A deed of conveyance11/18/2023 Once the seller receives their proceeds, they pay any existing mortgages or other charges, provide proof of this action to the buyer’s lawyer, and have their lender sign a Form C – Discharge of Mortgage. The conveyancing lawyer provides a final report to their client and associated parties stating that the property has been transferred. The proceeds are then paid to the seller and the keys to the property are exchanged. Once it has been confirmed that everything is in order, the transfer documents are filed and a post-registration search is performed. Prior to the completion of transfer, the property conveyance deed and other documents are reviewed again and a pre-registration title search is performed. There are various documents involved at this stage including mortgage documents, Form A transfers, statements of adjustment, Property Transfer Tax returns and GST certificates.įollowing the signing of the documents by both the seller and the buyer, your lawyers will order funds from the lender, deposit the balance of funds from the buyer, and confirm that an excess deposit has been received. Two sets of documents are prepared: one for the seller and one for the buyer/borrower. Once the due diligence process is complete, a conveyancing lawyer will begin the preparation of transaction documents, including the property conveyance deed. This process includes reviewing the title to the property, investigating whether there are any mortgages, outstanding taxes, liens or other charges on the title as well as a series of other investigations to ensure that the transaction can complete as contemplated by the parties.(TRV) Once the documents are received, a conveyancing lawyer will begin the due diligence process. Generally speaking, the conveyancing process follows six broad steps.Ĭonveyancing often begins when a lawyer is given conveyancing instructions along with a signed contract of purchase and sale from a realtor and mortgage instructions from a lender. Steps in the conveyancing process in British ColumbiaĮach real estate conveyance is unique and presents a distinct set of challenges.
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