Real estate law governs buying, using and selling land. Fixtures that are permanently on the land like houses and other buildings are also a part of real property in British Columbia.
Our real estate team searches title, prepares purchase, sale and mortgage documents, calculates tax adjustments and handles money that relates to these functions. We perform these tasks consistent with rules, and insurance, prescribed by the Law Society of British Columbia.
Why Are Lawyers Involved in Real Estate Transactions?
Role of the Buyer’s Lawyer
The lawyer’s essential role in a conveyancing practice is to complete the transaction. This generally means delivering title clear of financial encumbrances of the Seller and any avoidable negative charges. The lawyer’s office will draft or review the contract. They will also review the title; prepare most of the transaction documents; and coordinate signatures, registration and money exchanges. The Buyer’s lawyer also works with their clients’ realtor to ensure keys are delivered in accordance with the agreement between the parties.
Role of the Seller’s Lawyer
The primary role of the Seller’s lawyer is to vet the documentation produced by the Buyer’s lawyer and pay out the Seller’s financial encumbrances prior to paying net sale proceeds to the Seller. Their office must be mindful of practical issues caused by client travel, location and residency, particularly because the Seller must execute certain closing documents in the presence of a lawyer or Notary.
Role of the Lawyer’s Office
Taking calls/emails from prospective clients, realtors, and mortgage brokers. Providing estimates/quotes to prospective clients. Receipt and review of Contracts and preparing File Sheets for lawyer approval. Opening files and entering files into E-convey and Esi-Law systems. Preparing Contracts of Purchase and Sale if required in for sale by Owner transactions. Reviewing of Contracts for potential red flags and special terms and conditions we need to be aware of. Conducting all related searches. Conducting telephone interviews with clients and discussing potential purchase, sale, new mortgage, and commercial mortgage transactions and what they may expect during the process. Entering BGRS clients into Supplier portal, filing of documents with BGRS, reconciling funds received from BGRS with trust accounts and Esi-Law.
Preparation of all documents required to complete transactions. Contacting and coordinating signing appointments for signature of conveyance documents. Coordinating with insurance providers to obtain required insurance binder coverage. Ordering appropriate title insurance policies depending on type of transaction. Preparation and filing of all documents with LTSA, Manufactured Home Registry and Personal Property Registry. Coordinating and corresponding with Lenders regarding receipt and disbursal of mortgage proceeds and/or obtaining mortgage pay out information and completion of pay outs. Monitoring of trust accounts for EFT transfers from both clients and lenders and ensuring correct record keeping in a timely manner.
Handling any issues that may arise to avoid any delay in completion as quickly as possible. Receipting and reconciling all funds received on transactions into Esi-law and preparation of all trust cheques with respect to real estate transactions. Entering statement of accounts, trust transfers and receipting in Esi-law. Preparation of final reporting letter to clients and lenders upon completion. Maintaining a diary system for bring forward dates for receipt of discharges, STCs to be sent out, Builder’s Lien Holdback Releases, etc… Filing of discharges with LTSA and reporting to opposing solicitor’s. Ordering State of Title Certificates and forwarding to clients and lenders. Preparation, completion, and reporting on most Transmission files. Preparation of Family Transfer and Trust Declaration files, filing of executed documents, and reporting to clients on completion.