BC Land Title Charges Explained
Posted on Apr 15, 2024 in Real Estate Information
In British Columbia, land title charges refer to various legal interests, encumbrances, or rights associated with a property that are registered on the land title. These charges can affect the ownership, use, and transferability of the property. Here are some common types of title charges that may appear on a land title in BC:
- Mortgages: is a form o...
What is an Assignment Sale in BC Real Estate
Posted on Apr 15, 2024 in Real Estate Information
An assignment sale occurs when the original buyer of a property (often a pre-construction unit such as a condo or a townhouse) sells their interest in that property to another buyer before the original closing date with the developer. In real estate terms, this "interest" is the contract or right to purchase the property upon its completion. The or...
New Home Warranty (2-5-10) in BC Explained
Posted on Apr 15, 2024 in Real Estate Information
The "2-5-10" home warranty is a mandatory insurance coverage that builders in British Columbia must provide when they sell a new home. This warranty is part of BC's Homeowner Protection Act and is designed to protect home buyers from construction defects. It is often referred to as a "2-5-10 year warranty" because it covers different components of...
The Closing Process in a Real Estate Transaction - BC
Posted on Apr 15, 2024 in Real Estate Information
The closing process for real estate transactions in British Columbia (BC) involves several important steps and legal requirements to ensure that the sale of the property is completed smoothly and legally. Here is an overview of the closing process for real estate in BC:
- Acceptance of Offer: Once the buyer's offer to purchase the property is accepted...
The Importance of Title Insurance in BC's Real Estate
Posted on Apr 15, 2024 in Real Estate Information
Title insurance is an essential aspect of real estate transactions in British Columbia (BC) and offers several important protections for homebuyers and lenders. Here are some key reasons why title insurance is important in BC real estate:
- Protects Against Title Defects: Title insurance protects against issues with the title of the property, such as...
The Difference Between a Real Estate Lawyer and Notary Public
Posted on Apr 15, 2024 in Real Estate Information
The primary difference between a real estate lawyer and a notary public, particularly in the context of real estate transactions, lies in their qualifications, scope of practice, and the services they provide:
- Qualifications:
- Real Estate Lawyer: A real estate lawyer is a licensed attorney who has completed a law degree and passed the bar exam in the...