What does McConnan Bion O'Connor & Peterson do for a client purchasing a home?

First of all, we make a full review of your Contract of Purchase and Sale and if you are obtaining a mortgage, we review the mortgage instructions, and we diarize crucial dates with respect to the closing of your purchase.

We then carry out a search of the title to the property at the Land Title Office and do a thorough review of all encumbrances that are registered against the title to the property, such as restrictive covenants, easements and rights of way. We will provide you with a preliminary report as to the title of the property and provide you with copies of all of the relevant encumbrances.

We also contact the proper taxing authority for the property to determine if there are any unpaid property taxes owing. As unpaid property taxes create a lien on the land, we will ensure, at the time of closing, that all past due taxes are either fully paid or you have received the appropriate adjustment to your credit.

We will also contact you prior to preparation of the transfer documentation to confirm the proper names of the proposed owners of the property and determine whether the property is to be registered as joint tenants or tenants in common.

In the event that there are any liens or encumbrances registered against the title to the property that must be discharged, we will contact the lawyers for the Vendor and make arrangements to ensure that those liens and encumbrances, such as a mortgage, are paid and discharged from the title to the property.

If you are financing your purchase through a financial institution, we will prepare the necessary mortgage documents on behalf of the lender and in this regard, we will ensure that we have informed both you and the lender that we will be acting on behalf of both parties and will obtain the consent from the lender and yourselves prior to proceeding.

We will also prepare the necessary property purchase tax return for filing with the Province of British Columbia at the time that the transaction is completed. If this is your first home you may qualify for an exemption from this tax. If you do not qualify, the property transfer tax payable will appear on the Purchaser's Statement of Adjustments and is 1% of the amount of the purchase price of the property up to $200,000.00 and 2% for that portion of the purchase price in excess of $200,000.00.

If your purchase is a condominium, townhouse or strata titled property, we will review with you the strata plan, strata bylaws and any documents affecting or dealing with the common property to ensure that you are fully aware of all facets of the strata development, such as restrictions on rentals.

Once all documentation has been prepared, we will arrange for you to attend at our offices to sign all the necessary documents to complete the transaction. It is at this time that you will provide us with funds required to complete the purchase, which would include the legal fees and disbursements. In this regard, our office is pleased to provide you with a quotation as to the fees and disbursements prior to undertaking the task of transferring the title to the property.

GST may be payable with respect to your purchase if you are purchasing a new house or a lot purchased from a developer. No GST is payable on used housing. In the event that GST is payable with respect to your purchase, the amount of GST payable will be included on the Purchaser's Statement of Adjustments and will be collected from you on closing. You may be entitled to a rebate in the event that you are purchasing a new home for your personal use, and we will assist you in applying for this rebate.

It is essential that you arrange sufficient fire insurance coverage on the property prior to completing the transaction and in the event that you have obtained a mortgage, it will be necessary that the insurance show the lender as a loss payee on this policy. Again, we will assist you and your insurance agent by providing all the necessary information in order to ensure that you have the proper insurance coverage.

On the closing day, we will register all documentation at the Land Title Office, including the transfer of title and your new mortgage. Once we have checked the title to satisfy ourselves that you have been registered as the owners of the property, we then obtain funds from your mortgage company and pay those funds, together with your down payment, to the lawyer for the Vendor, who in turn pays off the Vendor's mortgage.

Quite often the date that you will take possession of the property will be a day later than the completion of the transfer of the title. If this is the case then we will notify you once the transfer has been completed and at that time, you can arrange to obtain the keys to the property from the realtor or the owner if no realtor is involved.

Once the transaction has been completed, we will provide you with copies of all of the documentation involved in the transfer, including the transfer of title, a copy of the mortgage, a statement of adjustments and copies of any encumbrances on the title.

The lawyers and the support staff at McConnan Bion O'Connor & Peterson are highly trained and experienced in all aspects of clients' needs when purchasing a home, and we are confident that our firm will give you peace of mind that your interests are fully and completely protected.