The transfer of residential real property is the primary focus at Maguire & Company. Whether first-timers or seasoned investors, our clientele benefit from the knowledge and efficiency earned through our years of experience. We pride ourselves on providing each of our clients with a positive experience through personal attention and accessibility.

We act in a variety of BC Land Title matters including the purchase, mortgage and sale of real property. We recognize that the real estate market is dynamic and that every transaction is inherently unique however we invite you to visit our FAQ's below for general information which may be of assistance. You will note that we have also provided more specific information for First-Time Home Buyers and Distance Clients on separate pages. If you have a question that has not been addressed here, we encourage you to ask it. Should you require a more immediate or transaction-specific response, however, please do not hesitate to involve your real estate professional or contact us directly.

When does the Notary typically get involved in the transaction?
While available as a resource to our clients beforehand through their Realtor, we are typically notified of a transaction once it is firm and binding (after removal of all subject clauses). Presumably with your consent, we may receive a copy of your contract from your Realtor and/or mortgage instructions from your lender but we would not proceed without first contacting you for confirmation to act on your behalf.

What happens during the conveyancing process?
Once we receive notification of your upcoming transaction, we gather the necessary information from you by telephone or through our Client Registration form. From that point, the burden is shifted from you and your Realtor and rests with us. Additional documentation is received from your Realtor and mortgage lender, as applicable. We perform various due diligence searches regarding title, property taxes, condominium accounts, etc. and prepare the appropriate documentation and statements for the transfer of title/placement of a mortgage. We liaise with the vendor's representative and other parties involved with the file. You will have an appointment with us usually within the week prior to completion to sign documents and review closing financial statements. Not later than the morning of the completion date, you provide us, in trust,with certified funds to complete the transaction. The exchange of title for funds takes place on the completion date and you receive keys through your Realtor by noon of the possession date. Full reporting follows by mail. We are at all times throughout the process and thereafter available to field your questions or confirm the status of your file.

What are the typical costs to anticipate from the conveyancing process?
There are transaction costs and there are adjustments. Adjustments are debits and credits between the parties for costs of ownership such as property tax, condo fees, etc. and are accounted for in closing statements. Transaction costs, however, are the out-of-pocket costs incurred in the purchase itself. Before the conveyance process begins, these may include mortgage application, appraisal and/or brokerage fees, home inspections, condo forms and the like. The main costs to be anticipated from the conveyance process are the Property Transfer Tax, Survey/Title Insurance if required by lender and legal account (Get a Quote).

How is the Property Transfer Tax generally calculated and what exemptions are available?
Generally speaking, the tax is triggered at the time an interest in land is transferred and calculated as 1% of the first $200,000 plus 2% of the balance of its market value. There are a variety of exemptions for non-arm's length transactions but the one most commonly used for unrelated parties is that offered by the First-Time Home Buyer program. For greater detail and additional FAQ's about the PTT, we recommend a visit to the PTT info pages of the BC Government site.

How is the Property Transfer Tax calculated for Pre-Sold strata units?
In simple terms, pre-sold units are those where the purchase contract is made with the developer before the strata plan is filed, sometimes months or years ahead of title transfer. In order for purchasers of pre-sold strata units to be better able to anticipate their PTT obligations, the Ministry amended the Act in 2004. Accordingly, the PTT for such units is calculated as 1% of the first $200,000 plus 2% of the balance of net consideration paid rather than market value and ALL pre-sold strata unit PTT returns will be audited. For greater detail and additional FAQ's about the PTT generally, we recommend a visit to the PTT info pages of the BC Government site and, in this regard, specifically Bulletin PTT 024. The administrator of this section (Carol 250-952-0886) will also field enquiries for unique situations such as assigned units or other ownership changes made between the time of original contract and title registration.

What is a survey and what does one cost?
A survey certificate perform by a BC Land Surveyor is an accurately measured diagram of the footprint of the improvements to a property and its relation to the boundaries of the lot. Surveys of dwellings on typical Lower Mainland city lots range around $260 but individual circumstances must also be taken into consideration and could impact on the cost.

