Adjustment statement shows the various monetary requirements of both the vendor and the purchaser and the way the accounts are accounted for in the deal Discharge form: things not staying on title Authority to pay out 8. Closing Do a pre-closing title search to make sure that something has not changed Then a post-completion search to make sure that everything went through properly 9. Post-closing Transfer funds to pay yourself, release any hold backs, notify within 60 of the mortgage discharge as this is a law society rule to prevent mortgage fraud. Acting for Both Parties Code of Professional Conduct for B.C. Appendix C Lawyers cannot act when they have a conflict of interest EXCEPT in real estate conveyancing when: The location is remote It is a simple conveyance Payment of all cash Discharge of mortgage and payment of balance New build only if the time for builders liens has expired NEVER commercial real estate, building with than 3 unites, where leases are involved or where the vendor is giving the purchaser a mortgage. One party just wants the lawyer to remove encumbrances or to witness documents Residential Real Estate – Pitfalls and Tips There is BC lawyers compulsory professional liability insurance policy Reporting claims: If you become aware of an error or any circumstances which could reasonably be expected to be the basis of a claim however unmeritorious, you will give written notice, along with the fullest information as soon as practicable. Can be circumstantial or alleged errors which expect to result in a claim. Look to reasonable person Common errors with clients and obtaining instructions Title registered as tenants in common despite instructions to Register as JT. To avoid this discuss legal implications and take notes Client claims unaware of presence or effect of charges registered on title Failing to obtain correct mailing address to be noted on title for purchaser Review of the purchase K Failing to notice or ascertain that more than one legal title to be conveyed as part of purchase transaction Failing to notice/explain holdbacks. Review K in detail Failing to identify non-resident tax issues. When dealing with situation, ensure the correct amount is held back as different amounts are required depending on property sold Mortgage transactions Wrongfully assuming transaction governed by past practice/lender. Always verify instructions.
Adjustment statement shows the various monetary requirements of both the vendor and the purchaser and the way the accounts are accounted for in the deal Discharge form: things not staying on title Authority to pay out 8. Closing Do a pre-closing title search to make sure that something has not changed Then a post-completion search to make sure that everything went through properly 9. Post-closing Transfer funds to pay yourself, release any hold backs, notify within 60 of the mortgage discharge as this is a law society rule to prevent mortgage fraud. Acting for Both Parties Code of Professional Conduct for B.C. Appendix C Lawyers cannot act when they have a conflict of interest EXCEPT in real estate conveyancing when: The location is remote It is a simple conveyance Payment of all cash Discharge of mortgage and payment of balance New build only if the time for builders liens has expired NEVER commercial real estate, building with than 3 unites, where leases are involved or where the vendor is giving the purchaser a mortgage. One party just wants the lawyer to remove encumbrances or to witness documents Residential Real Estate – Pitfalls and Tips There is BC lawyers compulsory professional liability insurance policy Reporting claims: If you become aware of an error or any circumstances which could reasonably be expected to be the basis of a claim however unmeritorious, you will give written notice, along with the fullest information as soon as practicable. Can be circumstantial or alleged errors which expect to result in a claim. Look to reasonable person Common errors with clients and obtaining instructions Title registered as tenants in common despite instructions to Register as JT. To avoid this discuss legal implications and take notes Client claims unaware of presence or effect of charges registered on title Failing to obtain correct mailing address to be noted on title for purchaser Review of the purchase K Failing to notice or ascertain that more than one legal title to be conveyed as part of purchase transaction Failing to notice/explain holdbacks. Review K in detail Failing to identify non-resident tax issues. When dealing with situation, ensure the correct amount is held back as different amounts are required depending on property sold Mortgage transactions Wrongfully assuming transaction governed by past practice/lender. Always verify instructions.