Step 1 – Retain our office once you have an accepted offer on your property. To do this, call or email our office, we will set aside a file for you and await your contract.
Step 2 – once all subjects have been removed, have your realtor send full contract to our office and we will open a file for you and assign a conveyancer.
Step 3 – our office will contact you to gather all necessary information to get started on your file.
Step 4 – 1-3 days prior to completion (closing) date you will meet with the notary to sign related documents and provide identification (and bank draft for purchases).
Step 5 – The completion (closing) date is the day that the transfer of title is registered and monies are exchanged via Trust accounts. Our office will notify you that the deal is done and provide final reporting documents.
Yes, however we must have the original power of attorney documents prior to the completion date so we can register same in the land title office.
No, we do not. All signing must be done in person with the notary.
If you are unable to physically meet with us in our office, signing can be organized using a lawyer or notary in a different city or province to witness your signature, please let us know as soon as possible so arrangements can be made.
Our office requests a minimum of 10 business days for purchases and mortgages, for sales the timeline is typically 5-10 business days, dependent on any charge(s) being removed from title or not.
We recommend that you talk directly with an insurance agent, however if you are getting financing we strongly suggest that you also inquire with your Lender about their specific insurance requirements, such as “Guaranteed Replacement Cost” or Earthquake Coverage.
Certain mortgage lenders require inspection certificates of wells and septic so please inquire with your broker or banker.
As a Tenant in Common, you own your interest in the property outright: on your death, your interest in the property is yours to leave to a beneficiary. This is how you may own property with a business partner/sibling/friend.
As a Joint Tenant, there is a right of survivorship: on your death, your interest in the property immediately reverts to the surviving Joint Tenant(s). This is generally how we would register property in the case of a husband and wife. Please consult directly with the notary to ensure you obtain the right advice.
In British Columbia anytime you purchase or gain an interest in property that is registered in the Land Title Office, you must pay property transfer tax, unless you qualify for an exemption such as Newly Built Home or First Time Home Buyer. Your Notary will file the necessary Property Transfer Tax Return and remit payment of the Transfer Tax when they file the Title Transfer.
See the Government of BC website for more information about the Transfer Tax and exemptions available BY CLICKING HERE
Call Us Today: (250) 754-1363
First Time Home Buyers
If your client advises you that they are a first-time home buyer it would be prudent to refer them to the government website to ensure that they do in fact qualify for the first time home buyer exemption. The purchase price, size of the property and residency could disqualify them from this exemption. It is best that they know if they qualify for the tax exemption or not before they get to our office.
GST on New Homes
Option 1 Price is Plus GST:
$280,000.00 plus 5% ($14,000.00) = $294,000.00 which is paid to the seller; But the buyer will still be eligible to obtain a rebate which in this case works out to 36% of the GST for a total of $5,040.00. So at the end of the day once the buyer pays for the house and gets their rebate back in the mail their end cost is $288,960.00.
Option 2 Price Plus NET GST with rebate assigned to the Seller:
$280,000.00 plus 5% GST (14,000.00) less 36% Rebate ($5,040.00) for a total of $288,960.00 which is paid to the seller. So in this Scenario the rebate has already been worked into the price. At the end of the day the buyer pays the same amount however in option 1 they have to wait for months to get their rebate of $5,040.00 back in the mail from the government and have to come up with that difference at closing, whereas option 2 they get credited for the rebate up front and do not have to wait for this rebate cheque.
Option 3 Price Includes GST:
If the Price is $280,000.00 including GST, then to find the actual consideration it is as simple as dividing the purchase price by 1.05 which gives you a consideration of $266,666.66 Plus $13,333.34 for a total price of $280,000.00.the buyer is still eligible for a rebate which in this situation works out to $4,800.00 (36% of the GST). The buyer would then file the rebate form with the GST department and wait for a rebate a few months later in the mail. So at the end of the day once they receive their rebate the buyers cost works out to a grand total of $275,200.00.
Option 4 Price includes NET GST with rebate assigned to the Seller:
If the price is $280,000.00 inclusive of NET GST with the rebate assigned to the seller, then the breakdown is much different. We must factor into the price the rebate already. In this situation the consideration is actually $271,317.83 (as opposed to the option 3 consideration of $266,666.66) plus GST of $13,565.89 LESS the rebate of $4,883.72 which brings us back to the price of $280,000.00. In this scenario the seller assigns the rebate to the buyer so there is no rebate cheque coming back in the mail like the previous example, this rebate has already been factored into the contract.
So just by putting the words including NET GST as opposed to including just GST can make a $4,800.00 difference to the buyer’s bottom line. As option 3 works out to a cost of $275,200.00 after the rebate and option 4 ends up to a total of $280,000.00. If you have questions about GST please feel free to contact our office.
Builder Lien Hold Backs
Builders Lien Holdbacks should be in place on every New Construction file where the occupancy Permit has not been issued for more than 55 days. This hold back needs to be for 10% of the value of the improvements. If you do not include a builder’s lien hold back provision worked into the contract, the buyer’s Notary / Lawyer cannot arbitrarily hold back this amount unless it is agreed to in the contract. Most lenders
require this for their mortgage approvals and without a builders lien hold back you are placing your client at a risk of future liens being placed against their property. If however this is a strata property, then we can hold back 7% of the purchase Price as per the Strata properties Act, even if it is not in the contract. There is no need for a builders Lien Hold Back if the occupancy permit has been issued for longer than 55 days.
Preparing Contracts of Purchase and Sale for Foreclosure Properties
This information is given to assist realtors in preparing the Contract of Purchase and Sale when selling a property that is in foreclosure. By following these simple procedures it will save your clients time and money.
For Foreclosures:
1. Please ensure that the Buyer’s full legal names are used on the Contract. In non foreclosure contracts the full legal name is not necessary; however, for foreclosure properties it is extremely important.
2. Please also determine if the property is to be purchased by more than one person, and if so that second, and possibly sometimes third, person’s full legal names should also show on the initial offer.
Why these points are important is because when the offer is submitted into Court, and if it is accepted, the lawyer for the Foreclosing party will prepare the Court Order in the name as it shows exactly on the Contract of Purchase and Sale, and will NOT make any changes to that, by adding middle names or another person, unless a new Court Application is made, which not only delays the sale, but will cost the Buyer
extra legal costs of approx. $1,000.00 to do so.
Also, if the Buyer’s full legal name (which means using all middle names) is not used on the contract, then their identification will not match when it comes time to drawing and signing their mortgage documents, and the Buyers now have an additional problem. So, to be absolutely sure that you are using the correct name(s), please ask to see the buyer’s driver’s licence or passport, and take their name(s) from that
document. If the buyer’s are obtaining financing, then they may not be able to qualify for the mortgage on their own, and the Lender’s may require that a second person (usually a spouse or parent) be a joint borrower in order to qualify for financing. If this is required, then that joint Borrower must also be registered on title. If the contract has been drawn in one person’s name, then the buyer’s will have to pay the additional approx. $1,000.00 of legal costs to get an amended Court Order to add the second name, and may have to request an extension of the completion date as well, in order to allow sufficient time for that to be done. It would be prudent to have the buyer’s pre-qualified for a mortgage before putting in the offer to determine if the property should be in more than one name.
We would also suggest that the buyer’s occupations and whether they are Joint Tenants or Tenants in Common (and as to what percent) be shown on the Contract of Purchase and Sale as well.
Call Us Today: (250) 754-1363
Steele Althouse became a Notary Public in 2009 and was awarded for the highest marks on the real estate exam held by the BC Notary Society. He has worked at Althouse Notary since 2002 when he started working with his mother Sharon Althouse who started the firm in 1993. Sharon has since retired and has handed the office over to her son who is following in her footsteps as the preferred Notary in Nanaimo. Steele is married to his wife Tara and together they have 3 young children to keep them both busy when not working.
Alana Halaliku completed her Master of Arts in Applied Legal Studies (MAALS) at Simon Fraser University in 2021 and was commissioned as a Notary Public by the Supreme Court of Canada in June 2022. Before this, Alana spent 13 years as a banker with Coastal Community Credit Union (CCCU), with the majority of her career working in the Commercial Division specializing in Real Estate and Development Financing. She was responsible for developing and maintaining commercial business relationships and took pride in helping members achieve financial goals. During her time at CCCU, Alana completed several lending and banking courses including a Business Lending Designation from Dalhousie University and the Credit Union Institute of Canada as well as completed her Bachelor of Business Administration at Vancouver Island University.
