Buying real estate is one of the biggest financial decisions you’ll ever make. Whether it’s your first home or an investment property, conducting proper due diligence is essential. In Vancouver’s fast-paced housing market, skipping important steps can lead to legal or financial trouble later on.
This guide will walk you through how to do due diligence in real estate transactions, what it involves, why it matters, and how a notary public can help make the process smooth and legally sound.
What is Due Diligence in Real Estate?
Due diligence means doing your homework before signing on the dotted line. In real estate, it’s the process of checking the property’s legal, physical, and financial condition to avoid surprises after purchase.
If you’re buying a home or commercial property in North Vancouver, working with a notary public who specializes in conveyancing and real estate transactions can give you peace of mind during this process.
Key Steps to Conduct Due Diligence
1. Review the Title and Legal Ownership
Make sure the property has a clear title, free of liens, easements, or disputes. Your notary will request a title search to confirm the seller has the legal right to sell and that no one else has claims on the property.
2. Check Zoning and Building Permits
Is the property zoned for what you plan to use it for? Were any renovations done legally with the right permits? This is especially important if you’re buying a home with additions like basement suites or extensions.
3. Order a Property Inspection
Hire a professional inspector to check for issues like mold, plumbing or electrical problems, or structural damage. A good inspection report helps you avoid costly repairs later.
4. Review the Property Disclosure Statement
Sellers in BC must provide this document, which outlines any known issues with the property. Review it carefully and ask questions if anything is unclear.
5. Understand Strata Information (if applicable)
If you’re buying a condo or townhouse, request and review the strata documents. These include meeting minutes, bylaws, financials, and contingency funds. This helps you understand the condition of the building and any future repair costs.
6. Secure Financing and Review the Contract
Before removing subjects, make sure your mortgage approval is in place. Your notary can also review the purchase contract to ensure your rights are protected and all terms are clear.
Why Work with a Notary Public?
A notary isn’t just there to witness signatures, they play a key role in ensuring a real estate transaction in Vancouver is legal, fair, and binding. At every step, from reviewing contracts to registering the property transfer, your notary ensures all documents meet legal standards and timelines.
In addition to conveyancing, our North Vancouver notary office also provides services in wills and estate planning, notarizations, and personal planning, so you can keep all your important legal matters under one roof.
Thinking of buying or selling property in Vancouver?
Let us guide you through the due diligence process with confidence and care. Contact us today to speak with a trusted notary about your real estate transaction.
