BC Real Estate Conveyancing: What Happens Between Offer Acceptance and Completion
For most buyers, the period between an accepted offer and key handover is a black box. They know the deal is happening, they are getting mortgage documents from their broker, and they are receiving requests from their lawyer or notary for information and funds. But the actual legal mechanics of what is occurring — and why each step matters — is rarely explained. This guide walks through the complete conveyancing process for BC real estate transactions in plain language.
What conveyancing is
Conveyancing is the legal process of transferring ownership of real property from one party to another. In BC, this process is handled by either a notary public or a real estate lawyer — both are qualified to complete most residential transactions. The conveyancing professional reviews the contract, searches title, prepares the legal documents, coordinates the trust fund movement, and registers the transfer at the BC Land Title Office.
Realtors facilitate the transaction — they write the offer, negotiate the terms, manage conditions, and coordinate the parties — but they do not handle legal title or funds. Those flow through the conveyancing professional, who is regulated by either the Law Society of BC (lawyers) or the Society of Notaries Public of BC (notaries).
Lawyer vs. notary: which do you need?
| Situation | Notary sufficient? | Notes |
|---|---|---|
| Standard residential purchase or sale | Yes | Most common situation; notary is typically less expensive |
| Mortgage refinancing | Yes | Standard refinancing without title complications |
| Title insurance review and advice | Yes | Notaries arrange title insurance as standard practice |
| Court-ordered sale (foreclosure, estate dispute) | No | Requires lawyer — court process involved |
| Title dispute or existing encumbrance to discharge | No | Legal advice and potential litigation required |
| Corporate or trust purchase | Sometimes | Complex corporate structures may require a lawyer |
| Power of attorney transaction | Sometimes | Depends on the POA document and complexity |
| Transaction involving litigation | No | Only lawyers can represent parties in BC court |
For a standard residential purchase — freehold or strata — a notary is entirely appropriate and often meaningfully less expensive than a lawyer. Budget $1,200 to $2,000 for notary fees on a typical purchase; lawyer fees run $1,500 to $3,000 for the same transaction. Both are subject to HST. These are professional fees separate from the government registration fees and property transfer tax.
The conveyancing timeline: step by step
The conveyancing process typically begins once the contract becomes unconditional — after all subject conditions have been removed. Here is what happens at each stage.
Engage your conveyancing professional
Immediately after subjects removedEngage your lawyer or notary as soon as the contract becomes unconditional — do not wait until two weeks before completion. Conveyancing professionals get busy, and starting early gives you time to address any issues that arise during the title search. Provide a copy of the Contract of Purchase and Sale and all schedules and addenda.
Title search
1–3 business days after engagementYour lawyer or notary searches title at the BC Land Title Office to verify ownership, registered charges (mortgages, liens, easements, covenants, rights-of-way, certificates of pending litigation), and any encumbrances that will remain on title after the sale. They confirm the seller has clear title to transfer and identify any issues that need to be resolved before completion.
Title insurance
After title searchYour lawyer or notary will typically recommend obtaining title insurance from a provider like FCT (First Canadian Title) or Stewart Title. Title insurance protects buyers against undiscovered title defects, survey issues, encroachments, and certain off-title matters like outstanding building permits or zoning violations. A one-time premium of $250 to $400 is standard for residential properties. Most lenders require title insurance.
Mortgage instructions
1–2 weeks before completionYour lender sends mortgage instructions to your lawyer or notary — the exact loan amount, interest rate, term, payment schedule, and conditions the lender requires before releasing funds. Your conveyancing professional prepares the mortgage documents you will sign. Read these carefully — they are the actual legal documents binding you to the mortgage, not the commitment letter from your broker.
Statement of Adjustments
3–5 business days before completionYour lawyer or notary prepares the Statement of Adjustments — a reconciliation of all prepaid and outstanding expenses as of the completion date. Common adjustments include property taxes (prorated to the day), strata fees (prorated to the day), prepaid utilities or rentals, and any holdbacks the parties agreed to. The Statement of Adjustments shows the precise amount you need to bring to closing beyond the mortgage funds.
Signing appointment
1–3 business days before completionYou meet with your lawyer or notary to sign all documents — the Transfer of Land (the document that legally conveys ownership), the mortgage documents, the title insurance application, and various statutory declarations. Both buyers must be present if there are two purchasers. If you cannot attend in person, arrangements must be made in advance — some documents can be witnessed remotely, others must be signed before a commissioner of oaths.
Deposit of funds
1–2 business days before completionYou deposit the closing funds — down payment minus deposit already held in trust, plus closing costs — into your lawyer or notary's trust account. These funds must be deposited as cleared funds (bank draft or wire transfer) before completion. Personal cheques are not accepted on the morning of closing. Budget for: purchase price minus mortgage amount minus deposit already in trust, plus PTT, plus legal fees, plus adjustments.
Completion — registration and fund release
Completion dateYour lawyer or notary files the Transfer of Land and the new mortgage at the Land Title Office. Once registration is confirmed, they release the purchase funds to the seller's lawyer or notary, who in turn discharges the seller's mortgage and pays the seller the net proceeds. Title is now in your name.
Possession
Completion date or day afterThe listing realtor or seller releases the keys once they have confirmed that completion has occurred and funds have been received. In BC, the standard contract calls for possession at 12:00 PM on the possession date unless otherwise specified. The buyer should confirm possession time with their realtor well in advance.
Property Transfer Tax: how much and when
Property Transfer Tax (PTT) is one of the largest closing costs in BC — and one that many first-time buyers underestimate until they receive their Statement of Adjustments.
| Purchase price | PTT rate | Example PTT (on that portion) |
|---|---|---|
| First $200,000 | 1% | $2,000 |
| $200,001 to $3,000,000 | 2% | Up to $56,000 |
| Above $3,000,000 | 3% | 3% on amount above |
PTT examples
$800,000 purchase: (1% × $200,000) + (2% × $600,000) = $2,000 + $12,000 = $14,000
$1,200,000 purchase: (1% × $200,000) + (2% × $1,000,000) = $2,000 + $20,000 = $22,000
$1,800,000 purchase: (1% × $200,000) + (2% × $1,600,000) = $2,000 + $32,000 = $34,000
PTT exemptions
First-Time Home Buyer Exemption
Full exemption for properties up to $500,000; partial exemption for $500,001 to $835,000. The buyer must be a Canadian citizen or permanent resident, have never previously owned property anywhere in the world, and intend to occupy the property as a principal residence within 92 days of registration. Spousal/partner purchases require both parties to qualify.
Newly Built Home Exemption
Full exemption for newly built homes up to $1,100,000; partial exemption for $1,100,001 to $1,150,000. Applies to new construction homes and substantially renovated properties. The buyer must be a Canadian citizen or permanent resident and intend to occupy as a principal residence. Does not require first-time buyer status.
Qualifying Property Exemption
Various additional exemptions exist for transfers between related individuals, certain farm transfers, and transfers involving family farms. These are narrow and require specific documentation.
What money flows where at completion
Understanding the money flow at completion helps buyers understand why they need cleared funds in trust before completion and why the keys cannot be released until the fund transfer is confirmed.
Mortgage proceeds
Buyer's lender → Buyer's notary/lawyer trust account
Day of or day before completion
Down payment balance + closing costs (bank draft or wire)
Buyer → Buyer's notary/lawyer trust account
1–2 business days before completion
Total purchase proceeds
Buyer's notary/lawyer trust → Seller's notary/lawyer trust account
Completion day after registration
Mortgage payout (including penalty if applicable)
Seller's notary/lawyer trust → Seller's mortgage lender
Completion day
Commission per listing contract
Seller's notary/lawyer trust → Seller's realtor's brokerage trust
Completion day
Net sale proceeds
Seller's notary/lawyer trust → Seller's bank account
Completion day or next business day
Common closing issues and how to handle them
Funds not cleared in time
Wire transfers take 1 to 2 business days. Bank drafts from a different institution can take 24 hours to be confirmed. Do not wait until the day before completion to deposit funds. If funds are not in trust by completion morning, the transaction cannot complete — this is a breach of contract and the buyer may lose their deposit.
Title issue discovered during search
If the title search reveals an encumbrance that was not disclosed — a judgment lien, strata special levy registered against title, or a certificate of pending litigation — the buyer's lawyer must notify the seller's lawyer and demand it be cleared before completion. If it cannot be cleared, the buyer may have grounds to rescind or renegotiate.
Seller's mortgage payout amount higher than expected
If the seller's mortgage payout (including any prepayment penalty) exceeds the sale proceeds, the seller needs to bring additional funds to their lawyer at completion. This is not the buyer's problem but can cause delays if the seller is unprepared.
Final walkthrough reveals damage
A final walkthrough (typically on possession day or the day before) may reveal damage that occurred between conditions removal and completion. The contract typically requires the property to be in the same condition as at the inspection date. Disputes are handled between the parties — your realtor can assist, but resolution after completion can require legal action.
Completion delayed
If completion cannot occur on the scheduled date due to a party's failure to perform — seller's lawyer is unavailable, buyer's funds are not in trust, lender's instructions arrive late — the defaulting party may be in breach of contract. Extensions require mutual written agreement and may involve compensation to the non-defaulting party.
What realtors should communicate to buyers before closing
Buyers who have been through the conveyancing process before may navigate it confidently, but first-time buyers often have no idea what is expected of them or when. Realtors who proactively walk buyers through the process reduce stress, prevent errors, and generate referrals from clients who felt supported through the entire transaction.
| Timing | What buyers need to know |
|---|---|
| At subjects removal | Engage your lawyer or notary now; confirm completion and possession dates; notify your lender that subjects are removed |
| 3–4 weeks before completion | Contact your insurance broker to arrange home insurance (lender requires proof before funding); begin packing and moving logistics |
| 2 weeks before completion | Confirm your signing appointment with your lawyer or notary; confirm closing costs estimate; book moving truck |
| 1 week before completion | Get a certified bank draft or arrange a wire transfer for closing funds; do not rely on a personal cheque |
| Signing appointment (2–3 days before) | Bring government-issued photo ID; both buyers must be present; expect to sign 30–50 pages of documents |
| Completion day | Do not book movers to start before possession time is confirmed; wait for your realtor to confirm the transfer before picking up keys |
FAQ
Do I need a lawyer or can I use a notary for a BC real estate purchase?+
What is property transfer tax in BC and how much is it?+
What are adjustments in a BC real estate closing?+
What is the difference between completion and possession dates in BC?+
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