Land title restrictions...that you may not be aware of

Mortgagenomics Canada

Podcast Notes:

Interview with Tony Spagnuolo

• Spagnuolo and Company: BCs (and probably Western Canada’s) largest residential real estate and conveyancing law firm. Established in 1995, offices everywhere.
• Terra Firma: a service that has spawned from Spagnuolo and Companys’ countless land title experiences over the years. Terra Firma was formed 2 years ago with the primary intent of providing land title review service to partnering real estate professionals.
• Terra Firma title review – a service designed primarily for real estate professionals. Currently over 500 realtors are registered and using the service in the lower mainland (Vancouver).
• A title review is a key part of the due diligence process in the sales transaction of real estate. Often times, buyers are unaware of detrimental non-financial charges that are discovered on the land title AFTER releasing subject conditions on their real estate purchase. This is where Terra Firma comes in to play…if your realtor is registered with them, they can have access to unlimited title reviews. Along with a copy of the land title, a legal opinion on any charge on the title is also included with the service.
• Covenants, easements, and rights of ways…terms associated with a land title
• A covenant is a condition tied to the land.
• An easement (or right of way) is a right given to another person or entity to trespass upon or use land owned by somebody else. Common easements on residential land titles include the right to permit utility companies to run their lines/pipes beneath the surface of your land.
• It is (very) important to be aware and in full understanding of the covenants and easements associated with your property…It can significantly affect your plans for any additions or modifications you may want to do on your property
• In the podcast, Tony talks about several examples of covenants and easements
• Two main types of charges on a land title; financial and non-financial
• Financial charges are less critical to a buyer because the seller is obligated to close any outstanding financial charges prior to closing on the purchase
• It is the non-financial charges that pose a greater risk to the prospective buyer, especially if they are completely unaware of them and have released subject conditions on the purchase of the property
• Strata complexes (condo/apartment) have extensive land title details that include countless non-financial charges. Terra Firm recently reviewed one that included 142 charges!?
• Terra Firma Title Review is definitely a value add service that realtors are catching on to (in Vancouver/Fraser Valley)
• Inquire with Spagnuolo and Company or Terra Firma and ask to be referred to one of their partner realtors

Tony Spagnuolo contact info: 604-777-7406 direct | [e-mail] | Terra Firma Website | Spagnuolo and Company Website

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