Useful Information

A Will is a written document which contains your instructions on how you want your property and assets to be distributed upon death. These assets typically consist of real estate, money, investments, and personal or household belongings that you own. If you have minor children, it may contain instructions on who will take care of the children and who will make financial decisions for them until they reach the age of majority (19 years).

In preparing a Will, you must talk about death which can be an uncomfortable and even frightening topic. However, preparing a Will is a vital component of your estate planning.  A Will is the only way you can ensure your estate will be distributed according to your wishes after your death.

There are a number of reasons why you should make a Will. If you have minor children and want to ensure their future is secure, you can nominate a guardian(s) you wish to raise your children as well as guaranteeing that your children’s care and education will be provided for.

A Will provides peace of mind and security for your family and loved ones. If you wish to provide for your spouse, children, grandchildren, friends or even your pets,  creating a Will is the only way to be certain which assets are to be distributed to your chosen beneficiaries, especially if you wish to provide for a particular distribution of specific assets. Having a Will enables your assets to be transferred efficiently upon your death.

If you have close family and friends and you want them to be aware of how you want your estate to be distributed, having a legally documented Will eliminates any potential confusion or family conflict. A Will reduces family disputes and can also save costly and time-consuming legal intervention in the future related to determining who should administer your estate.
If you die without a Will, how your estate is distributed will be dictated by legalisation. These decisions are left up to the government and their decisions may be significantly different from what you otherwise would have planned.

Your will is an important document when it comes to making sure your estate is dealt with quickly, smoothly, and according to your wishes. Having a will can help avoid costs and delays associated with validating your will (a process known as “probate”). Additionally, a Will maximizes the value of your estate by reducing taxes by taking advantage of potential tax savings.

If you die without a Will, which is referred to as dying “Intestate” your estate will be disbursed according to legislation, namely the Estate Administration Act.

Dying “Intestate” has legal consequences and can place a difficult administrative burden on your closest relatives. It delays the settlement of your estate and causes financial hardship to those left behind. Dying without a Will may result in those that you intended to benefit, may be left with nothing.

According to the Estate Administration Act, if you die without a Will your estate will be disbursed according to the Intestacy rules as shown below.

If you die and leave:

Do not put off coming in to our office to make a Will. Preparing a will is a straightforward, comparatively inexpensive process. And it can mean a great deal to those who rely on you.

If you have an existing Will, but have recently married, divorced, had a death of family members, beneficiaries or executor, or if there has been a birth of a child/children or grandchild/grandchildren this should require an immediate review of your Will, as your Will may no longer be valid. Please call us to schedule an appointment in order to ensure your assets will be distributed according to your wishes.

We recommend you review/update your Will every 2-3 years to ensure your Will is timely and appropriate.

A Power of Attorney allows a capable adult to appoint a person(s) as an Attorney(s) and give them the authority to make financial and legal decisions (not health care) on behalf of the donor. A Power of Attorney is a very powerful document and should only be given to a person(s) you can fully trust, as it gives the Attorney the same power you would have yourself.

A Power of Attorney can be specific, general or enduring.

A Specific Power of Attorney can be used for a specific purpose or period of time. For example, if you know you will be traveling or out of the country and you have your house for sale, you can grant a Specific Power of Attorney which could be limited to the authority of the attorney to approve and sign all documents related specifically to the sale of a house and to deposit the proceeds in an account.

A General Power of Attorney has no limits on the powers of the attorney to make decisions about the financial and legal affairs of the donor. However, the Power of Attorney ceases to be effective if the donor becomes incapable. Therefore, if you wish the Power of Attorney to remain valid if you become incapable, you would require an Enduring Power of Attorney. Additionally, a general Power of Attorney which deals with real estate is only valid for three years from the date of signing, unless otherwise specified, or unless it is an Enduring Power of Attorney.

An Enduring Power of Attorney continues to be valid even if the donor becomes incapable in the future and does not expire after 3 years from date of signing for Land Title (real estate) purposes.

