Conveyancing


			
			

Conveyancing is the process of buying, selling or transferring property. It is the exchange of title for money. When you buy a property, you get title to that property, and the seller of the property gets the money from the sale.

We follow the terms set out in the contract of purchase and sale which you signed with the other party when exchanging the title and the money.

Conveyancing is the process of buying, selling or transferring property.

Can I do conveyancing myself?

Generally, no.

There are only a few situations in which you might be able to do your own legal work for conveyancing – for example, if you are selling a home (not a strata) and have no mortgages or other charges registered on title that need to be paid out, and no debts associated with the property.

In most cases, you will need to hire a BC Notary or a lawyer to do the conveyancing work for you.

You can take a look at the website for BC’s Land Title and Survey Authority or the Manufactured Homes Registry to determine if you can do the conveyancing work yourself.

What’s involved in conveyancing?

Buying and selling property involves a lot of work.

Each file requires different kinds of work, depending on the contract you have arranged with the other party, and the nature and title of the property.

In addition to the work involved in exchanging money for title, we must also:

  • verify the identity of our clients
  • make sure there are no fraud issues at play
  • verify citizenship and residency issues
  • ensure the mental capacity of our clients
  • verify the authority of anyone acting on your behalf

If you are selling property

Generally speaking, if you are selling property, the conveyancing process includes:

  • helping you arrange “clear title” for the buyers
  • preparing and taking your signatures on the legal documents necessary to transfer the title to the new owners
  • working with the buyer’s notary or lawyer to negotiate the closing
  • handling the monies for the transaction
  • reporting to you

If you are buying property

Generally speaking, if you are buying property, the conveyancing process includes:

  • doing certain kinds of searches for you (property taxes, utilities)
  • preparing documents for the seller to sign
  • preparing documents for you to sign
  • working with the seller’s notary or lawyer to negotiate the closing
  • dealing with your lender, if you have one
  • handling the monies for the transaction
  • registering the property
  • reporting to you

Dealing with unusual things that crop up

There are many other things that we might do for you, depending on your contract and what you have hired us to do, including:

  • dealing with outstanding taxes or utilities
  • dealing with debt reconsolidation
  • arranging out-of-office signing appointments
  • assisting with holdbacks you have negotiated or are required to make
  • helping deal with issues on closing
  • arrange refinancing

We can also draft a contract of purchase and sale for you.

What does conveyancing cost?

Call us – we would be pleased to provide you with an estimate.

Each conveyancing file is different, so it is not possible to give a blanket estimate without finding out more information about your transaction. The fees for selling a clear title manufactured home are much less than the fees would be for a business buying a working farm.

When we give you an estimate, we think about things like:

  • the type of property being transferred
  • whether you are acting on your own behalf, or for someone else or a company
  • what kind of lender you may be using
  • whether you have unusual terms in your contract
  • the time frame you are working with

More conveyancing questions?

Here are a few articles that might be of interest to you:


			
			
			October 4, 2017 11:27 am 
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