In the province of British Columbia, leased lands on native reserve are now sold by a new RECBC contract which contemplate both a Trust Completion Date and a Final Completion Date.
The Trust Completion Date is the date where the Buyer deposits the Purchase Money with his or her lawyer. The Final Completion Date is the date following actual registration in the Indian Lands Registry.
Buyers should note that these days can often be as much as 90 days apart, and therefore it is important that appropriate escrow provisions be in place to ensure:
- that the Buyer has occupancy of the home when desired;
- that transfer and mortgage documents are appropriately registered; and,
- the Seller is able to
- payout prior mortgages, and
- receive the balance of the purchase price within a reasonable period of time. Title insurance may be helpful in this situation to provide “gap” coverage.
IMPORTANT: these consideration do not apply to Westbank First Nations Lands, for these property please consult the WFN Contract prepared by Peter Borszcz and Barry Porrelli.