Experienced Kootenay Real Estate Lawyers
Purchasing a home is likely one of the largest personal financial transactions you will be involved with in your life. You shop around for the best mortgage, so make sure you shop around for the lawyer that is the best fit for you as well. At Trillo, Perello & Yates, we will ensure that you have access to a lawyer, not just a legal assistant, throughout the transaction. Our priority is to make sure we are available to answer your questions and help you understand the legal issues that may arise. Our lawyer Troy Trillo takes pride in serving the community’s real estate needs.
Services Provided by Troy Trillo Include:
- Buying and selling a home
- Mortgages and refinancing
- Drafting easements, right of ways and covenants
- Adding a spouse to title (just make sure you advise the bank first)
- Transmission to surviving joint tenant (if a spouse passes away)
- Buying and selling commercial property
Buying or Selling without a Realtor
If you’re buying or selling a home privately, it is important to involve a lawyer from the start. Once you’ve found a property you are interested in, we can prepare the offer (generally $275 + tax). While anyone can find a form/precedent on the internet, we make sure that you get a contract that is enforceable in BC and that includes:
- The correct legal description
- All relevant lots (in Nelson a property with one civic address may include 2 or even 3 lots)
- Realistic dates
- Deposit terms
- Clearly worded conditions relating to financing, home inspection, title review, appraisal, fire insurance, property condition disclosure statements, etc.
- Terms clarifying GST and residency.
We’ll take the time to review the title, including plans, charges and legal notations. We’ll also explain title insurance and Property Transfer Tax (including requirements for exemptions for first time homebuyers). If there are complications along the way, we can advise you of your legal rights and responsibilities, over and above the assistance a Notary may be able to provide.
Buying or Selling with a Realtor
If you are using a realtor, we are always glad to assist in reviewing titles either before the offer is made or before your “subject to satisfactory review of title” is removed. Knowing your rights and responsibilities under applicable easements, covenants, etc., whether registered in your favour, or against your property, is important and also conducive to maintaining good neighbourly relations. For those rural properties with a water license, we will review the license with you and can investigate whether the necessary easements in place (additional fees and disbursements may apply). Remember, just because you have a water license, doesn’t mean you have an easement allowing the waterline cross your neighbour’s property. Many properties are missing waterline easements, and it can lead to problems and cost money down the road if you don’t investigate, so we recommend reviewing this early in the transaction (before subjects are removed) to minimize problems either later in the transaction or after closing.
Mortgages and Refinancing
Whether you are buying or refinancing, we are glad to assist with your mortgage, including advising you of your rights and responsibilities, and helping you understand your limited prepayment rights and penalties that may apply if you pay it off early. Be warned, the calculation of the “interest rate differential” may not be as simple as you suspect. It is most unfortunate when a client learns they owe $10,000 or even $15,000, the potential magnitude of which was never explained to them when they originally signed up (but it sure was quick and easy…). This can happen even when interest rates have remained constant throughout the term of the mortgage. One key thing to watch out for is when you are receiving a “discount from the posted rate” in the calculation of your rate. At Trillo, Perello & Yates, you won’t be rushed out our door in 10 minutes when you’re signing up for a new purchase and a mortgage, we ask you to plan for 45 minutes to one hour. We think that’s only prudent to avoid surprises like a shocking prepayment penalty. When refinancing, consider whether you may be able to take advantage of your limited prepayment privilege, by way of a lump sum payment, before we request a payout statement, to try and reduce any prepayment penalty.
Buying and Selling Commercial Property
Commercial properties are often more expensive and more complicated than residential transactions. Whether you’re using a realtor or not, we’re here to help with the due diligence to the extent you require. Most clients have already agreed on price, investigated zoning and contacted the fire and health departments for any notices. Environmental concerns may be more or less apparent, but you should always start at a minimum by asking for a site profile, as provided for in the Environmental Management Act, Schedule 1. Sometimes a vendor will refuse to provide a site profile, claiming it doesn’t need to be completed and provided to the new buyer unless the vendor is aware that any of the specified activities listed in the regulations, Schedule 2, have occurred. However, I’m always curious whether the vendor has read the entire list, as many people are surprised by how extensive the list is. Even if the vendor is willing to make a warranty, I still think it’s better to ensure the vendor has put their mind to having the site profile completed. Finding out after closing that there is a problem, and having the right to sue the vendor (then try to collect), may be small compensation for the trouble. If it is determined there may be contamination before closing, further investigation is required.
House Purchase with Mortgage
For a residential purchase with a mortgage (from one of the major lenders: RBC, CIBC, BMO, Scotia, TD or NDCU), our estimated fees are $685, and our estimated final account including registration/filing fees, title searches, office and administration fees, plus GST and PST on our account, is $1,095*.
Additional costs may include:
- Ordering copies of plans, charges or legal notations from title (typically the realtor will provide)
- Ordering tax information (while a rural tax search is only $5, the City of Nelson Charges $50)
- Survey (if you choose) and/or title insurance
*There is the odd lender that we do charge a little extra for, due to the volume of paperwork, but this doesn’t apply to the big banks or Nelson District Credit Union. Our fees can also increase in the event of guarantors or trusts involved, which may happen when parents are involved to assist with financing, out of town signups, strata properties, disputes and breaches of contract.
House Purchase – Cash
If you’re paying cash, our estimated fees are $550 and our estimated final account is $895. Other terms as set out above will apply. We are able to discount our rate when it is the purchase of a manufactured home for cash.
House Sale with Mortgage
Our estimated fees are $425, and our estimated final account is $530.00, which includes the payout on 1 mortgage, as well as the GST and PST on our account. Additional fees will apply if there is more than mortgage, payout of utility or tax accounts, filing fee for mortgage releases (most lenders now file directly with Land Titles), as well as non-resident dispositions (which require a certificate of compliance which you will want to have an accountant assist you with).
House Sale with Clear Title
Call for an estimate.
Please note: Anytime we are dealing with an out-of-town sign up, we will have an additional fee of $35 ($25 on a sale), plus additional disbursements between $5-$15 for the extra long-distance and fax expenses.