2 - Required Information to Purchase Real Estate

 

A notary’s role in the purchase of real estate is to give effect to the Contract of Purchase and Sale. We do this by both ensuring that you get good, valid title to your property and preparing all of the documentation that is needed to transfer this property to you. Often, a Notary Public will also act for your lender to prepare and register the mortgage documents as well. Your notary public will obtain proof of house insurance, obtain title insurance or a survey, review tenancy agreements and strata information certificates as well. The Notary also calculates the Buyer’s and Seller’s share for things such as property taxes, city utilities (water, sewer, garbage), strata fees, rent and security and pet deposits. In addition, we receive mortgage funds from your bank and collect your down payment and closing costs as well.

 

The following information is required to complete a purchase transaction:

• Copy of the firm Contract of Purchase and Sale along with any addendums that have been created
  • If you are using a realtor, your realtor will send this to us. If you have created the Contract yourself, you need to provide us with a copy
• Full legal names, occupations and contact information of the Buyers
• Birth dates and social insurance numbers
  The collection of Social Insurance Numbers is required by the Government of British Columbia for any purchase transaction or transfer of title
• Form of Ownership – This is how you would like to share the ownership of the title if there is more than one buyer
  • Joint Tenants – All owners own the property equally. Joint tenancy also carries a right of survivorship – meaning that if one of the owners of the property passes away, the surviving owner obtains their share by right of law. That share does not go through an Estate or a Will.
  • Tenants in Common – The owners of the property each have separate interests in the property – i.e. Owner A has a 40% share and Owner B has a 60% share or Owner A owns 50% and Owner B owns 50%. Each person’s share goes through their estate and does not automatically go to the other person on title.
• Are the Buyers first-time home buyers?
  • First Time Home Buyer means that you have never owned a home that you lived in anywhere in the world at any time
  • If you have owned a home that you lived in previously, then you do not qualify as a First Time Home Buyer for Property Transfer Tax Purposes
• What is the completion or possession date?
• Which insurance agency are you getting your insurance through?
• Did you use a realtor? If so, who did you use?
• Are there any tenants that are staying in the property?
• Are you getting a mortgage or line of credit to purchase the property? If so, who is your lender or your mortgage broker?

 

It is also important to inform your Notary if you have particular time requirements for signing – i.e. on vacation, working out of town, etc.

 

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