The Conveyance Process

The following is a list of the steps which happen once the Contract of Purchase and Sale has been signed, accepted and all subject clauses have been removed by both the Buyer and Seller.

1. Realtor files a Sales Report with our Conveyance Department and the Real Estate Board of Greater Vancouver.
    
2. The Conveyance Department inputs all the data into the computer.
    
3. Both the Buyer and Seller provide their Realtor with the name and telephone number of the Lawyer/Notary representing them as soon as possible.
    
4. The Conveyance Department forwards the letter of instruction, copy of the Contract of Purchase and Sale, Sales Report and all relevant Addendums to your Lawyer/Notary.
    
5. If the amount of deposit paid by the Buyer exceeds the total commission payable by the Seller, both the Buyer and Seller may be required to sign a Trust Release form. This form allows the Buyer’s Lawyer/Notary to have ready all the funds due to the Seller on the date of completion.
    
6. The Buyer’s Lawyer/Notary will contact the Buyer when all the documentation has been prepared, in order to set-up an appointment for the Buyer to sign all documentation, including any mortgage documentation if applicable. This appointment takes place in the Lawyer’s/Notaries office usually 5 – 7 business days prior to the closing date. The Buyer will also be advised of the amount of additional funds the Buyer will need to make available to the Lawyer/Notary when the funds are required.
    
7. The Seller’s Lawyer/Notary will contact the Seller to set-up an appointment for the Seller to sign the documentation required to complete the transfer of the property from the Seller to the Buyer. This appointment is normally 5 – 7 business days prior to the closing date and usually takes place in the Lawyer’s/Notaries office.
    
8. On the day of Completion the Buyer’s Lawyer/Notary will register all documentation which includes the transfer of title and the mortgage, if applicable, at the Land Titles Office. Once the Buyer’s Lawyer/Notary has confirmation of registration of the documentation, they will forward the funds due to the Seller’s Lawyer/Notary.
    
9. The Seller’s Lawyer/Notary advices the Seller that the sale proceeds are ready to be picked-up and advises the Seller’s Realtor that the sale has been completed.
    
10. The Seller’s Realtor advises the Buyer’s Realtor that registration is completed and that the keys can be released to the Buyer on Possession day.
     
11. The Buyer’s Realtor delivers the keys to the Buyer on the Possession date.