By using a Power of Attorney, you can:

• Control who will make decisions about financial and legal matters for you in case you lose capacity (if Enduring Power of Attorney)
• Appoint an Attorney if you need assistance with your daily finances now or in the future
• Allow your Attorney to take care of paying bills and routine financial management if you are unable to do so at some future point in time
• Avoid the expensive and lengthy process of appointing a committee (through court action) if you become incapable
• Avoid having the Public Guardian and Trustee take over your affairs

http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/00_96370_01#section19

A Representation Agreement allows you to appoint a legal representative(s) to handle your personal care and health care decisions, if you’re unable to communicate your own wishes. (Note: You cannot appoint any person who is paid to provide you with personal or health care or who is an employee of a care facility through which you receive personal or health care, unless that person is your child, parent or spouse).

There are two types of Representation Agreements:

Section 7 Standard Representation Agreement: appoints a person(s) to make decisions about your health and personal care and/or to manage your routine financial affairs. It does not allow your representative to make health care decisions for you that involve refusing life support or life-prolonging medical interventions.

Under a Section 7 Standard Representation Agreement, a representative is authorized to make decisions on behalf of the adult, about the following:

• personal care
• routine management of the adult’s financial affairs
• payment of bills,
• receipt and deposit of pension and other income,
• purchases of food, accommodation and other services necessary for personal care, and
• the making of investments;
• major health care and minor health care, as defined in the Health Care (Consent) and Care Facility (Admission) Act
• obtaining legal services for the adult and instructing counsel to commence proceedings, except divorce proceedings, or to continue, compromise, defend or settle any legal proceedings on the adult’s behalf.

 A standard agreement may be an option for adults who are assessed by a health care provider as being incapable of making an enhanced section 9 representation agreement. A section 7 representation agreement allows adults with lower levels of capacity (e.g. due to some developmental disabilities or injuries/illnesses of the brain that affect cognitive ability) to do some advance care planning.

Section 9 Enhanced Representation Agreement: appoints a person(s) to make decisions about your health and personal care; including the power to make decisions about accepting or refusing life support and life-prolonging medical interventions. It does not allow your representative to make decisions about your financial matters. In order for someone to make financial decisions for you in the event you become incapable, you can appoint a person (called an Attorney) using an enduring power of attorney.

Under a Section 9 Representation Agreement, a representative is authorized to make decisions on behalf of the adult, about the following:

• where the adult should live and if they should live with anyone, has ability to decide if the adult should live in a care facility;
• decide whether the adult should work and, if so, the type of work, the employer, and any related matters;
• decide whether the adult should participate in any educational, social, vocational or other activity;
• decide whether the adult should have contact or associate with another person;
• decide whether the adult should apply for any licence, permit, approval or other authorization required by law for the performance of an activity;
• make day-to-day decisions on behalf of the adult, including decisions about the diet or dress of the adult;
• give or refuse consent to health care for the adult, including giving or refusing consent, in the circumstances specified in the agreement, to specified kinds of health care, even though the adult refuses to give consent at the time the health care is provided;
• despite any objection of the adult, physically restrain, move and manage the adult and authorize another person to do these things, if necessary to provide personal care or health care to the adult.

Section 7 Standard Representation Agreement: Allows you to name a person to make routine financial management decisions, personal care decisions and some health decisions. It does not allow the person to refuse life support or life-prolonging medical interventions for you.

Section 9 Enhanced Representation Agreement: Allows you to name a person to make personal care decisions and some health care decisions, including decisions to accept or refuse life support or life-prolonging medical interventions for you.

A Representation Agreement is a vital component of your estate planning if you want to ensure that a specific person(s) is appointed to make decisions for you, especially if you have no spouse; or no spouse and no children, or if your children are in conflict with one another or if you believe they may not be good decision makers.

Depending on how the Representation Agreement is prepared, a designated representative’s authority can include:

• routine finances
• decisions regarding healthcare, personal care, and limited legal affairs
• refusal or consent to life support treatment and care
• consent to less common medical procedures/ treatment
• consent to treatment the Adult approved while capable but since losing capacity has refused to consent
• deciding on living arrangements for the Adult including choosing a care facility

A document that which provides instructions to your legally-appointed decision makers about your desired medical treatment to be used in the event that you become unable to make or communicate those decisions in the future. It is a document that conveys your expressed wishes for future health and personal care.

