Residential and Commercial Conveyancing

Buying, selling, or refinancing a home is rarely simple. Below is an overview of the legal side of residential and commercial conveyancing in BC — what you’ll deal with as a buyer, as a seller, and on a refinance — along with the cost components that often surprise people the first time through.

Buying a property

A home purchase is, for most people, the largest financial commitment they’ll ever make. We act on residential and commercial purchases across Metro Vancouver. The work is the contract review, the title work, the closing meeting, and the registration of the transfer at the BC Land Title Office.

Understanding Costs

Awareness of the financial implications is important. When purchasing a home, you’ll encounter various costs:

• Legal Fees: These are generally between $1,800 and $2,500, covering professional fees, land title search, and registration. Disbursements usually range from $450 to $550.
• Third-Party Costs: These include obtaining municipal tax certificates, insurance binders, strata forms, and potentially a “Move-In” fee, among others.
• Property Transfer Tax (PTT): This provincial tax varies based on the property’s value and your status (e.g., first-time buyer or foreign national).

For a detailed list of costs, please visit A Guide to Understanding Vancouver Property Purchase Fees.

First-Time Home Buyers

There’s good news if you’re stepping into the property market for the first time. British Columbia offers PTT exemptions or partial exemptions under specific conditions. These exemptions ease the financial burden and make your dream home more attainable. We have a detailed post on Property Transfer Tax in BC and Navigating Property Transfer Tax Exemptions in British Columbia.

GST Considerations

For new or substantially renovated properties, GST applies. Understanding the nuances of this tax, including potential rebates, is vital. This is especially true if the property is your principal residence or an investment property.

Selling a property

Selling your property is more than just closing a chapter; it’s about strategically managing the transition. This ensures a smooth and beneficial outcome. As you prepare to list your property, be mindful of:

• Closing Costs: These encompass realtor commissions, potential mortgage payouts, and adjustments for taxes, utilities, or rental incomes.
• Non-Resident Seller Considerations: If you’re a non-resident, understanding the implications for tax withholdings and obtaining a Clearance Certificate is imperative. This ensures a compliant and efficient sale process.

Refinancing a property

Refinancing replaces your current mortgage with a new one — usually for a better rate, to pull equity, or to consolidate debt. The legal work is similar to a purchase: title search, mortgage registration, payout of the existing lender, and registration of the discharge. We act for the borrower; the lender’s instructions come through us.

Special Considerations for Transfers

Life changes — marriage, separation, family transfers, transfers into or out of a holding corporation — often involve a change of registered owner on title. The mechanics are usually straightforward, but PTT, GST, and tax-attribution rules can make a “simple” transfer more complicated than it looks. We assess each transfer at intake to confirm what’s actually involved before quoting.