The Role of a Lawyer/Notary in a home purchase

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

The Role of a Lawyer/Notary in a home purchase

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

(Dave Ogilvie photo)
One injured after being pinned by fallen forklift near Peachland

West Kelowna emergency crews responded to reports of a person stuck under a forklift

(Big White Ski Resort/Contributed)
Big White’s big clean-up: Large turnout for post-melt mountain tidy

More than 165 people showed up to help gather the litter left behind from the winter season

Mounties cover a burgundy truck with a tent at Buckerfields in West Kelowna on Monday, June 14. The RCMP is investigating after a woman’s body was found inside the truck. (Amandalina Letterio/Capital News)
West Kelowna RCMP investigating suspicious death after body found in truck

Police responded to a truck parked out front of a Main Street business where the body was found

(Jenna Cocullo / The Northern View)
Delays expected on Lakeshore Road this week

Northbound traffic on Lakeshore between Richter and Barrera will be detoured for paving

David Larsen, left, and co-host Tony Peyton. (K96.3/Twitter)
Popular Kelowna radio host dies after battle with cancer

David Larsen was half of the longtime Kelowna morning-show duo David and Tony

Singer-songwriter Jann Arden is pictured with a draft horse. (Canadian Horse Defence Coalition)
Jann Arden backs petition to stop live horse export

June 14 is the International Day to End Live Export of Animals

Montreal Canadiens goaltender Carey Price (31) is scored on by Vegas Golden Knights defenseman Alec Martinez, not pictured, during the second period in Game 1 of an NHL hockey Stanley Cup semifinal playoff series Monday, June 14, 2021, in Las Vegas. (AP Photo/John Locher)
Habs fall 4-1 to Vegas Golden Knights in Game 1 of NHL semifinal series

Match was Montreal’s first game outside of Canada in 2021

Penticton Overdose Prevention Society co-founders Desiree Franz, Shane Surowski and Stephanie Lines have created the city’s first unsanctioned public overdose prevention site using an old wine-tour bus. The site began operations in June 2021. (Desiree Franz/Facebook)
Volunteers launch Penticton’s first public supervised injection site

2021 is on pace to be the deadliest year for overdoses in Penticton on record

Kelowna-Lake Country MLA Norm Letnick, assistant deputy speaker at the B.C. legislature, presides over committee discussions. The legislature is completing its delayed spring session this week, with most MLAs participating by video conference. (Hansard TV)
B.C.’s daily COVID-19 infections dip below 100 over weekend

Only 68 new cases recorded Monday, four additional deaths

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. ambulance station in Revelstoke is expected to get a new system called the Scheduled On-Call (SOC) this fall. (Liam Harrap - Revelstoke Review)
B.C. ambulance changes could put Revelstoke residents at risk, warn local paramedics

Paramedics said to expect a substantial increase in ambulance response time starting this fall

Jane Linden
KCR: Volunteering keeps you active

Kelowna Community Resources shares stories of its volunteers in a weekly column

This goose family went for a leisurely stroll down Vernon’s Main Street Saturday, April 25. (Dave Deshane photo)
Controversial Vernon goose cull won’t fly this year

Necessary permit procedures held up at a federal level

The BC Ferries website went down for a short while Monday morning following a provincial announcement that recreational travel between health authorities can resume Tuesday. (Black Press Media file photo)
BC Ferries’ website crashes in wake of provincial reopening announcement

Website back up now, recreational travel between health regions to resume as of Tuesday

Most Read