It allows you to state your decisions about accepting or refusing health care treatments, including life support or life-prolonging medical interventions, directly to a health care provider.

The advance directive must be followed when it addresses the health care decision needed at the time. No one will be asked to make a decision for you.

A Temporary Substitute Decision Maker (TSDM) will be chosen only when a health care treatment decision is needed that is not addressed by your advance directive. The order of people who qualify to be on the list is determined by British Columbian law. To be able to act as a TSDM, the person must be 19 or older, be capable, have no dispute with you and have been in contact with you in the past year.

One person on the list below must be approached in the order given:

1. Your spouse (married, common-law, same sex)
2. A son or daughter (19 or older, birth order doesn’t matter
3. A parent
4. A brother or sister (birth order does not matter)
5. A grandparent
6. A grandchild (birth order does not matter)
7. Anyone else related to you by birth or adoption
8. A close friend
9. A person immediately related to you by marriage (in-laws, step parents, step children etc.)

You may not change the order of the list. A person lower down on the list may only be chosen as your TSDM by your health care provider if all the people above them do not qualify or are not available.

• allows you to choose treatment levels for different circumstances
• relieves family and friends of the need to guess about your individual wishes
• ensures your wishes are followed even if your family wishes differ from your own
• avoids conflict between friends and family if there are differing opinions when a decision has to be made whether you should live or end your life
• ensures your wishes will be carried out by healthcare providers if you are unable to express them in the future
• allows you to review and change your choices.

A Power of Attorney appoints a person(s), called the Attorney, and allows your attorney to make financial and legal decisions for you. A Power of Attorney takes effect when it is executed (signed) and ceases to be valid if the donor becomes incapacitated, unless it is an Enduring Power of Attorney.

A Representation Agreement appoints a person(s), called the Representative(s), and allows your Representative to make health care and personal care decisions for you when you are no longer able to make these choices. It may also allow a limited amount of routine financial decision making (section 7 only). A Representation Agreement only takes effect when a person becomes incapable.

An Advance Directive does not appoint a person, but rather provides instructions about your desired medical treatment to be used in the event that you become unable to make or communicate those decisions in the future (i.e. if you want/refuse blood transfusions, feeding tubes, resuscitation, and end of life decisions etc.)

It is common that people will make several documents in their estate and advanced care planning. People will make a Power of Attorney for Legal and Financial decision making; a Section 9 Enhanced Representation Agreement for your Health and Personal Care; and a Will to deal with what happens after a person has passed away. Many people will also choose to do an Advance Directive to deal with end of life decision making; though this is much more of a personal and optional choice. Please contact our office to inquire into bundle prices we offer for multiple documents.

A Deed of Gift documents a significant gift to another person during one’s lifetime. A Deed of Gift should be made if you want to transfer an asset as a gift before your death. When prepared and notarized by a Notary, it proves that the donor intended to give the asset as a gift which can be required to counter undue influence or arguments after the donor’s death. This can also be useful in circumstances where a person near death wants to transfer their assets or home into joint tenancy or wants to give a significant sum of money or gift to another person during their lifetime.

If you are a acquiring an interest in a property with another person, whether it may be a spouse, parent, child or significant other it is important to understand the differences between a joint tenancy and a tenancy in common.

Joint Tenancy: Is a type of ownership which must be owned by two or more persons in equal proportion(s) (i.e., 1/2 -1/2 or1/3 – 1/3 – 1/3) with identical interests and an equal right to use the whole of the property. A significant feature of joint tenancy is “right of survivorship.” When one joint tenant dies, his or her interest automatically ceases to exist and passes directly onto the remaining owner. Therefore, the interest in the property owned by the deceased does not pass under the Will. Rather, it passes “outside the Will” to the surviving joint tenant(s). This means the interest of the deceased does not form part of the estate and is not subject to probate.