What is Title Insurance and what does it cost?
Some lenders will accept Title Insurance as an alternative to their survey requirement. While relatively new to BC, title insurance has existed in other jurisdictions for over a century. Starting at $180 to afford protection only to the lender, it is recommended that you contact a provider directly to assess for yourself the relative merit of title insurance for you, the equity holder (for an additional fee), as compared to a survey certificate. Three popular title insurance providers are Chicago Title, First Canadian Title, and Stewart Title.

How is the GST handled if I am buying newly constructed property?
Because it takes place at closing, we will assist with your remittance to the developer of the GST and will calculate and complete the requisite form(s) regarding a Home Buyer's Rebate, as applciable, as part of our service to you. Application for post-closing rebates such as those associated with rental property or GST rate transitions would be made by you directly to CRA. For your convenience, the rental rebate application, among others, is available online.

Due to changes in the GST rate you may be entitled to a transitional rebate depending upon the timing of your contract and completion/possession dates. Section 17 of this recent CRA publication clearly sets out the remittance and rebate expectations regarding new property purchases. The current transitional rebate application remains available for your completion and submission directly to Canada Revenue Agency (CRA) after closings which occur before January 1, 2008. A new or revised form will be available thereafter to account for the further reduction to 5%. This may sound a bit complicated at first but the process is really an extension of that followed after the first rate reduction in 2006. Accordingly, the original but recently updated CRA publication and this article in the Notaries' Scrivener magazine addressing the 2006 rate change both still provide good background information.

Why do I need a Notary?
If you have any charges on your title to be released or arrears to be paid from sale proceeds you will require legal representation to assure the purchaser by way of professional undertaking that funds will be directed first to their full payment. If this is not the case, however, you are entitled to self-representation with the exception of the requirement to have your signature notarized on the Transfer of property. Most vendors find that the incremental cost for full representation above the cost of merely witnessing the Transfer is more than warranted given the significance of the transaction and the additional services offered.

When does the Notary typically get involved in the transaction?
While available as a resource to our clients beforehand, we are typically notified of a transaction once it is firm and binding (after removal of all subject clauses). While we may receive a copy of your contract from your Realtor, presumable with your consent, we would not proceed without first contacting you for confirmation to act on your behalf.

What happens as vendor once subjects are removed?
Once your transaction is firm and binding and we receive notification of your upcoming transaction, we gather the necessary information from you by telephone or through our Client Registration form. From that point, the burden is shifted from you and your Realtor and rests with us. Additional documentation is received from your Realtor and mortgage lender, as applicable. We liaise with the purchaser's representative and other parties involved with the file. You will have an appointment with us usually within the week prior to completion to sign documents and review closing financial statements. The exchange of title for funds takes place on the completion date and you provide keys through your Realtor by noon of the possession date. Full reporting follows by mail. We are at all times throughout the process and thereafter available to field your questions or confirm the status of your file.

What are the typical costs to anticipate as vendor from the conveyancing process?
There are transaction costs and there are adjustments. Adjustments are debits and credits between the parties for costs of ownership such as property tax, condo fees, etc. and are accounted for in closing statements. Transaction costs, however, are the out-of-pocket costs incurred in the sale itself. The main costs to be anticipated are any mortgage discharge penalties or fees levied by the lender and the legal account (Get a Quote).

When can I expect to receive my sale proceeds?
It is on the completion date that the purchaser, through their legal representative, is obligated to "make available" to the vendor the sale proceeds. As your representative, we then send for the funds, usually by courier, and deposit same to our trust account before paying out as previously authorized by you. Whether we can provide you with funds on the same day or early the next business day is dependent upon the time of day we were able to send for the funds. Since the purchaser is not contractually obligated to a particular time of day and is often relying upon the funding of a mortgage, it is best to gear for a next day payout. As part of our service to you, however, we will upon request deposit your proceeds to your account at a local branch of your bank.

Why try to avoid Friday completions?
As discussed above, you may not receive sale proceeds until the business day following completion. At the very least you will lose the weekend's interest on your money but even more annoying is that you would pay per diem interest on your still outstanding mortgage until it was repaid on Monday. Long weekends are that much worse!