The Role of a Lawyer/Notary in a home purchase

Kelowna columnists say buying or selling a home is a complex legal transaction

Buying or selling a home is a complex legal transaction and it is always in your best interest to have someone with knowledge of the law working on your behalf. This is where a lawyer or notary comes into the picture and it is not a good idea to use the same lawyer or notary as the other person in the transaction.

You will need advice from an objective person who will look after only your interests and depending on the complexities of the deal the charge is anywhere from $1,000 to $1,500 or more (including disbursements) for an average real estate transaction. A lawyer or notary will take care of the legal technicalities involved in closing a deal. These legal technicalities include ensuring you have valid title to the property you are buying and making sure it is correctly described in all documents. They can also review your offer to purchase and change it in any way to reflect your needs.

He or she will search the title to make sure no one else has claim to the property. Taxes and utility bills will be checked out to determine if the seller has paid them up to date. If not, you would be liable for them. The lawyer will examine the survey of the property checking to make sure it doesn’t violate any zoning or building bylaws. They will draw up the mortgage documents as provided by your lender and arrange for Title Insurance which is now required by lenders in all property transactions. They will determine if the property transfer tax is applicable and if so calculate the amount of property transfer tax to be paid. Upon completion of the above and typically five to seven days prior to the closing your lawyer or notary will be in touch with you to arrange a meeting for signing the documents. They will also advise you with a dollar amount required for the closing and you will be required to take a bank draft or certified check to the meeting.

On the day the deal closes, your lawyer will exchange documents with the seller’s lawyer who will hand over the deed a declaration of possession and relevant affidavits. If both lawyers agree all documents are in order your lawyer will give the seller’s lawyer a certified cheque for the balance due on closing and he will receive the keys to the property. Your lawyer will then register the deed and the property is legally yours and you may take possession. Later you can expect to receive all relevant documents and a report on the transaction from them.

Of Prime Interest is a collaboration of mortgage professionals Trish Balaberde 250-470-8324; Darwyn Sloat 250-718-4117; Christine Hawkins 250-826-2001

Just Posted

Okanagan can learn from Washington’s wine industry growth

Winery owner cites importance of industry collaboration

Okanagan wineries shine in global chardonnay competition

Recognition for Kalala and Liquidity wineries at 2018 Chardonnay du Monde competition

Kelowna’s South Perimeter Road project to go ahead

Project to extend Gordon Drive doesn’t get enough signatures to keep it from moving ahead

Fleeing driver leaves behind severely damaged car

West Kelowna crash occurred at Highway 97 South junction

Dozens of impaired Kelowna drivers ticketed on St. Patrick’s Day

Kelowna RCMP stopped many vehicles for impaired driving during a one day blitz

Rainy week ahead for Okanagan and Shuswap

Environment Canada is forecast rain for the next three days, starting Tuesday afternoon

Attempted gun smuggler across the Osoyoos border sentenced

Alex Louie, who prefers the name Senk’lip, was sentenced to the mandatory minimum

Pro-Trump protest sign with F-word is OK, court rules

Judges say Ontario man can protest publicly, even using vulgar language

VIDEO: Police officer looking for distracted drivers gets hit by truck

Road safety investigator clipped by trailer while patrolling busy intersection

YVR wants you to help name three new puppies

Say hello to the Vancouver Airport’s new assistance pups

Search and rescue help injured sledders off Owlhead

Volunteer searchers also locate two hikers near Little Shuswap Lake

Suspect who attacked autistic man in Ontario could be from B.C.’s south coast: police

29-year-old man was sent to hospital with serious injuries

Privacy watchdog to explore Facebook leak

Canadian expert says his analytics company helped Trump campaign capitalize on private Facebook info

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Most Read