Tenant In Common: ownership of an asset by two or more individuals together, but without the right of survivorship that is found in a Joint Tenancy. Property held with other owners in “tenancy in common” does form part of the owner’s estate on that person’s death. Therefore, the share of each such owner passes under his or her Will upon death. It does not pass on death to the surviving co-owners. While interests in “joint tenancy” must always be held in equal shares, co-owners may hold different proportions of a particular property as “tenants in common” (i.e., 1/4 – 3/4).

The first time home buyers` program is designed to help British Columbians purchase their first home. If you are purchasing your first home, you may qualify for an exemption from property transfer tax. To qualify, you must be a first time home buyer and your property must meet certain requirements.

Under the program, eligible purchasers can claim an exemption from Property Transfer Tax if the fair market value of the home is less than the threshold amount. The current fair market value threshold for eligible residential property is $425,000. A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).

You qualify as a first time home buyer if:

1. You are a Canadian citizen, or a permanent resident as determined by Immigration Canada,
2. You have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
3. You have never owned an interest in a principal residence anywhere in the world at any time, and;
4. You have never received a first time home buyers’ exemption or refund.

Property Requirements

The property you purchase qualifies if:

1. The fair market value of the property is not more than the qualifying value of $425,000 (only if purchasing an existing home),
2. The land is 0.5 hectares (1.24 acres) or smaller, and
3. The property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial exemption.

It is highly recommended that you have a Notary Public prepare a Contract of Purchase and Sale if you are either selling or purchasing your home privately.

Contracts of Purchase and Sale are quite technical and a valid contract must comprise of key elements in order to be legally binding. If your contract ceases to have the key elements necessary for a binding contract, your contract may be invalid or you may exclude terms which are to your benefit and for your protection. The cost for a Notary to write a professional contract between a buyer and seller is very modest, and can save you the hassle and headache of writing your own contract.

In addition to your Notary`s legal fees, here are some supplementary costs to complete your transaction:

1. Property Transfer Tax
2. Harmonized Sales Tax
3. Property Taxes
4. Third-party closing costs (insurance binder, search fees, strata forms, strata fees, courier fees etc.)
5. Adjustment Costs (property taxes, water/sewer utilities, rental suites)

Each of these additional costs are explained in detail below.

1. Property Transfer Tax:

When you purchase or acquire an interest in a property, you are required to pay Property Transfer Tax. The tax must be paid when you register changes to a certificate of title with the Land Title Office.

Property Transfer Tax is payable on the fair market value of the property being transferred. The tax is charged as follows:

1% on the first $200,000;

2% on the balance of the purchase price.

Ex) If you buy a home for a purchase price of $550,000, then the Property Transfer Tax will be calculated as follows:

1% on the first $200,000 = $2,000)

2% on the remaining balance $350,000 ($550,000-$200,000) = $7,000

Total Property Transfer Tax Payable = $9,000

First-time homebuyer’s may qualify for a full or partial exemption on the property transfer tax. You qualify as a first time home buyer if:

1. You are a Canadian citizen, or a permanent resident as determined by Immigration Canada,
2. You have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
3. You have never owned an interest in a principal residence anywhere in the world at any time, and;
4. You have never received a first time home buyers’ exemption or refund.

AND your property must meet the following requirements:

1. The fair market value of the property is not more than the qualifying value of $425,000 (only if purchasing an existing home),
2. The land is 0.5 hectares (1.24 acres) or smaller, and
3. The property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial exemption.

2. Harmonized Sales Tax (H.S.T)

The Harmonized Sales Tax (H.S.T.) is charged on all NEW or substantially renovated residential properties.

British Columbia provides a rebate for new housing purchased as a primary residence to ensure that, on average, purchasers of new homes up to $525,000 do not pay any additional tax due to harmonization. That is, they will pay no more in provincial HST than was previously embedded as PST in the price of a new home. (The rebate is available whether the new housing is to be owner occupied or rented).

The rebate is 71.43 per cent of the provincial portion of the HST, up to a maximum rebate of $26,250.

Purchasers of eligible new homes above $525,000 are eligible for a rebate of $26,250 (i.e. a rebate on the first $525,000 of value).

On February 17th, 2012 the Government announced the transitional rules for returning to the PST. The B.C. new housing rebate threshold will be increased to $850,000, meaning more than 90 per cent of newly built homes will now be eligible for a provincial HST rebate of up to $42,500. The maximum value rises to $42,500 from $26,250, a 60 per cent increase.

