Real Estate Lawyers in Kamloops
Protecting Your Interests
One of the most important purchases you will ever make is the purchase of your home. We have the expertise to ensure that your purchase is completed promptly, thoroughly and cost effectively. We are committed to serving your needs and protecting your interests.
If you are considering the purchase of real estate, there are certain things you should be aware of:
- The CONTRACT, when signed by the parties, is a LEGALLY BINDING AGREEMENT for residential real estate transactions in British Columbia. If you are unsure of anything, seek professional help. Read carefully before signing. All terms of the agreement should be in writing as the contract expressly excludes any verbal agreements. Likewise, anything in the contract which is not applicable to the sale should be DELETED by striking it out.
- Any deposit paid directly to a Vendor is unsecured. It would therefore be advisable that any sizable deposit be held in trust with an agent, lawyer or notary.
- It is the Purchaser's responsibility to check out the ZONING, the FITNESS of the building, any use RESTRICTIONS, ENCROACHMENTS on the property and any other charge staying on title. Failure to do so could make the Purchaser legally bound to accept the conditions as they exist. These conditions must also be satisfactory to any lender. A Vendor allowing a Purchaser to assume a mortgage could still be liable for mortgage payments unless the mortgage company agrees to release the Vendor's covenant.
- On COMPLETION, it is advisable that the following procedure be followed:
- The Purchaser's lawyer/notary should prepare all the necessary documents and forward them to the Vendor for signature. The Vendor should execute and return the documentation in trust to the Purchaser's lawyer/notary prior to completion.
- The amount due on completion including all adjustments should be paid in trust to the Purchaser's lawyer/notary before the completion date and the Purchaser should sign all necessary documents.
- Once documents are signed and the necessary funds are in trust, the Purchaser's lawyer/notary should coordinate registration in the appropriate Land Title Office of the documents as well as any mortgage documentation.
- After confirmation of filing, the Purchaser's lawyer/notary shall release the sales proceeds. The Vendor is entitled to these on the completion date. Consequently, it is strongly recommended that all necessary documents be signed and monies put in trust in advance of such date.
- The adjustment date usually coincides with the possession date.
- Although there may be others, the following are the costs applicable in most circumstances: