Notaries
MENTORING PROGRAM
CONVEYANCING: PURCHASE WITH MORTGAGE
Review Contract of Purchase & Sale & Sales Record Sheet using checklist:
• Have all pages been received?
• Have all Subject Conditions been removed?
• Who is your client?
• Who acts for the other parties?
• Who is the realtor?
• Who holds the deposit?
• What is the commission amount?
• What is the commission payment system?
• What are the closing, possession & adjustment dates?
• What kind of property is it? Strata? Non-Strata? Fee Simple? Leasehold?
• Identify & verify legal description using BC Assessment search or tax search
• Identify special conditions set out in the contract?
• Identify the closing system agreed upon if any
Contact Client using Intake Questionnaire:
• Review client intake questionnaire before calling
• Determine if contact has previously been made and a quote given
• Call client
• Verify you are acting
• Obtain full legal names, address, occupations, phone, email contact, fax numbers,
• Ask how they intend to take title – Joint Tenants? Tenants in Common?
• Are they First Time Home Buyers?
• Do they qualify? If so, obtain SIN #s and address for previous 2 years – Be prepared to discuss qualification requirements in general
• Are they getting a new mortgage? With which lender? Contact information.
• Discuss process time lines in general
• Advise that a retainer letter will be sent and verify email address
• If strata, ask if they have received Bylaws, Rules, Financials, Minutes. If not, advise them to obtain them or instruct you to obtain them
• If not a strata, ask if they have a survey certificate from the seller. If not, advise them that you may need to order a new survey or title insurance, depending on the requirements of the lender
• If not strata, ask who their insurance agent is and whether they have arranged new insurance. Get contact information.
• Go through relevant parts of the questionnaire
Open New File:
• Using Notary Office – create new file
• Conduct title search in Notary Office or on BC Online
• Order plan and required non-financial charges on BCOnline
• Insert client as new contact if not already a client in the database
• Insert other party’s lawyer or notary information
• Complete realtor, deposit, and commission information from sales record sheet
• Generate engagement letter
• Review engagement letter with mentor and edit as required based on your client intake questionnaire and searches to date
• Send engagement letter to client
• Contact lender, verify you are acting, and ask for mortgage instructions
• Write to other party’s lawyer or notary and verify you are acting and they are acting
Conduct Searches:
• Based on property type, order searches for
o Taxes
o Utilities
o Metered Water
• Order information, if required, for
o Strata Information – Form F
o Strata Form B certificate
o Fire insurance binder
o Title insurance/or survey
o Rental information if required, including security deposit
• Input new information into Notary Office as you receive it
Prepare Documents: Seller
• Generate documents to send to seller’s legal reprentative
o Form A Transfer
o Vendor’s Statement of Adjustments
o GST Certificate
o Non-residency declaration
o Statutory Declaration regarding an existing survey, if necessary
o Other documents as required
o Letter of undertaking to seller’s lawyer
• Review documents and letter of undertaking with mentor and revise as required
• Email or fax documents to seller’s legal representative
Mortgage Instructions – using checklist:
• Receive and review mortgage instructions with mentor including Mortgage Approval and Statement of Disclosure
• Determine if any additional payments are to be made
• Determine if the mortgage is CMHC or NHA insured
• Review lender website for updated instructions and/or document requirements
• Determine what additional requirements are necessary and order support information if any
• Input instructions into Notary Office
• Obtain and review existing or new survey for encroachments or bylaw setback infractions
• If no survey, obtain and review title insurance if required
• Obtain and review insurance binder , paying attention to lender minimum insurance instructions
• Requisition mortgage proceeds from lender for date required
• Verify names of borrowers against names of buyers as provided by client
• Determine if covenantor or guarantor is required and if so, contact client for verification
Prepare Documents: Buyer/Lender
• Conflict letter for Buyer/Borrower re mortgage
• Form B
• Acknowledgement of Receipt for Filed Standard Mortgage Terms
• Electronic filing consent
• Property Transfer Tax Return/First Time Home Buyer’s Exemption Application
• Order to Pay for Lender
• Buyer’s Statement of Adjustments
• Trust Reconciliation
• Statement of Account
• Other documents as required
• Review generated documents with mentor
• Make necessary copies for execution process
Client Execution:
• Sort documents for execution using established order of documents for review
• Make an appointment for clients to attend asking client to bring in certified cheque for closing amount and two pieces of authorized identification
• Greet clients and attend upon execution with mentor
• Review documents with client (giving a copy of each signed document to client):
o Conflict letter
o Contract of P & S generally only
o Title Search – have client initial the search
o Charges to remain on title – give copies to client
o Registered subdivision or strata plan – have client initial the property being purchased
o Tax search, utility search, metered water search, etc.
