Buying property in British Columbia can be a complex process. It is always recommended to work with a legal professional. At Ratcliff LLP, our experienced team of conveyancers can assist you with the timely completion of your residential real estate transaction while keeping you informed of the process along the way.
The typical steps in a residential purchase transaction are as follows:
1. OBTAIN LEGAL REPRESENTATION. Contact our office with the details of your transaction. If you are working with a realtor and/or mortgage broker, you should provide them with our contact information. It is important to complete this step as soon as you have a firm Contract of Purchase and Sale. It will save you money and stress.
2. PROVIDE DETAILS ABOUT YOURSELF. Our office will provide you with our purchaser information package for your completion and return. The information package elicits key details about yourself, any additional purchasers, and the property you are purchasing.
3. DUE DILIGENCE. Our office reviews your Contract of Purchase and Sale, Mortgage Commitment (if applicable) and completed information package. We then obtain a copy of the Title Search and Tax Certificate from the Land Title Office. If the property is part of a strata, we obtain information from the strata management company. Once we have compiled all necessary information, we are able to prepare purchase and sale documentation.
4. SALE DOCUMENTS SENT FOR SIGNING. Our office delivers sale documentation to the legal representative for the seller for signature and return.
5. SIGN PURCHASE DOCUMENTS WITH YOUR LAWYER. Our office arranges a meeting with you to sign purchase documentation. Prior to our meeting, we will notify you of the balance of proceeds we require to complete the purchase. The balance can be paid to our office by way of certified cheque, bank draft, or wire transfer.
6. COMPLETION. On the Completion Date, our office registers the transfer of title to the Property in the Land Title Office and pays purchase proceeds to the seller’s legal representative.
7. POSSESSION. We notify you and your realtor that the purchase has completed. Your realtor will then organize the exchange of keys. Once completed, you will be able to take possession of your new home!
8. FINAL REPORTING. A final report for the purchase is prepared by our office and delivered to you.
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