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.
- Realtor files a Sales Report with our Conveyance Department and the Real Estate Board of Greater Vancouver.
- The Conveyance Department inputs all the data into the computer.
- Both the Buyer and Seller provide their Realtor with the name and telephone number of the Lawyer/Notary representing them as soon as possible.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The Buyer’s Realtor delivers the keys to the Buyer on the Possession date.
