparing preliminary report and requisition of funds to Lender
  

• preparing and reviewing 8 page preliminary report with purchasers with support documents
  

• perusing and attending to execution of documents
  

• agents attending at Land Title Office to obtain a pre-registration index search and filing documents for registration
  

• conducting post registration index search after receipt of registration numbers
  

• receipt and disbursement of trust funds
  

• reporting to realtor, to City re transfer and to strata management company re Assignment of Voting Rights
  

• reporting letter to Borrower, including copies of registered documents, reporting letter to Lender confirming notarial opinion as to validity of mortgage
  

• obtaining state of title certificate and final reporting to Borrower and Lender