Alana enjoys being involved with the community and has previously sat on the board of the Young Professionals of Nanaimo and the Vancouver Island Canadian Home Builder’s Association. As a Notary Public, Alana delivers quality work to her clients while providing a practical approach to legal processes.
Sharon started the firm of Sharon Althouse Notary Corporation back in 1993 and has only recently retired, well sort of. She still checks
in on the office every so often and continues to do the books and accounting for the office.
Call Us Today: (250) 754-1363
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Althouse Notary Corp
2133 Bowen Rd, Nanaimo, BC V9S 1H8
+1 +12507541363
[email protected]
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We recognize our professional obligation to maintain the confidentiality of our clients’ information, and we recognize our obligations concerning the personal information of all
individuals that we collect, use or disclose in our practice. This policy has been developed with those obligations in mind.
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To give legal and notarial advice to clients, we need access to all relevant facts and information relating to the transaction.
his information will necessarily include personal information about our clients and about individuals other than our clients.
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When we can, we collect personal information directly from the person to whom the information pertains. If necessary we will collect personal information from other sources.
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It is our policy to collect personal information about individuals other than clients in accordance with the provisions of PIPA. The Act provides that an individual has consented to
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those circumstances, we will collect, use or disclose personal information without obtaining a written or verbal consent to do so.
The Act also permits our office to collect, use or disclose personal information about an individual in some circumstances without the individual’s consent. Those include (but are not limited to) circumstances in which:
• the collection, use or disclosure is clearly in the interests ofthe individual and consent cannot be obtained in a timely way;
• it is reasonable to expect that the collection or use of personal information with the consent of the individual would compromise the availability or accuracy of the information, and the collection or use of the information is necessary for an investigation or proceeding;
• it is reasonable to expect that the disclosure ofpersonal information with the consent of the individual would compromise an investigation or proceeding, and the disclosure of the information is necessary for an investigation or proceeding:
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includes paper and electronic information.
Under what circumstances will we release personal information?
The Act permits individuals to submit written requests to our office to provide them with:
• their personal information in my custody or control;
• information about how we use their personal information under our control;
• the names of the individuals and organizations to whom we have disclosed their personal information under our control.
We will respond to requests in the time allowed by the Act and as authorized by you pursuant to various documents in our file.
We will make a reasonable effort to assist applicants and to respond as accurately and completely as reasonably possible.
All requests may be subject to any fees and disbursements the law permits our office to charge.
An individual does not have an absolute ability to access his or her personal information under our control. The Act provides that we must not disclose personal information when:
• disclosure could reasonably be expected to threaten the safety or physical or mental health of someone else;
• disclosure can reasonably be expected to cause the person who made the request immediate or grave harm as to their safety or physical or mental health;
• disclosure would reveal personal information about someone else;
• disclosure would reveal the identity of an individual who has provided personal information about someone else and the person providing the personal information does not consent to disclosure of his or her identity.
The Act further provides that I am not required lo disclose personal information when:
• disclosure of the personal information would reveal confidential commercial information that, if disclosed, could in the opinion of a reasonable person, harm the competitive position of an organization;
• the personal information was collected or created by a mediator or arbitrator in the conduct of a mediation or arbitration for which he or she was appointed to
act:
Requests for Correction of Personal Information
The law allows individuals to ask our office to correct errors or omissions in their personal information that is in our custody or control. The request must be in writing and we will:
• correct the information and, if it is reasonable to do so, send correction notifications to other organizations to whom we disclosed the incorrect information; or
• decide not to correct the personal information, but annotate the personal information that a correction was requested but not made.
Steele Althouse
2133 Bowen Road
Nanaimo, B.C.
V9S 1H8
Phone: 250-754-1363
Fax: 250-754-1293
If you are dissatisfied with our handling of your personal information, you may contact us in writing, setting out the reasons for your concern. If you remain dissatisfied with
our response to your concerns. you may wish to contact the Office of the Information and Privacy Commissioner at:
P.O. Box 9038, Stn Prov Govt
Victoria, BC V8W 9A4
Telephone (250) 387-5629
Fax (250) 387-1696
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Althouse Notary Corp
2133 Bowen Rd, Nanaimo, BC V9S 1H8
+1 +12507541363
[email protected]