3. Property Tax

Generally property taxes for the calendar year are paid at the beginning of July. If you purchase a property before July 3rd, the seller will be paying you for the days they owned the home after January 1st. If you purchase a property after July 3rd, you will pay the seller for the days you own the property before December 31st.

If the Seller has been making monthly payments towards their taxes throughout the tax year, it will results in the property tax account being in a credit position with The City of Maple Ridge. However, the City of Maple Ridge will not reimburse the Seller with the credit.

Instead, the credit must be assumed by the Buyer and the Seller is credited back by way of the Statement of Adjustments which will lead to additional money that you will need to pay in order to complete the purchase.

4. Third Party Closing Costs

Third party closing costs are separate from your notary`s legal costs. Some examples of third party fees are:

• Municipal tax certificates
• Insurance binders
• Strata forms F & B
• Strata move-in and move-out fees
• Survey Certificates or Title Insurance
• CMHC Insurance
• Courier fees

A third party closing cost may include the fees charged by the municipality to provide a copy of the tax search or to product a municipal tax certificate.

The Insurance Binder is a requirement by the bank to ensure that the purchaser has arranged fire insurance on the new home. Proof of coverage by way of an insurance binder is necessary list the mortgage company as a “loss payee” – that is, if there were a fire or other incident and the home was lost, the mortgage company would be covered. (This is not applicable for a strata property).

Strata Forms:

Strata Form B Information Certificate: is a very important certificate to obtain as it has vital information including the strata corporation’s finances, such as whether the current owner of the strata lot owes any money for strata fees or other obligations such as a special levy. The Certificate also shows if the strata corporation has adopted any new bylaws that have been passed but have not yet filed at the Land Title Office, such as whether pets or rental of the strata lot units are allowed or prohibited, and whether the strata corporation is involved in any lawsuits or arbitration. Costs for a Strata Form B Information Certificate can vary from $35 to up to $360 or more, depending on how soon the documents are required.

Strata Form F Payment Certificate: is a form required to be issued by a strata corporation pursuant to section 115 of the Strata Property Act. In order to convey and transfer the property into your name, a Form F Payment Certificate must be accompanied to the conveyance documents when filed at Land Title Office. The Certificate confirms either that the owner of the strata lot in question does not owe the strata corporation any money, or that money is owing but certain specified arrangements have been made for its payment. Costs for a Strata Form F Payment Certificate can vary from $15 to up to $120 or more, depending on how soon the documents are required.

A Survey Certificate is generally required by most mortgage lenders to confirm that the home does not encroach or cross over the property line and that it conforms to municipal zoning by-laws. The seller will often already have a survey, especially if the seller also had a mortgage on the property. However, each lender has age restriction limitations as to how old the survey can be before a new survey is called for. A new survey on a house will cost approximately $300.00.

If a survey is not available or if it is too old then Title Insurance is accepted by most financial institutions as an alternative to a survey certificate. Title insurance costs vary depending upon the home purchase price and the amount of mortgage. We can order a new survey or title insurance on your behalf.

CMHC Insurance – If your down payment is less than 20% of the purchase price, you will typically need a high-ratio mortgage. A high-ratio mortgage usually requires mortgage loan insurance. CMHC is a major provider of mortgage loan insurance. Your lender may add the mortgage loan insurance premium to your mortgage or ask you to pay it in full upon closing.

5. Closing Adjustment Costs

There a some closing adjustments which have to be calculated to cover items such as municipal property taxes, municipal water and sewer fees, strata maintenance fees, rent and security deposits.

The purchaser and the vendor are each responsible for their share of taxes, utilities, and strata fees. Your notary is responsible for calculating these fees as of the date of purchase and these costs will be reflected in the statement of adjustments which your notary will put together.

