Posted on
February 12, 2025
by
Christopher Lee
So you have an accepted offer and all of the subjects have been removed. Now what? What are my next steps? Who should I be consulting with? What should I be considering? When should all of this take place?
Below is a step by step explanation and checklist regarding the the conveyance process to help close your real estate transaction:
1. Hiring a Lawyer or Notary Public
- You will need to hire a lawyer or notary public to help you navigate your way through the conveyance process.
- You will need to visit your selected Lawyer or Notary to verify your identity and sign the necessary documents, so choose a lawyer that is convenient for you.
- A Lawyer or Notary can equally do the necessary conveyance work required. Notaries tend to be less expensive, but choose a Notary or Lawyer that you ultimately feel comfortable with.
2. Accepting an Offer and Opening Conveyance
- Once you accept an offer, your realtor sends the contract to both your lawyer/notary and the buyer's lawyer/notary
- Your conveyancer opens a file and begins ordering necessary documents, including the current Title Search
- They'll contact you to schedule a signing appointment, typically 1-2 weeks before completion
3. Document Preparation (2-3 weeks before completion)
- Your conveyancer prepares the Transfer of Title document
- They calculate the Statement of Adjustments, which includes:
- Property tax adjustments
- Strata fee adjustments (if applicable)
- Utilities adjustments
- Commission calculations
- Mortgage payout amounts
- They order a mortgage payout statement from your lender
4. Dealing with Strata Properties (if applicable)
- Your conveyancer requests necessary strata documents including:
- Form F (Certificate of Payment)
- Form B (Information Certificate)
- Strata meeting minutes
- Insurance certificate
- These must be provided to the buyer's conveyancer
5. The Signing Appointment (typically 1 week before completion)
- You'll meet with your conveyancer to sign:
- Transfer of Title
- Statement of Adjustments
- GST Certificate (if applicable)
- Property Transfer Tax forms
- Mortgage discharge documents
6. Final Steps (day of completion)
- Your conveyancer receives funds from the buyer's conveyancer
- They pay out your existing mortgage
- They pay the real estate commission
- They transfer the remaining proceeds to you according to your instructions
- Keys are released to the buyer through the realtors
7. Post-Completion
- The Transfer of Title is registered at the Land Title Office
- Your mortgage is discharged
- You receive confirmation that the sale is complete
- Final proceeds are disbursed to your account
Things to consider:
- Keep your final utility meter readings
- Cancel your home insurance (effective after completion)
- Notify relevant parties of your change of address
- Ensure the property is in the condition specified in the contract
- Be available by phone on completion day in case any issues arise
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