Real estate conveyancing is often exciting, but can be frustrating. Whether you’re buying a new home, transferring titles to a property, or selling your home, the team at Sodagar & Co. can guide you throughout the process. We are confident in our abilities to help you. From assessing your needs to drafting and filing the necessary documents, we can provide the support needed to complete your transaction.
What is Real Estate Conveyancing?
Conveyancing occurs in every real estate transaction. It is the process of legally transferring ownership such as a property title, mortgage, or lien from one party to another. Thus, understanding the process beforehand and knowing what to expect when buying or selling your home can alleviate a lot of stress.
The conveyance process varies from province to province in Canada. Below you’ll find a brief overview of the process and requirements in British Columbia.
Each real estate conveyance is different. The following list will detail the six general steps that you and your lawyer will encounter.
- A realtor will give your lawyer conveyancing instructions in addition to a signed contract of purchase and sale. Your lawyer will also receive mortgage instructions from a lender.
- Your lawyer will then begin the due diligence process. This includes, but is not limited to, reviewing:
- Title to the property
- Outstanding taxes
- Liens or other chargers on the title
- Your lawyer will then proceed with preparing the transaction documents. These documents include, but are not limited to:
- Form A transfers
- Statements of adjustment
- Mortgage documents
- GST certificates
- Property Transfer Tax returns
- Once the buyer and seller sign the required documents, your lawyers will order funds from the lender. Afterwards, they will deposit the balance of funds from the buyer. Only then can they confirm that an excess deposit has been received.
- All the documents will then be reviewed to ensure that everything is in order. A pre-registration and post-registration title search will be performed. Afterwards, the balance is paid to the seller and the conveyancing lawyers will provide their final reports confirming that the property has been successfully transferred.
- Lastly, the seller will be responsible for the following:
- Paying any existing mortgages or other charges and providing proof of this
- Having their lender sign a Form C Discharge of Mortgage
This Discharge of Mortgage Form will need to be registered at the Land Title Office before the buyer’s lawyer can order a State of Title Certificate. Only when the State of Title Certificate is received can the conveyancing process be deemed complete.
What do You Need?
Below is a general, non-exhaustive list of requirements that you will need to prepare prior to beginning the real estate conveyancing process.
- A real estate or conveyancing lawyer. Your lawyer will require documents such as government issued IDs, contract information for your insurance agent and banking representative, home buyer status if you are a buyer, etc. Note that if you’re a first time home buyer, you may qualify for the following program that exempts you from property transfer taxes.
- Financial means. Conveyancing is a costly process. Prepare to cover your lawyer’s fees, realtor’s commission, disbursements and taxes, insurance, move-in fees, site surveys, etc.
- Other relevant documents. Your lawyer may need additional documents. For example, property deeds, certified checks, mortgage documents, bank drafts, etc.