Property taxes, water, sewage and utilities for the full calendar year (January 1st to December 31st) are to be paid by July 3rd. You can determine whether the buyer or the seller will receive a credit for the Property Taxes and utilities by the following guideline:

1. If the sales closes BEFORE July 3rd the BUYER will receive a CREDIT for the amount of the year’s taxes which are owed, but haven’t been paid by the seller. This means the buyer doesn’t need as much money to complete the purchase. HOWEVER, the buyer will then be responsible for paying the taxes for the ENTIRE YEAR by July 3rd.
2. If the sale closes AFTER July 3rd the SELLER will receive a CREDIT for the portion of the year’s taxes which are owed by the buyers. This is because the seller has prepaid them already. This means the buyer will need more money upfront in order to complete the purchase. However, the buyer will then not need to pay any more for that year’s property taxes.

Strata Maintenance Fees applies to strata properties only. The adjustment works similar to the property tax adjustment previously explained. However, the difference is that strata fees are paid monthly not annually; therefore the adjustment will be based on the number of days in your completion month.

For example, strata maintenance fees are typically paid at the beginning of the month. However, if your adjustment and possession date is in the middle of the month, you owe the seller, who has already paid the strata maintenance fees for the entire month, for the second half of the month that you will be occupying the property.

If the property has a rental suite the vendor must transfer the tenant’s security deposit to the purchaser. If completion takes place mid-month, adjustments must also be made for rent collected by the vendor and pro-rated payment made to the purchaser.

If you are selling your home, you will be paying the following:

• Existing mortgage(s) and any other financial charges against the property
• Land Title Registration Fees which are applied to discharge any existing mortgage(s) that need to be cleared from the title
• Adjustments for property taxes, utilities, and rent that you owe the purchaser for the time you occupy the property
• Any outstanding property taxes, water, sewage or utilities and penalties
• Any outstanding strata maintenance fees or special levies
• Real Estate Agent Fees (seller is responsible for paying the listing and selling commission which is generally 7% on the first $100,000 and 2.5% on the remaining balance)
• Legal fees including disbursements such as land title search, registration fees, and miscellaneous office disbursements
• Courier charges
• Capital Gains Tax on any profits from the sale of a non-principal residence

A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. A mortgage is a financial charge that is registered against your home. It is financed through a lender such as a bank, credit union, trust company or private lender.

As security for repayment of the debt, the mortgagor (the borrower) gives the mortgagee (the lender) the right to recover against the land if the mortgagor defaults in repaying the debt.

There are countless mortgage products that are available today. It is important to do your due diligence to find a mortgage that suits your needs.

The legal process of getting a new mortgage on the property or of refinancing is relatively straightforward and involves the following steps:

• Contact our office to inform us about the dates for the refinancing. We highly recommend allowing two weeks for the paperwork to be processed, especially to avoid any rush fees.
• The lender you have chosen to supply you with a new mortgage or refinancing will send our office mortgage instructions. If additional information is required beyond the information we received from the lender, we will contact you immediately. It is important to follow up with your mortgage broker or lender to ensure that they have sent us your mortgage instructions.
• Our office will do a title search, obtain tax information, request information from the insurer, as well as obtain all the required forms from the Strata Management Company (if applicable) which can take one week to receive.
• Once we have completed all the necessary paperwork, we will call you to call you to come in and sign the documents approximately 3 days prior to the closing date. Please ensure that you will be available at this time. Note: the cost of refinancing varies with each individual and depends on a variety of factors such as the lender you have chosen, the nature and the level of work that must be done in order to complete this transaction. For example, price may be determined by the number of mortgages on title that need to be discharged and the number of new mortgages that need to be registered against the property which in turn affects the amount of work and Land Title Office fees. Please contact us for a specific quote prior to commencing the transaction.
• After the documents have been executed, we will obtain the funds from your lender and pay out any existing lenders, send a discharge to the lender, register the new mortgage, and register the discharge of the existing mortgage upon receipt from your lender.
• Our office will call you to arrange for the deposit or pick-up of the mortgage proceeds and provide you with a report.

Congratulations on purchasing your home. Now that you have signed the Contract of Purchase and Sale with all subject clauses completed and removed, you should contact our office immediately as we require some key information from you, one of the most important being the completion date of your purchase.

We will need a copy of your Contract of Purchase and Sale, so please arrange with your realtor to have him or her forward it to our office.

