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Last Updated: Nov 23, 2024

Property & Real Estate Services

Our Property & Real Estate Services
Notaries provide valuable and necessary services during the conveyance process when you sell or buy property and real estate.

Initiating Our Services
While we can offer information and other assistance prior to the sale, we are usually contacted once you have agreed with another party and have confirmed a binding transaction, including the removal of subject clauses. And we cannot change terms of the contract.

Who represents you in your conveyance is your choice. Your realtor may send us a copy of the contract or mortgage instructions, but we will not act on your behalf without your permission.

Conveyance Process
If you choose Virk Notaries as your notary representation, we will start the process by gathering all pertinent information from you, your realtor, and your mortgage lender. We will then conduct a thorough investigation of information regarding the title, property taxes, and anything else relevant to the transaction and prepare documentation for the title transfer and mortgage placement, including communicating with all other parties involved in the transaction.

Prior to the scheduled completion date, we will make an appointment for you to review the closing financial statements, ask any questions about the transaction, and sign all necessary documentation. You will then be required to provide Virk Notaries with certified funds to complete the purchase, which we will exchange for the title on the completion date. You will receive the keys to your new property on that day, and a full report of the transaction will subsequently be mailed to you or be available at our office for pick up.

You can contact us at any time during or after the process with any questions you have.

Conveyance Process Costs
Prior to the conveyance process, buyers will incur transactions costs out-of-pocket that aren’t part of the actual purchase of property or real estate. These costs include the mortgage application, appraisal and brokerage fees, and home inspections, to name a few. You’ll also be responsible for the property transfer tax, and possibly survey and title insurance, if your lender requires it.

Some costs associated with the exchange of ownership, adjustments, including property taxes and condo fees and are included in the closing statements.

Calculating Property Transfer Tax & Exemptions
The property transfer tax comes into play once the title is exchanged. The tax is 1% of the first $200,000, then 2% of the remaining market value of the property. There are a number of exemptions available, but most common is through the first time homebuyer program.

You can get more information about the property transfer tax and exemptions from the Province of British Columbia.
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