Mortgage Lawyers in Vancouver Protect Your Rights

Skilled legal team helps you make informed real estate decisions

Whether you’re looking to buy or sell property, refinance, subdivide, take out a Home Equity Line of Credit, or navigate any other real estate matter, Castle Law LLP, is here to help you proceed with confidence. Our diverse team of attorneys can help you understand the process and ensure all legal requirements are satisfied.

Legal mortgage guide

Attorneys in B.C. are notaries automatically due to their extensive training and juris doctor degree. Unlike a notary, however, lawyers can also offer legal advice and assist you with all aspects of real estate transactions in Vancouver.

At Castle Real Estate LLP, our first step in representing you is to get all the information at the start and ensure that we have the contact information of all parties involved. This allows us to reach out to other parties to obtain missing information or to schedule meetings about the sale.

After performing due diligence, receiving the mortgage instructions, and preparing the mortgage documentation, our lawyers can schedule an appointment for the signing.

Rest assured, we will explain all documentation and answer any questions you may have before signing. One of the first documents we will review is the title. Next, we look at your identification — you need two documents. First, you must have a valid driver’s license or passport. Your second ID document can be a SIN card, major credit card, or Health Card.

Lastly, our lawyers will review with you the Statement of Adjustments. This document details how money is spent, further requirements to complete the sale, or, if you are the seller, the amount you can expect to receive after any mortgages are paid out.

Benefits of using a mortgage lawyer

If you are thinking about buying or selling property in Vancouver, it’s a good idea to speak with a realtor. However, if you choose not to use a realtor and decide on a private-sale or sale-by-owner instead, our legal team can provide you with sound advice regarding all aspects of the real estate transaction process. In addition to providing trusted counsel, we can hold and safeguard the deposit of the buyer in a trust. Remember, however, that a realtor is still of value as they can assist you in understanding market trends and finding the right property.

Refinancing

If you’re refinancing real estate by acquiring a new mortgage and paying out a current mortgage, the Order to Pay will list the payout amount of the previous mortgage and this will be subtracted from the new mortgage proceeds.  Other expenses and disbursements are subtracted from the new mortgage proceeds, and you receive the remaining amount. If needed, our attorneys can make a direct deposit to your bank account on your behalf.

Insurance Issues

It is common for the bank to have other requirements such as title insurance, which is an added cost to your statement of adjustments. In the event that title insurance is not required, our lawyers can explain the benefits of it so that you can make an informed decision either way.

Our attorneys can also help you understand the difference between a survey or title insurance depending on whether you’re buying a residential home or strata property. And, if you’re seeking a mortgage, your bank will require either a survey or title insurance.

Completing the paperwork

Finally, we collect the remaining documents needed for the closing.

Our lawyers prepare all documentation to be electronically filed at the Land Titles office.

On closing day, all lawyers and notaries digitally sign documentation which confirms to the Land Title office that we possess an original signed document.

We can ensure that registration occurs according to the purchase contract and that any mortgage granted by a bank is registered against your title to the property. This ensures that the bank has the property as collateral for the funds they advanced you for the purchase of your real property.

Money matters

After registration commences, cheques are prepared based on the type of transaction. For the purchase or sale of real estate, all realtors are informed of the transaction’s closing. Then the attorney will receive the registration number allowing the keys to be released to the buyer. Typically, possession day occurs the day after closing, but it is ultimately determined by what both parties agree to in their contract. Any leftover funds in the trust are then refunded to you

Non-resident sellers

Our firm has extensive experience helping non-resident sellers in B.C. If you live outside of Canada but are looking to sell property you own in Vancouver, we can assist you with the legal process. A certain amount of funds will need to be held in trust until the Canadian Revenue Agency issues you a certificate, clearing payment of taxes. In many cases, funds are paid to the CRA for issuance of the certificate — our attorneys can pay this money on your behalf from the hold back trust.

Dealing with unexpected issues

Sometimes issues arise that can impede a real estate sale. Our knowledgeable legal team is experienced in handling all types of disruptions that affect real estate transactions in B.C. Whether there is conflict about the scheduled closing date, a breach of contract, bank requirements, or issues with the other party’s legal team, we are dedicated to helping you complete your real estate transaction as smoothly as possible.

What happens after closing

After closing, our lawyers:

• Monitor the discharge of the seller’s mortgages
• File the required discharges
• Prepare for you a report and Final Report of Registration and Security for the bank
• Apply for a State of Title certificate from the Land Titles office

Contact Castle Law LLP, for mortgage assistance in Vancouver

Buying and selling property in B.C. can be an exciting experience. At Castle Law LLP, our experienced team of attorneys can work closely with you to ensure you understand every step of the process. We can work directly with mortgage advisors and realtors to help you negotiate the most optimal deal for your situation. For mortgage or other real-estate related guidance, call or contact us online to speak with one of our knowledgeable lawyers.