Next, you should advise your Bank or your Mortgage Broker that we will be representing you and inform them where to send your documents. It is highly recommended to contact us at least 2 to 3 weeks to the date of completion to avoid any rush fees.

The lender you have chosen to supply you with a new mortgage will send our office mortgage instructions. If additional information is required beyond the information we received from the lender, we will contact you immediately. It is important to follow up with your mortgage broker or lender to ensure that they have sent our office your mortgage instructions.

Once we have prepared all the documents, our office will contact you to make an appointment for you to sign all the necessary paperwork. The appointment usually takes place 1-3 days prior to the completion date. Please allow approximately one hour for the appointment. During this appointment, we will inform you of the final amount that you will need to bring to our office to complete the transaction. Please note that the payment must be received by our office prior to the completion date and it must be in the form of a certified cheque or a bank draft for that specific amount made to Cassandra Coolin- In Trust.

On the day of your completion, the property will be registered into your name. We will deliver the funds to the Seller’s Notary or Lawyer. Our office will contact you with the good news that the property has been successfully transferred into your name and you may move into your new home on the possession date, as stipulated in your Contract of Purchase and Sale. Contact your realtor directly to arrange for the exchange of keys to your new home.

In a few weeks, we will mail you and your Bank a State of Title Certificate which is signed by the Registrar of the Land Title Office as their guarantee that at the time it was printed that the property is owned by the Registered Owner shown on title (you) and that the ownership is subject to the new mortgage (if applicable).

Congratulations, as you are now the registered owner of your home!

If you are a non-resident and you are selling property in Canada, the proceeds of the sale are subject to the Capital Gains Tax. Furthermore, if you are a non-resident and you are selling property in Canada, there is a mandatory 25% holdback of the sale proceeds of the sale pending filing of a Canadian Income Tax return by the end of the next tax year calculating Canadian tax owed on any Capital Gain.

The purchaser’s notary or lawyer withholds 25% of the sale proceeds until the non-resident seller has provided a Clearance Certificate from the Canada Customs and Revenue Agency.

Therefore, if you are a non-resident, you must obtain a Clearance Certificate from Canada Customs and Revenue Agency. The CCRA will review the particular sale transaction to determine whether or not capital gains tax is payable but will also require payment of any other taxes outstanding or payable by the Seller.

The Clearance Certificate assures that there are no outstanding tax issues with the property and will only be issued once the tax is paid. This is especially important when there is a profit or capital gain after the sale occurs. This process can take six to eight weeks. A non-resident Seller should retain the services of a tax professional to assist in obtaining a Clearance Certificate.

If you owned a property with another person as joint tenants, and that person passes away, right of survivorship applies whereby when one joint tenant dies, his or her interest automatically ceases to exist and passes directly onto the remaining owner. Therefore, the interest in the property owned by the deceased does not pass under the Will. Rather, it passes “outside the Will” to the surviving joint tenant(s).

When you own a property with another person as joint tenants, and when that person passes away, you must immediately contact your notary who must register a Transmission to the surviving joint tenant and remove the deceased’s name from the title at Land Title Office. In order to register a Transmission an original death certificate is required. Your notary will also prepare a Form 17 and a special Property Transfer Tax Return as a transfer to the survivor(s) of a joint tenancy as a result of the death of a joint tenant qualifies for an exemption from Property Transfer Tax.

To sign any legal documents you must provide bring in 2 pieces of Identification. One of your pieces of identification must be government issued with a photo such as a Driver’s Licence, BC ID, Passport, or Permanent Resident Card etc.

The person signing the affidavit must attest to his or her identity and is under oath to tell the truth about the facts and information contained in the statement. The affidavit must be witnessed, signed and sealed by a Notary Public or Lawyer who is legally authorized to administer oaths.

When a person signs a sworn affidavit, he or she is promising that anything contained in the statement is true and accurate. Effectively, it is the same thing as orally presenting testimony on court. If a person lies about the information contained in the statement, he or she could be prosecuted for the crime of perjury which is lying under oath. If convicted, the person may be ordered to pay significant fines or may even be sentenced to time in jail.