Conveyancing

Name 3 taxes payable in a real estate transaction?

When acting for a vendor, name some documents that you will likely prepare and what are their specific purpose?

When your client comes into the office, why is it important to obtain their photo ID as well as ascertain who they are??

What are some of the steps you need to take to ensure you have met the Law Society's Client Verification Rules?

In a foreclosure action, what are 2 final orders available? Under which order can you not sue for shortfall?

52. When transferring from a deceased to the personal representative, what are 3 documents you will need to prepare?

Why is it important to obtain photo ID when your client comes into your office? Law Society client verification rules require it, and to prevent FRAUD

What is the Land Tax Deferment Act for?

What document do you use to register a judgment?

What document do you register to remove a judgment from title?

Does a Vendor’s occupation have to be specified on the Form A transfer when you are preparing it?

Instead of an enduring power of attorney, what is another document you can use to manage one’s affairs and decisions if they become incapacitated?

For the purposes of the Land Title office, long is a power of attorney valid for?

Name the most common legal remedy used in British Columbia by a lender when the purchaser is in default under the mortgage. What charge does the lender’s lawyer register in the land title office immediately after she has commenced the action?

What are reporting letters?

Why do you prepare a vendor’s authorization to pay?

Is it possible that an easement only affects one property? Why or why not?

What does “subject to” in the Contract of Purchase and Sale mean?

What is the name of the document filed with the conveyancing documents which certifies that all strata maintenance fees have been paid up to date? In addition to that document, what is the name of the document that the purchaser’s lawyer normally asks the management company of the strata corporation to provide in order to confirm things like the monthly maintenance fees, if there are any pending actions against the strata corporation, the amount of funds in the contingency reserve fund, etc.?

33. If there was a mortgage registered against title which the vendor’s solicitor will be paying off from the sale proceeds, what document would be registered in the land title office to remove the mortgage from title? How does the vendor’s lawyer know how much money is owing under the mortgage? On what basis would the purchaser’s lawyer pay the net sale proceeds to the vendor’s lawyer in order to ensure that the vendor’s lawyer will in fact pay off the mortgage and discharge it from title?

32. Why does the purchaser’s lawyer ask her land title agents to do pre-registration and post-registration searches at the time of registration of a Form A?

What are pending applications?

Under what circumstances can a person defer property taxes?

Specify at least 2 requirements which must be satisfied in order for a person to be able to claim an exemption under the First Time Home Buyer Program

27. If the Vendor is a non-resident of Canada within the meaning of the Income Tax Act what is the name of the document issued by Canada Revenue Agency that the Purchaser’s lawyer will ask the Vendor’s lawyer to provide for the protection of the Purchaser?

If the Vendor is a non-resident of Canada within the meaning of the Income Tax Act what is the name of the document issued by Canada Revenue Agency that the Purchaser’s lawyer will ask the Vendor’s lawyer to provide for the protection of the Purchaser?

If the vendor, who lives in Montreal, Quebec decides to sell the lot she purchased in Richmond, B.C., does the non-resident vendor tax hold back apply?

In addition to the Property Transfer Tax Return, what other documents must be submitted to the land title office to satisfy the requirement of the land title office in the following circumstances:

What is the Torrens system of registration?

3. Define “joint tenants” and “tenants-in-common”. If two people are registered on title and there is no indication whether they are “joint tenants” or “tenants-in-common” specified on title, what is the presumption in law under the Land Title Act, i.e. are they registered as “joint tenants” or “tenants-in-common”?

What is the difference between fee simple ownership and a leasehold interest?

List at least 2 people the Purchaser’s lawyer would pay monies to on the completion date. Would these cheques be trust cheques or general cheques

If there is insufficient space for all the vendors to sign on the Form A what other land title document must you use in order to include the signatures of all the vendors?

When is each of the following Land Title Forms used: Form A, Form B, Form C, Form D, form E.

8. If your purchaser is purchasing a NEW CONDO, what tax must they pay to the Federal Government? What percentage is it? What is a rebate? Under what circumstances would they be entitled to a rebate? GST, 5%, rebate is 36% of GST payable or 6,300 whichever is less. Must be Cdn resident/principal residence/under $450,000 price. May need to pay a portion of PST too.

What 3 documents does the Purchaser’s solicitor normally send to the Vendor’s solicitor for signature by the Vendor?

Under the Law Society Rules, when can one lawyer act for both the Purchaser and the Lender in a real estate transaction? In these circumstances, what must the lawyer do in order to satisfy the requirements of the Law Society?

What are Standard Mortgage Terms? Why does the Lender normally ask the borrower to acknowledge receipt of the Standard Mortgage Terms?

What are Prescribed Mortgage Terms?

What is a high ratio mortgage? Loan is greater than 75% of the value of the property. Permitted under the Bank Act s __ provided insured by CMHC

What is title insurance?

What is a survey?

What are opinion letters?

Why would you need to order an STC?

In addition to the Property Transfer Tax Return, what other documents must be submitted to the land title office to satisfy the requirement of the land title office in the following circumstances:

Name some of the things you will need to do when closing a file after everything in a transaction is completed.