Why do You Need a Notary for Conveyancing?October 28, 2022
If you are about to purchase a home, you will need to complete the conveyancing process to ensure that the title is properly transferred to you. As experts in real estate and conveyancing, the team at Sidhu & Associates knows that the conveyancing process can be deceptively complicated, especially without the right assistance. That is why we have put together some information to demonstrate why you need a notary for conveyancing.
What is Real Estate Conveyancing?
Real estate conveyancing is best described as the process of transferring a property’s title from one owner to another. This typically occurs through the sale of a property, as the old owner/seller will need to transfer the title to the new owner/buyer.
What Does the Conveyancing Process Look Like?
While the goal of conveyancing is straightforward, the process can be complex without assistance. A typical conveyancing procedure will include the following steps:
1. Due Diligence
This step includes researching the title for the property and determining if any mortgages, liens, or encumbrances are registered against the title. A review of any non-financial charges that may affect the property will also be conducted to minimize the risk of unwanted surprises.
2. Reviewing Plans
Once all research has been completed, your notary will go over any property or strata plans with you. This will ensure that you understand the full implications of your real estate transaction, including any outstanding strata fees or other costs if applicable.
3. Preparing Documents
Your notary will then prepare legal documents for you and meet with you to review the paperwork, answer any questions you may have, and make sure everything is signed correctly. This step is crucial, as any errors can cause a delay in the purchase or render the purchase invalid. It is important to note that only notaries and lawyers carry the appropriate errors and omissions insurance for real estate transactions. This is a vital type of coverage that will ensure you are protected in the event of an error in documentation or an accidental omission.
4. Transferring Funds
The notary will then facilitate the transfer of funds in a real estate transaction and ensure that any financial charges are paid out in full or transferred to the appropriate parties.
5. Registration with the Land Titles Office
In conveyancing, there is documentation that must be filed correctly with the Provincial Land Titles office. The notary attends to these details with electronic registration through portal access, secured logins, and a digital signature, ensuring that everything is completed safely and properly.
To learn more about conveyancing or our other notary services, get in touch with the team at Sidhu & Associates. We can be reached through our online contact form or by phone at 604-859-4825 and will be happy to answer any questions you may have regarding our services.