o Form B Information Certificate (if strata)
o Strata Bylaws, Rules, Minutes, etc., if necessary and agreed upon
o Discuss parking situation if strata
o Property Transfer Tax Return/First Time Home Buyer Exemption application (with qualification guidelines)
o Mortgage Approval (if any)
o Mortgage Statement of Disclosure (if any)
o Filed Standard Mortgage Terms generally
o Form B Mortgage Part 1
o Supporting documents if required (such as life or disability or critical illness insurance application or waiver)
o Lender Order to Pay authorizing payment of funds to notary firm
o Buyer’s Statement of Adjustments
o Statement of Account
o Verify client has received engagement letter and ask if they have any questions
o Provide receipt for certified cheque or bank draft for closing proceeds
o Discuss closing procedures in general
o Discuss reporting procedure
o Verify that the buyer has made arrangements to obtain possession (keys from the realtor)
o Give copies of all documents discussed and signed to the client in presentation folder
Closing Procedure: using checklist:
• Deposit buyer’s closing proceeds into trust within 24 hours of receipt but before registration
• Prepare interim report to lender if required and fax with supporting documents requested
• Receive seller’s documents back from seller’s lawyer/notary
• Review documents to ensure they are properly signed and complete
• Review undertakings with mentor
• Verify mortgage funds have been requisitioned; all documents for advance have been received, and funds are expected to be advanced as required
Day Before Closing
• Complete electronically saved Forms A, B, F, and PPT/FTHB application for digital signature by mentor
• Verify mentor has affixed digital signature
Closing Date: using checklist:
• Verify all required funds are in trust (less mortgage funds depending on lender’s funding procedure)
• Review undertakings once again to ensure all are complied with or can be complied with
• Review documents once again to ensure they are signed and digitally signed
• Conduct pre-search and review against search in file
• Upload electronic documents for registration
• Report registration number to Lender if required for funding purposes
• Wait at least one hour before conducting post-search if registered during LTO business hours
• Prepare cheques pursuant to Trust Reconciliation report
• Prepare closing letters to seller’s lawyer/notary enclosing funds (with undertakings already agreed upon); to realtor paying or requesting release of commission and/or excess deposits; interim report to lender and client
• Receive and deposit mortgage advance funds if not direct deposited
• If mortgage funds are direct deposited, verify that they are in the account and the amount is correct
• Conduct post-registration search and review against pre-search
• Print registered copies of documents from BCOnline
• Review Trust Reconciliation and bank deposits with mentor along with payout cheques and letters
• Contact seller’s lawyer/notary to pick up funds
• Advise client that registration and payout has been completed successfully
Post-Closing Procedure: using checklist:
• Prepare cheques for Strata Certificates; searches if necessary; insurance binders; survey; title insurance; notary services and other required accounts
• Review the file and tidy up documents by fastening them down according to office policy
• Safeguard “true copies” of electronically filed documents in accordance with office policy
• Diarize file for abeyance matters in accordance with office policy – receipt of discharge particulars, if any, holdback releases, etc.
• Review completed file with mentor
Abeyance Procedure:
• Receipt and review of discharge particulars
• Report to Mortgage Discharge Center if applicable (see Rule 10.06)
• Order State of Title Certificate
• Confirm all undertakings are complied with by all legal representatives
• Send Final Report to Lender with STC
• Send STC to client
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.