Prior to purchasing (or selling) any particular piece of fee simple property in British Columbia, most Realtors will obtain a copy of a Land Title Search. Some of the information includes:
- Name of the Registered Owner – is this the person that you (or your Realtor) is negotiating with?
- Legal Notations – contains important information about that status of the property for example: Easements (like common driveways, which benefit the property), Permits taken out with the local municipality, Aerospace Regulations (property in flight path), and many others.
- Charges – There are two types of charges; a) Financial Charges (which the Seller promises to remove on closing, including any mortgages and assignment of rents, judgments, builder’s liens, and certificates of pending litigation, land tax deferment act charges) and b) Non-Financial Charges which remain with the property. It is important for a Buyer to fully understand the nature of the Non-Financial Charges prior to removing subject conditions. Buyers are well advised by Realtors to inquire with their lawyer on the nature of these charges as these charges can include Priority Agreements, Covenants (like ALR restrictions or Affordable Housing Covenants), Easements (which burden the property and benefit neighbors), Equitable Charges and Rent Charge (which impose ongoing payment obligations), and Statutory Building Schemes, which can limit the Buyer’s use and enjoyment of the property.