Introduction:

Real estate transactions involve a multitude of legal intricacies that can often be overwhelming for the parties involved. In Richmond, British Columbia, the conveyance of real estate properties is facilitated by the expertise of legal professionals such as notary publics, realtors and real estate lawyers. These real estate professionals play crucial roles in ensuring that property transactions proceed seamlessly, safeguarding the interests of both buyers and sellers. In this article, we delve into the significance of notary publics and real estate lawyers in Richmond’s real estate market and how they facilitate the conveyance process.

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In the intricate world of real estate transactions, especially in a province like British Columbia, navigating the legal intricacies of a real estate transaction can be a daunting task. Whether you’re buying or selling property, the process is rife with potential pitfalls that can result in financial loss, legal disputes, and undue stress. This is due in part to the significant amount of money at stake in a real estate transaction, but also due in part to the ever-changing laws that govern real estate transactions here in BC. However, enlisting the expertise of a real estate lawyer can serve as a crucial safeguard against common pitfalls.

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Buying or selling a property is a significant financial transaction that involves complex legalities and potential risks. While many individuals believe they can navigate the process without professional assistance, hiring a qualified real estate lawyer is crucial to ensuring a smooth and secure transaction. In this article, we will explore the top five reasons why you need a real estate lawyer to review your property transaction.

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Real estate transactions are complex processes that involve numerous legal intricacies. Whether you are buying, selling, or refinancing a property in British Columbia, it is crucial to have a professional who can navigate the legal landscape and protect your interests. In this context, the role of a real estate lawyer becomes paramount. This article explores the vital functions and responsibilities of a real estate lawyer in British Columbia, shedding light on their crucial role in minimizing risks and ensuring a smooth and legally sound real estate transaction.

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Navigating the real estate market involves many legal considerations that can substantially impact buyers and sellers. Purchasing property is a significant investment. Given the magnitude of such a purchase, it is prudent to do everything possible to protect yourself and your investment. While every situation is unique, there are common issues in real estate that you should be aware of if you intend to purchase property. However, having an experienced real estate lawyer to guide you can prevent costly mistakes in the long run. Here are 3 common issues that a real estate lawyer can help you navigate.

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The real estate market has historically shown itself as a resilient form of investment with the potential of providing long-term stability even in economic downturns. Good real estate investments can often act as a hedge against inflation. That is because property values and rental incomes can be directly proportional to the cost of living. Real estate can also provide new homeowners with a sense of security and help build equity. 

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Real estate disputes can often be complex, stressful and worse of all, the consequences may be financially devastating for all parties involved. That’s why it’s important to seek legal advice from a real estate law office such as Bernard Lau and Co. to ensure that you are aware of your legal obligations, risks and to ensure that your legal rights are protected in any dispute.

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Hello there, future homeowner! Are you ready to dive into the exciting world of real estate in the charming Richmond community?

As you navigate the world of real estate, we’re here to equip you with essential tips that will empower you to make confident decisions throughout the home-buying process. Here are some professional insights and practical advice to help you confidently navigate your real estate journey. 

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Did you know that the name of an owner of a property you see on a title search may not actually be the true owner? This can be accomplished by a legal mechanism called a ‘bare trust’ and reflected in a legal document known as a ‘bare trust agreement’.

A bare trust is a legal arrangement in which a trustee, an agent or nominee of the true owner, holds property or assets on a beneficiary’s behalf. The trustee usually has limited control over the property and must follow the beneficiary’s instructions regarding its management, typically acting only as a custodian with no ownership rights or major decision-making authority. The beneficiary is the true owner who owns the property or asset and any income generated from it. Bare trust agreements are used for various purposes, such as holding assets for minors or individuals unable to manage their affairs, or even for privacy reasons although nowadays there are more disclosure requirements as a result of the Land Owner Transparency Act and its various filing requirements.

When to Use a Bare Trust Agreement

Bare trust agreements have been commonly used for:

• Real estate transactions where the buyer wants to remain anonymous on title. The buyer can create a bare trust and appoint a trustee to hold the property in their name. The buyer remains the trust’s beneficiary, and the trustee holds the legal title to the property but has no beneficial interest in it. However, with the introduction of the Land Owner Transparency Registry, all trusts nowadays must disclose the true beneficial owners and whether an owner is holding property in trust, so it is becoming more difficult to hide true ownership with a bare trust but a standard title search will often not disclose the trust relationship.

•  Saving on probate fees for estate planning to transfer a property to beneficiaries under a Will without going through probate. The trustee holds a property in trust with a right of survivorship to avoid probate fees by way of transmission of survivorship, and then distributes the property to the beneficiaries named in the Will. The bare trust agreement can help determine the Willmaker’s intentions and make it clear that the joint tenant trustee holds title in name only.

Real Estate Lawyers in Vancouver

Are you looking to prepare a bare trust agreement for your situation? There are significant legal, tax and filing implications for bare trust agreements so get legal and accounting/tax advice before you decide to enter into a bare trust agreement. The knowledgeable real estate lawyers at Bernard Lau and Co. have extensive experience in real estate law. We can provide guidance on the legal implications and benefits of setting up a bare trust agreement, ensuring that it is properly drafted and executed to meet your situation.

Call us at 604.285.5240 or complete our contact form to request a consultation.

The content on this website is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this website are advised to seek specific legal advice by contacting members of Bernard Lau and Co. (or their own legal counsel) regarding any specific legal issues. Bernard Lau and Co. does not warrant or guarantee the quality, accuracy or completeness of any information on this website and should not be relied upon as being proper, accurate, timely or fit for any particular individual’s own circumstances other than for educational purposes.
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