Here’s What Takes Place During The Conveyancing Process In Vancouver
At Morris Law, our real estate lawyers work with potential property buyers and sellers to perform the conveyancing process, which is the process of moving the legal ownership of property or land from one person to another.
We get lots of questions about the conveyancing process itself, the steps involved, and how our real estate lawyers facilitate conveyancing.
In our previous article on conveyancing, we broke down what a real estate lawyer does, and how they fit into the real estate transaction process as a whole.
In this article, we’ll discuss some of the elements we consider during conveyancing, and the importance of ensuring that the process is executed perfectly for our clients.
Elements of Conveyancing In Vancouver
In our previous article on the role of a real estate lawyer, we discussed the process of conveyancing as a whole.
The steps are different for the purchase and sale side of conveyancing. On the purchase side, we prepare the purchase and mortgage documents after reviewing the Contract of Purchase and Sale and lender instructions. On the sale side, it is important that we receive the sale proceeds and discharge the mortgage.
There are multiple steps that we take during conveyancing to ensure that the transaction is executed properly. Some of the elements that take place typically include the following:
- Reviewing the Contract of Purchase and Sale
- Performing a Tax Search
- Reviewing Strata Information
- Confirming Insurance
- Ordering the Title Insurance or Site Survey
In the section below, we’ll review what happens during these stages when a Buyer is looking to purchase real estate in Vancouver.
Reviewing the Contract of Purchase and Sale
The first step in conveyancing is for us to review the Contract of Purchase and Sale.
At this stage of conveyancing, we confirm that the contract matches the title by ensuring that the Seller is the Registered Owner, and that the legal description on title matches that of the contract. This is also known as reviewing the Title to Property.
Among the other elements we consider are the caveats and liens on the title that are the Seller’s responsibility to discharge, to ensure that the Buyer is free of financial encumbrances.
Our overall goal is to ensure that you, the Buyer, have a clear understanding of all the elements of what you are purchasing.
Performing a Tax Search and Reviewing Strata Information
Once the Title to Property is reviewed, we examine the documentation to ensure that all strata fees and taxes are paid. This includes confirming that building insurance is in place, and that the Lender is named as the first loss payable.
If applicable, we review all relevant strata documents such as the money that a lot owner may owe to the strata corporation.
While there are many ways for us to obtain this information, we typically acquire a “Form B: Information Certificate” or “Form F: Certificate of Payment” to confirm the above.
Confirming Insurance
After the Strata information is reviewed, we ensure that insurance is in place. Based on our analysis, we may order additional elements such as a Title Insurance or a Survey of Property.
Preparing Documents
After completing all of the above, we prepare two sets of documents: one set for the seller, and one set for the buyer. We will invite you to our office to review our findings so that you’re aware of all of the elements above before confirming the transaction.
The above steps loosely encompass some of the key processes that take place on the Buyer’s side during conveyancing. On the Seller’s side, we would need to consider different elements such as discharge of the mortgage.
Ultimately, we perform each of the tasks described above so that you can rest easy knowing that everything is taken care of.
In order to perform the conveyancing process correctly, you will need to hire a real estate lawyer or notary public. The benefit of a lawyer is that they can provide legal advice, which can be helpful if there are multiple elements to consider in the transaction.
Our legal office is located a block away from Waterfront Station, overlooking the beautiful Burrard Inlet. Our space is custom-built for convenience and comfort, so that we can address any legal needs you may have quickly and efficiently.
Or, if it’s difficult to access resources or find time to visit our legal office, you can set up a mobile notary appointment. We can provide mobile real estate appointments as part of the conveyancing process when the signatures of multiple parties need to be collected. You can learn more about the role that a real estate lawyer takes in real estate conveyancing here.
