Recorded on: June 8, 2021
Length: 60 minutes
Summary
Thinking about buying a home? Empower yourself with what you need to know to have a smooth transaction and avoid common pitfalls. Our presenters, lawyer Michael LeBeau and notary public Farinaz Kovacevic, answer questions about the process of buying a home in BC.
Highlights
In this webinar, you will learn:
Three things homebuyers should do to understand their legal rights and avoid potential pitfalls. [2:25]
The role a lawyer or notary public plays in the process of buying a home. [7:20]
The difference between a lawyer and a notary when it comes to buying a home. [9:50]
What it costs to have a lawyer or notary handle a home purchase. [13:00]
Why the homebuyer must pay the lender’s legal fees. [19:20]
What other expenses you may be responsible for when buying a home. [20:30]
What is required of homebuyers to complete the home purchase, including who needs to sign and whether a digital signature is enough. [22:55]
Whether you can use a personal cheque. [26:05]
Whether you can e-transfer the completion funds. [28:10]
When you will get the keys to your new home. [29:40]
How much lead time you should give a notary or lawyer about wanting their help with a home purchase. [31:00]
What happens if you arrive at your new home and it’s been trashed. [36:35]
Whose name should appear on the title. [39:30]
The value in using a realtor versus buying directly from a seller. [40:55]
What resources are available for people who want to buy and sell privately without a realtor. [43:35]
The value of title insurance. [46:00]
Whether, after one realtor shows you a home, you can purchase the home using a different realtor that you’re more comfortable with. [48:00]
Whether to get a co-ownership agreement when buying a home with your children. [50:25]
Whether a refugee can buy a home in Canada. [53:20]
Featuring
Michael LeBeau
Michael brings more than a decade of experience in British Columbia real estate and Canadian immigration law. He graduated from the University of British Columbia School of Law in 2007, where he received the academic prize for achievement in immigration law. Michael is a member of the Law Society of British Columbia and of the Canadian Bar Association BC Branch's Immigration and Real Property Sections.
Farinaz Kovacevic
Farinaz Kovacevic has been a member of the Society of Notaries Public of British Columbia since 2012 when she was commissioned as a notary public. She holds a Master of Arts in Applied Legal Studies from Simon Fraser University. Farinaz has 13 years of experience in the legal field and she is fluent in English, Farsi and Swedish.
Attendee feedback
“Thank you for this! It's a great way to learn!”
“Fabulous presentation. Thank you so much for the substantive information.”
“These are so great. Keep them coming.”
“You never disappoint!”
“Superb work organizing the event.”
Additional resources
From People’s Law School:
Other resources:
Buying a Home in British Columbia: A Consumer Protection Guide, from BC Housing
Protecting real estate consumers, from the Real Estate Council of BC
Ending an agency agreement before it expires, from the BC Real Estate Association
Make changes to title, from the BC Land Title and Survey Authority
Title insurance, from the Royal Bank
Additional property transfer tax for foreign entities and taxable trustees, from the BC government