At Harman Virk Notary Public, serving clients in Chilliwack and beyond, we offer services during the conveyance process, when you're selling or buying real estate or property. Though we can offer some assistance before the sale of the property, we typically become involved once you and the other party have agreed to a binding transaction, and we are not able to change the terms of your contract. The person who represents you during the conveyance process remains your choice - we will not act on your behalf without permission, even though your realtor may send us a copy of the mortgage instructions or contract. Contact us today to get started with our property and real estate services.
If you choose to work with us during the conveyance process, we will begin by assembling the necessary information from you, your mortgage lender and your realtor. Following that, we will begin a complete investigation of the property taxes, the title, and anything else we need to examine that is relevant to the transaction.
We then prepare documentation for the mortgage placement and title transfer, and this includes communications with the other parties in the transaction. Before the scheduled completion date, we will set a date for you to look over the closing financial statements. You will also have an opportunity to ask questions about the transaction, as well as to sign the required documentation. You then are required to give your notary certified funds to complete the purchase, which will be exchanged for the title on the completion date. The keys to your new property become yours on the day of possession, and the entire report of the transaction can either be mailed to you, or made available for pick up at our office.
What It Costs
Some of the out-of-pocket transaction costs that occur before the conveyance process takes place are not part of the actual purchase of real estate or property. Examples of such costs include:
You are also responsible for the property transfer tax, and possible even the survey and title insurance, in instances where your lender requires it. Other costs, such as those associated with the exchange of ownership and adjustments (including things such as property taxes, condo fees and registration dues) are included in the closing statements.
Exemptions & Property Transfer Tax
Once the title is exchanged, the property transfer tax will come into play. We'll be happy to talk to you more about what this means, but you may also want to research some of the available exemptions, including the first time homebuyer program.