Purchasing a home?
A key part of the purchase process is to review the title and investigate any charges that may be on it. Charges include: mortgages, rights of way, easements, building schemes & more. Financial charges (mortgages) will be removed when the property transfers and your own mortgage will then replace it. Other charges will “run with the title”, meaning that they will stay in place after the property transfers from the sellers to you.
It is important that your REALTOR reviews all of these title charges with you prior to committing to a purchase as they can significantly affect the use of the property. Building schemes can govern the size of the home, color of the siding and roofing materials. An easement may affect your future development potential and a restrictive covenant restricts the use in some fashion plus the implications of any of the other charges.
The attached PDF “Title Charges Explained” is a quick primer on what you may find on a title in British Columbia.