Selling and buying a home is a stressful time for many. There are many moving parts and legal requirements to consider, which is why you’re likely to work very closely with three people: your realtor, a mortgage professional, and a notary.
Today we’re going to break down the process to buy a home and focus on the role a Notary, such as myself, can play to help cut down any unnecessary stress and worry.
When is the Best Time to Buy or Sell in Vancouver?
If you asked me two years ago, I would likely say Spring or Fall. Historically, March/April/May or early Fall have been when most homes are listed on the market. I’ve noticed an uptick in my business during this time.
However, with the pandemic, things have been thrown out of normal. Housing sales jumped 21.5% in 2020 over the previous year, despite the pandemic. The early part of 2021 also showed a hotter than average real estate market in Vancouver and across the country for most of the year.
Ultimately, when you choose to buy or sell a home is dependent on many factors, many of which are unpredictable or don’t follow seasonal home buying or selling trends. If this is the case, it’s especially important to get a good Realtor to assist you in this process.
Role Of A Realtor
Your realtor has an incredible wealth of information about the home buying and selling process. They will often be your primary guide throughout the process and connect you with additional professionals, like mortgage brokers, a notary, movers as you need them.
They will be the ones helping you find the right home (or sell your current one). They will draw up the initial paperwork, like offer letters, sale agreements, and related addendums.
Role Of A Mortgage Professional
While you’re working with your realtor to buy a home, you’ll likely also begin talking with a mortgage professional or mortgage broker early in the process. A mortgage professional will check your credit history and income to see how much you can afford to buy.
Role Of A Notary
A Notary is often the last professional you will engage during the process. Your realtor and mortgage lender will send your Notary all the paperwork and instructions for the sale or purchase. The notary will draw up all the final documentation and ensure money is transferred at the right time.
Notary Services On Purchases
When you purchase a home, a notary performs many essential tasks on your behalf, including:
Your Role In A Home Purchase
In addition, you have several obligations when purchasing a new home that you should satisfy. While these are not generally included in a notary’s services, you can ask your Notary for their help to meet these requirements on your behalf for an additional fee.
Notary Services On Sales
When you sell your home, there are many pages of legal paperwork and requirements that a notary will assist with. These include:
Your Role In A Home Sale
In addition to preparing your home for the buyers, you should also ensure you can satisfy a few additional requirements (your notary can also help with these if you wish for an additional fee):
How To Engage A Notary For Your Home Purchase/Sale
We should start talking as soon as you begin the process of buying or selling a home. That allows us to prepare and help guide you through the legal side of the process. Except in certain circumstances, our job doesn’t start until you have a signed sale or purchase agreement.
When you come in to sign your final paperwork, anyone with a legal stake in the property must attend. This includes all names on the title and mortgages. The opposite party in the transaction will sign paperwork with their legal representative.
At my notary office in the Mount Pleasant neighbourhood of Vancouver, we will handle most of the preparation work over the phone or email. When everything is ready, we’ll book an appointment for you to visit our offices to sign your documents.
Ready to engage a notary in your next home sale or purchase? Contact my team at (604) 416-0154 or by email through our website.