Your Real Estate Notary in Burnaby
Trusted advice on real estate purchases and sales
Whether you are buying, selling or transferring real estate, Paul Williams Notary Public can provide you with trusted advice. Working with a Notary also provides you with “peace of mind” so you can rest assured that your home will be ready at completion.
Get help from your Burnaby Notary with buying real estate
Your Notary can help you with your real estate purchase in the following ways:
- Interviewing you to understand the property you are buying, its price, age, your deposit and the negotiated terms, and intended use of your home;
- investigating the title to your property to look for restrictive covenants, easements, notations and rights of way that may impede your use of the property;
- Reviewing the contract to ensure that all subjects have been removed and that any conditions set out for the sellers (such as holdbacks to repair) will be enforced;
- Making enquiries into the residency status of each seller to protect you from being responsible for any tax obligations of the sellers by Revenue Canada;
- Ensuring that the legal representative for the sellers removes any financial charges affixed to your title (such as mortgages or lines of credit) to prevent lenders from approaching you, the owners of the title to the land, for payment;
- If you are purchasing a strata or condo, communicating with the strata management company to ensure that the sellers have paid all their strata fees and that no special assessments or levies have been applied to your home prior to closing;
- Reviewing the lender’s mortgage, if applicable, to ensure that it accurately represents both your interests and those of the lender;
- Filing a land ownership transparency declaration and property transfer tax form on your behalf to identify each person having an interest in the home;
- Registering your ownership of the property at the Land Title Office.
Throughout this process, your Notary will keep you fully informed to avoid any surprises or concerns.
Get Help from your Burnaby Notary on Selling Real Estate
When selling your home, your Notary can provide you with trusted advice in the following ways:
- Ensuring that if a mortgage or credit line remains on title, that it is removed to meet your obligations in the contract;
- Negotiating undertakings or terms with the legal representative for the buyers;
- Reviewing the sellers’ statement of adjustments to ensure that the amount paid to each realtor is correct and that an equitable sharing of municipal taxes and strata fees occurs between the sellers and buyers;
- Advising you to consult with a tax accountant if you are a non-resident seller and you have tax obligations to Canada Revenue Agency;
- Providing you with an Order to Pay before paying out any mortgages or credit lines on your behalf;
- After all expenses have been paid, providing you with a bank draft for the remaining sale proceeds.
Working with a Notary provides you with peace of mind, being fully informed and knowing that the work required to complete your sale occurs in the background while you wait for your funds at completion.
Help with from Burnaby Notary with Family Transfers
Often people wish to transfer their share of property to a family member. The Property Tax Act (or the “Act”) states that all transfers of property are taxable unless deemed exempt. The Act provides that your transfer may be exempt under the following conditions:
- the person you are transferring the property to (the “transferee”) is a related individual, and either you or the transferee “must” have lived in the home for at least six months (being a principal residence) immediately before the transfer;
- You are transferring an interest in a family farm to a related individual, sibling or spouse of a sibling;
- You are transferring the property to a spouse of a former spouse under a written separation agreement or a court order under the Family Relations Act;
- An Executor intends to transfer an interest in the property to a related individual who is the beneficiary of an estate, who “must” have resided at the property (as his or her principal residence) for at least 6 months immediately before the deceased person’s death.
While transferring property may be exempt from property taxes, it may incur capital gains taxes on the sale of the home. Your legal representative will advise you to speak with a tax accountant. Choosing Paul Williams, Notary Public, can be your best choice when transferring real estate.