Why it is important to put your Full legal name on the offer?
We are a Country of Immigrants, some of us have long names and some of us have names that we do not like. If you would like to change your name, you have to go though the Vital Statistics and change your name officially. Otherwise, when we register property in your name in Land Title office we have to use your name shown on your ID.
As of January 1, 2019, it is even more important to put your full legal name on the Contract of purchase and sale on a New construction Strata property. Any modifications to the Names on the contract for New Construction Strata or any changes in the number Buyers that are going to be going on Title to the property, now has to be registered by the developer in the New Registry. This registry was implemented for the Assignments of the contracts on the New Construction Strata properties. Change of name on the contract constitutes the assignment of the contract and will now need to be registered. This may not seem like a big deal, but it will cost the buyers additional fees that will be billed by the developer for this extra work.
In order to avoid extra costs, I strongly recommend that you double check your Names on the contract at the time the offer is placed and make sure that all the key players in this transaction are listed.
As always , feel free to call me if you have any questions
Irina Bartnik, Notary Public
604-575-7494
