Real Estate In British Columbia
Once an offer has been accepted and the subject to's have been removed the next step to complete the transaction is the conveyance of the property. To begin this process, we recommend informing your Real Estate agent and your Mortgage Broker or Bank where you will be completing this part of the transaction. We also recommend contacting our office as soon as possible to provide us with the following information;
Are you or any of the purchasers involved in the purchase First Time Home Buyers*? If yes, we will need the following information:
* For more information on eligibility for the First time home buyers exemption program please visit our First Time Home Buyers eligibilty page.
In addition we will also need the contact information for the following;
*Almost all purchases require fire and earthquake insurance to be set up prior to completion date. For more information, please feel free to contact our office.
Completion Date (Closing date): At its simplest, the completion date in a real estate contract is the date the property is transferred, and the day the money for the purchase is transferred from the buyer to the seller.
Adjustment Date: The adjustment date in a real estate contract is the date that the financial adjustments are calculated for; these items could include property taxes, water accounts, rents, damage deposits, etc...
Possession Date: The possession date in a real estate contract is the date the Buyer has the right to take possession of the property.
Completion Date and The Buyers Mortgage: Unlike rent which you pay in advance, interest on a Mortgage is paid in arrears. When you pay rent on the first of the month, you are paying in advance for the balance of that month. With a Mortgage, you do not pay interest when the mortgage starts; your first payment always occurs after. In other words, you have to have used the money first before you can be charged for it. Interest begins to be charged when the Mortgage is advanced on the completion date.
Joint Tenants: A type of ownership in which two or more owners share equal ownership of the property accompanied with a right of survivorship. A Right of Survivorship provides that if one of the owners dies, then their share shall pass to the remaining owners, and ownership will not be transmitted through a Will or, if one does not exist or is deemed invalid by the courts, through Intestacy Distribution in accordance with the Estate Administration Act.
Tenants in Common: A type of ownership in which two or more owners share ownership, which may or may not be equal. There is no right of survivorship accompanied with this form of ownership, and therefore, if an owner dies their share of the property will be distributed in accordance with thier Will or, if one does not exist or is deemed invalid by the courts, through intestacy distribution in accordance with the Estate Administration Act.
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