Introduction
When selling or buying your home, you are navigating the conveyancing process. This fundamental journey involves several legal and administrative steps crucial to transfer property ownership smoothly.
Here, we provide a comprehensive guide on the conveyancing process in BC. We hope that our guide will serve as your roadmap; whether you’re jumping into the market to buy your first home or preparing to sell your property.
What is conveyancing?
Conveyancing is the transfer of real estate property from a seller to a buyer. A legal professional, either a Notary or a lawyer, is specially trained in real estate conveyancing.
Generally, the conveyancing process comprises of the following steps:
- Offer of Purchase and Sale and acceptance
- Choose your Legal Representative
- Your Notary prepares your legal documents
- You execute your legal documents with your Notary
- Completion and Closing
- Registration and Transferring Title
- Post-completion
Learn more about each phase in greater detail below.
Offer of Purchase and Sale and acceptance
Once a buyer makes their offer and the seller then accepts it, both parties have entered a legally binding contract. The Contract of Purchase and Sale outlines:
- Civic and legal property address
- Information about the properties
- Purchase price
- Amount of deposit
- Terms and conditions
- Dates for:
- Subject removal
- Completion
- Possession
- Adjustment
Choose your Legal Representative
Once you have a legally binding contract, you’ll need to retain a Notary Public or Lawyer as your legal representative. As your Notary Public, we conduct our due diligence and gather information to prepare your legal documents. The buyer’s legal representative will conduct various searches to determine whether any charges or outstanding issues may affect the property’s value or use.
Preparation of legal documents
A significant part of the conveyancing process involves your legal representative meticulously preparing and reviewing your legal documents. The buyer’s legal representative will prepare the legal documents for both the seller and buyer to sign respectively, i.e. title transfer documentation or mortgage documents to be registered with the Land Title Office.
Once the documents are prepared, you will attend our office to sign them. Both parties scrutinize these documents to ensure their interests are accurately represented and protected.
Completion and Closing
The completion day is when funds and titles exchange hands. The buyer’s legal representative will transfer funds from the buyer and their lender, if applicable, to the seller’s legal representative. Each respective legal representative reports to their client of the completion of the transaction.
Registration and Transferring Title
Post-completion, the buyer’s legal representative registers the transfer of title with the Land Title and Survey Authority of British Columbia (LTSA). This transfer officially marking the change in ownership from the seller to the buyer. This step is crucial for legal protection and recognition of the new property owner.
Post Completion
Once available, the buyer’s legal representative orders a State of Title Certificate (STC) from the LTSA. The STC will have the new buyer’s name(s) registered on title and any financial charges belonging to the seller (i.e. mortgage) will have been removed.
Conclusion
This offers a brief overview of the conveyancing process. Whether buying or selling, either transaction involves many more steps. Contact our office today to reserve your spot. We are happy to guide you through the conveyancing process for a seamless transaction.