My Sale and Purchase is closing on the same day, is that a problem?
O… If I could only have a penny, each time I am asked this question…
Here is where potential problem lies: Most of us need money from the sale of the house, to complete on the purchase on the new property. Therefore, on the day of closing, we have to wait until the sale of the property is done. The person that is in charge of this process is not Your Notary, it is Buyer`s Notary or Lawyer and that is why the outcome cannot be predicted.
Many things may affect the time of the registration of your sale. The other Notary or Lawyer, may be really busy and not have time to do registrations first thing in the morning, or the Bank for your Buyer may delay funding of money until the end of the day. Only once the sale is completed, the Notary or Lawyer for your Purchaser would call our office and say: It is done- you can come and pick up the money…
Then we send a courier to pick up the money from the other office, deliver funds to our office, after that we send someone from our office to the bank to deposit this money into our bank account. Only after money from the sale of your house is on our Bank account, we can go ahead with the registration of your purchase. Now imagine, what if the phone call from the other office to pick up the money was received at let’s say at 4p.m… Couriers stop running at 5 pm.. so, the money may not get to our office until the next day.
As you can see, in this day and age of wireless technologies, money are still delivered with the horse power.. .sort of speak. That is why it is not advisable to have a sale and purchase on the same day, especially if that day is FRIDAY!
Now, sometimes it just has to be done on same day. I totally understand it.. In that case we communicate with the other Notary or Lawyer and beg and ask them to do everything possible in their power to give us money as soon as possible on the day of closing, and most of the time it works. I would say 98% everything completes on time, but do you really want to be that 2% that does not ?
Do I need Power of Attorney and why?
I am often asked this question… People think that if they have all of the accounts and property in Joint ownership, they have all of their basics covered… Unfortunately – NOT.
Think about it- in order for you to sell or refinance the house that you own – both of you need to sign the documents. You cannot sign on each other’s behalf, simply because you are married. You cannot file each other’s taxes, renew each other’s car insurance of file for each other’s pension… The only way it is possible to do if you appointed each other as “Attorney”. In order to prepare Power of Attorney document, you need to see a Notary. I prepare Powers of Attorney at the office and Appointment will only take one hour. Please do not leave preparation of this document until it is too late. Nobody can prepare this document for you. You have to have mental capacity to be able to demonstrate that you understand what you are doing… Hope to see you soon.
What is Travel letter and why do I need one?
Imagine.. Cloverdale, Clayton… Cloudy , rainy weather OR Tropical paradise and Sunshine 24/7. You choose Tropical paradise- of course! , after all it is a Spring break!
If your child ( yes anyone under the age of 19 is considered to be a child, even if they are bigger and taller and of course smarter than you :)) is travelling outside of the country with only one parent or without both parents; with a relative or a friend, then your child needs a Travel letter.
Travel letter is a consent of the parent, that is not travelling with a child, for a child to leave the country. If you need a Travel letter signed, please do not leave it to the last minute. Yes, it has to be signed in front of the Notary, yes, it will take you only 5 minutes to have it signed, No, we will not be open on Saturday afternoon just before your airplane leaves in 2 hours and you just remembered about this letter. Please spared the word between the travelers, do not let them get stuck in the rainy Vancouver Airport, when they can be in a sunny Mexico! Friends do not let Friends to be stuck here on a spring break!
Call today to schedule appointment 604-575-7494!
Clayton Reservoir Project Open House March 3, 2016 Metro Vancouver invites citizens to a public meeting to learn about the new Clayton Reservoir Project planned for construction at 72 Avenue and 190 Street in Surrey. At the meeting, you will have the opportunity to Learn about the project plan and timeline Discuss the project and any questions or concerns you may have with the project team Provide feedback on the design of the structure and its surrounding landscape Find out how to receive ongoing updates about the project – See more at: http://www.surrey.ca/culture-recreation/14826.aspx#sthash.4a89mtJM.dpuf
Click here for the Flyer.
About the Clayton Reservoir Project
To meet the growing demand for clean drinking water, Metro Vancouver is planning to build a new above-ground reservoir to replace the current water tank at 72 Avenue and 190 Street in Surrey.
– See more at: http://www.surrey.ca/culture-recreation/14826.aspx#sthash.4a89mtJM.dpuf
Time: 6:30 PM – 8:30 PM
Contact: Metro Vancouver Information Centre 604-432-6200 firstname.lastname@example.org
Town Centre: Cloverdale
– See more at: http://www.surrey.ca/culture-recreation/14826.aspx#sthash.4a89mtJM.dpuf
What happens if I do not have the Will? Will government get all of my money?
No, government cannot just take all of your money. There are procedures in place for distribution of your estate. But think about this, if you do not have a Will, your assets may need to be handled by a Public Guardian and trustee and their services are not Free…
Currently these are:
- 3% of the gross sale price of real property sold by an agent, payable on the receipt of proceeds, plus
- 5% of cash received whether as capital or income, other than from the sale of real property by an agent, payable on receipt, plus
- 5% of the gross value of securities at the time administration commences and 5% of their growth in value, payable on commencement of administration and on recognition of capital growth, plus
- 0.4 of 1% per annum, computed monthly, on the gross value of all assets, payable monthly, plus
- 5% of the gross value of assets other than securities on demand of payment. For detailed schedule please visit
This can really add up. It is best practice to have a Will prepared and have executors and beneficiaries appointed. This way you can have a piece of mind that those that you care and love would receive the money from your estate.
I am selling my house and I have a tenant, how much notice do I need to give the tenant to vacate?
If your tenant is month-to –month, you will have to give them 2 months notice to vacate. Notice has to be given at least a day before the day that rental payment is due. For example if you want tenants to move out on May 31st, notice has to be received by the tenant no later than March 31, if tenant pays rent on the 1st of every month. What is IMPORTANT to know that if you give tenant a notice, you will have to pay to the tenant one month rent back, when they move out. Tenant may choose to move out early, but you are still responsible to give them one month rent.
For more information check this web site.
Do I need to pay my property taxes if I am selling my property?
Absolutely! Many people think that property taxes are paid July to July… Actually, it is common misconception. We pay property taxes for the calendar year. So in July this year, you will be paying your 2016 property taxes. The amount that was paid by you will be adjusted on the Statement of adjustments by your Notary at the time of a Sale of your property.
Do I need an additional insurance if I am purchasing Strata?
One question I am often asked: Do I need an additional insurance if I am purchasing Strata? My answer is always – yes. Strata insurance is not going to cover your contents if someone breaks in and steels your belongings; If you left a dishwasher going and it flooded your unit or neighbour next door, Strata is not going to cover that. Additionally, Strata is insured against earthquake damage, but you should check how much is YOUR deductable. You will be surprised…. The additional insurance that you will purchase, should cover this deductable for Earthquake. So yes, please make sure that you buy insurance on a Strata and it should start as of your CLOSING day.
Free legal advice of the day
You now have another reason to use services of our Notary firm. Our Clients can now shop at “The Brick” in Langley with the Builders discount! Please contact us for more details.
We recently negotiated a discount for our clients for using a FROGBOX services. Please contact our office to receive a 15% discount from FROGBOX