The information you obtain at this site is not, nor is it intended to be, legal advice.
You should consult our office in some cases for individual advice regarding your own situation.
Issues with Underground Oil Storage Tank:
What are Underground Oil Storage Tanks?
When you buy a new property, make sure you are aware of the possible issues with Underground Oil Storage Tanks (UST). Homes in the Greater Vancouver area were originally heated with furnace oil. However, when natural gas became available, the oil storage tanks, which were usually located underground in backyards, were filled with sand or capped.
The problem with such unused tanks is that they start to corrode and rust with time. As a result, the remaining oil can leak out and flow onto the rest of the owner’s property and even the neighbour’s property. Moreover, it can result in contamination of soil and water.
You can face negative legal and financial liabilities because of such contamination. That is why, when you buy a home, make your offer subject to a satisfactory inspection that satisfies to the Buyer that there is no UST and that the property is not a contaminated site.
When do I get the sale proceeds after completion?
If we represent the seller, first of all, we pay the existing Mortgage(s), any outstanding Property taxes, Builder’s Liens, and anything else that we have given our undertakings to pay or do out of the sale proceeds. We provide the Buyer’s notary with proof and confirmation that we have done so by sending confirmation of the Lender’s receipt of the existing mortgage payout.
Then, as the Seller’s notary, we are able to deliver the balance of funds to you. This usually happens the day after completion after the time funds are delivered by the courier and deposited to the bank, and cheques are prepared and signed. Please call us for a more detailed consultation on your particular case.
How much do you charge for a real estate transaction?
When you look at your invoice, you will find that it consists of three elements: our legal fees, costs made on your behalf (disbursements) and the GST and/or PST. Call us today for more info.
What is the difference between general and specific powers of attorney?
A power of Attorney can de designated and applicable only to a single “specific” transaction, or “limited time frame”, as for example to sell your property while you travel. Conversely, it can be a General Power of Attorney which is very broad and allows for complete control of all your finances and property by the designated person.
Where should I keep the originals of my personal planning documents?
You should store your Will in a safe place, but at the same time, where it can be easily accessed by your Executor. A fire proof safe or box at your home, safety deposit box etc. The most important thing is to make your Executor aware where you keep it and have a combination of the safe or key available.
Your must ensure that your Executor knows where you keep the key or has the combination.
Your Power or Attorney or Representation Agreement
The person or people you appoint in these documents must have the original in order to act on your behalf. You should either give them the document, or make sure they are aware of where you are keeping the originals.
Your Advanced Directive
This document should be given to your doctor or to an individual you trust to give to health care workers on your behalf.