David Watts Notary Public

David Watts Notary Public

Buying Real Estate What you are buying: When a person buys a property, what they are acquiring is the fee simple title to the property. “Fee Simple” comes from the roots meaning that anyone can own the property and it can be inherited by anyone. This fee simple ownership means that you acquire the greatest bundle of rights that one can acquire related to a specific piece of property. The process: The process followed when buying a property is called a conveyance. What happens is the ownership of title to the property is conveyed from the seller (vendor) to the buyer (purchaser). We will prepare the forms and perform the actions necessary to facilitate this process. Here’s a Link to a video where I explain the Conveyancing Process in British Columbia. What happens in a conveyance: Ownership of land in British Columbia is recorded in the Land Title Office. When we act for you to assist in your purchase of real estate, we will prepare a document called a Form A Transfer which the present owner will sign in the presence of another Notary Public or Lawyer, confirming that they agree to transfer ownership of the property to you upon payment of what ever purchase price you have agreed upon. We will also prepare a Property Transfer Tax form for you which is required for every transfer of property in British Columbia. There are certain exemptions to payment of Property Transfer Tax such as when transferring to a related party, qualified first time home buyers (video I’ve made explaining conditions necessary to qualify for First Time Home Buyer’s Exemtption to Property Transfer Tax), as transmitting a share of ownership, or to a surviving joint tenant. Where the property is a condominium, or a strata property, a Form F – Certificate of Payment must also accompany the application to transfer the property. The purpose of this form is to confirm that all strata fees and othe