REAL ESTATE PURCHASES, SALES & MORTGAGES
Buying or selling a home or commercial property?
Buying or selling land is one of life’s most significant steps whether you are an individual or a company. At Gillespie Lawyers, we’re here to help make your real estate transfer smooth and successful.
Our dedicated real estate lawyers ensure you have all the information at hand to make the right decision. As conveyancing professionals with extensive experience and knowledge, we help reveal title flaws, liens, and unanticipated risks such as archaeological, geotechnical, or environmental issues.
With more than 40 years of practice in Kamloops and strong, skilled staff in our conveyancing department, we have a sophisticated understanding of the local and regional real estate market, and we can access a network of industry professionals to help inform your sale or purchase.
Gillespie Lawyers conveyancing team provides reputable expertise and service for all commercial and residential real estate transfers.
What do real estate lawyers do for sellers?
Our first goal is to review sale documents and advise you on any legal issues to be aware of as part of the sale of your property. As the sale moves forward, we handle a range of legal steps, including drafting sale documents, processing mortgage payouts and discharges and explaining documents.
What do real estate lawyers do for buyers?
Before you sign an offer to purchase a property, our lawyers review the title to the property, including examining documentation on record at the Land Title Office. Through this review, we’re able to advise you about title flaws, liens and risks as well as easements and restrictive covenants. We can help you understand and avoid or resolve environmental, geotechnical and archaeological issues.
As conveyancing professionals, we also apply to register the legal transfer of property title from the seller to you. At this stage, we’re handling numerous critical steps, including liaising with your lender to prepare mortgage paperwork, ensuring the seller’s mortgage is discharged from the title as well as sending payment to the seller’s lawyer, and paying the property transfer tax.
What is property transfer tax?
When real estate is transferred in British Columbia, the Province of British Columbia levies property transfer tax. When you purchase land/buildings, the amount of property transfer tax you’ll pay is calculated as one per cent on the first $200,000 of the purchase price, and two per cent on $200,000 to $2 million and 3% on the portion above $2 million. For example, if your property were purchased for $400,000, you would pay $6,000. Some first time buyers and some related people are exempted from paying the property transfer tax.