August 1 - 15, 2016
PHILIPPINE ASIAN NEWS TODAY
The Notary
Corner
By Editha Corrales Nelson
Immigration Consultant, Notary
Public, Mediation / Arbitrator
Buying a home does
not have to be painful. It
is actually a very important
and eventful time in one’s
life to finally own their own
home and to start investing
in their future.
Having
someone you can trust
assist you in this time will
make it even better in the
long run.
Once your home
has been selected and your
mortgage approved, you
should shop around for a
reliable Notary Public who
can assist you in ensuring
that your new home is
yours legally. Your local
Notary Public can make
it as painless as possible.
She can explain all of the
requirements and she can
do all the work for you. You
merely will need to see her
once or twice to finalize
the documents and on the
closing date, your home is
yours.
In this day and age,
many new homeowners
would like the special
touches and the personal
IMMIGRATION CORNER
A17
Buying or Selling a Home
The painless truth and consequence
service in order that the new
homeowner would be able
to participate in every aspect
of their new venture. The
Notary Public will be able
to discuss many aspects
the new homeowner would
require to know:
1.
Are you a
first time home buyer?
You would be exempt from
many fees that normally
would be due from home
buyers.
2.
Is the home
new or used? This would
affect the GST imposed on
the home.
3.
Are you a
Canadian Citizen? Again,
this would have implications
on further fees imposed by
the government.
4.
Are
you
buying or transferring the
property from a relative?
This would affect any taxes
imposed.
5.
Are
the
home buyers going to be
acquiring the property as
joint tenants or tenants in
common?
6.
Are
the
home buyers obtaining a
mortgage? or a second?
7.
Is this a
strata property?
There
are other fees involved
and imposed by the strata
corporation.
There may be some
terms you may not be
familiar with and some of
these are defined below
which I have compiled
from real estate magazines,
mortgage clauses, etc.
These may be helpful for
some of you who wish to
start shopping for their first
home or second or third:
Your reliable Notary Public
will assist you in searching
the title, discussing charges
that are remaining on the
title and reviewing the title
search. Other services the
Notary Publiac will provide
are the following:
- obtain and review
municipal tax information
specific to your
new
property
- prepare and obtain
transfer and mortgage
documents as well as
supporting
documents
required by the registry
- attend to or arrange
for execution of the transfer
and mortgage documents
-n e g o t i a t e
appropriate
closing
undertakings with the
seller’s notary or solicitor
- receive and account
for monies for trust funds;
provide
your
lender
its
requested
security
documents
- attend to registration
of documents at the Land
Title Office
- make inquiries as to
the residency status of the
seller; disburse trust funds;
and report and provide
State of Title Certificate
Having
an
experienced and reliable
Notary Public can assist
you in acquiring your home
in the best possible and
informative and legal way
bearing in mind the taxes
or costs implications.
A Notary Public,
WWW.PHILIPPINEASIANNEWSTODAY.COM
Certified
Canadian
Immigration Consultant,
Certified Senior Advisor
and
Mediator/Arbitrator,
Editha Corrales Nelson’s
preferred areas of practice
are Canadian Immigration,
Conveyancing, Powers of
Attorney, Wills Preparation,
International
Legal
Documents,
Affidavits,
Letters
of
Invitation,
Statutory
Declarations,
Drafting
of
Business
Contracts
and
other
notarial services. For an
appointment, please call:
604-777-2757.
The
following
should not be construed
as providing legal advice
and information in this
column is intended only as
a general guide and should
not be applied to specific
circumstances
without
further consultation. For
more information on the
subject, contact Editha
Corrales Nelson at 604777-2757.