BC Realtor Completion & Conveyancing Guide: Closing Process, PTT, Title Insurance & Statement of Adjustments (2026)
The period between subject removal and possession day is invisible to most clients — but for realtors, it's a critical orchestration phase. Understanding the conveyancing process helps you set client expectations, catch problems early, and ensure nothing falls through on closing day. This complete guide covers everything from the lawyer's first review to the final key handover.
1. What Is Conveyancing in BC?
Conveyancing is the legal process of transferring title to real property from seller to buyer. In BC, this process is handled by a lawyer or notary public and involves: reviewing the contract, searching and certifying title, preparing transfer documents, coordinating mortgage funding, calculating adjustments, registering the transfer at the Land Title Office, and distributing funds.
As a realtor, you are not involved in the legal conveyancing — but you are the primary point of coordination. You connect buyers and sellers with their conveyancers, provide the accepted contract, relay information about inclusions and possession times, and manage client expectations about the timeline and cost.
Conveyancing in BC typically takes 2–4 weeks from subject removal to completion, though the timeline can be compressed to as little as 5 business days for urgent closings if all parties are available and organized.
2. Lawyer vs. Notary: What BC Buyers and Sellers Need
BC is unique in allowing notaries public to handle residential real estate conveyancing alongside lawyers. The choice matters because it affects cost, speed, and scope of advice available to your client.
Lawyer vs. Notary Comparison
| Factor | Notary Public | Real Estate Lawyer |
|---|---|---|
| Typical Fee | $900–$1,400 | $1,200–$2,000+ |
| Scope | Residential conveyancing only | Conveyancing + legal advice |
| Legal Advice | Cannot provide legal opinions | Full legal counsel available |
| Best For | Standard residential purchase/sale | Complex title, disputes, commercial |
| Availability | Often faster to book | May have longer waits |
| Estate Transactions | Limited scope | Can handle fully |
Recommend clients book their conveyancer immediately after subject removal — not after. Quality conveyancers in Metro Vancouver and Fraser Valley are booked 3–4 weeks in advance. Clients who call the week before completion risk being turned away or assigned to a junior file manager. Build a referral list of 2–3 trusted conveyancers you can refer immediately.
3. The Closing Timeline: Subject Removal to Possession
Understanding the standard conveyancing timeline helps you anticipate bottlenecks and reassure clients who are anxious about closing. Most delays are caused by slow document delivery, lender funding holds, or late information from the strata corporation — not conveyancer errors.
Standard BC Conveyancing Timeline
| Phase | Timing | Who Acts | Realtor's Role |
|---|---|---|---|
| Subject Removal | Day 0 | Buyer + Agent | Send signed removal to all parties |
| Conveyancer Engaged | Day 0–1 | Buyer + Seller | Provide referrals if needed |
| Contract Delivered | Day 1 | Agents | Send complete contract package |
| Title Search | Day 2–5 | Buyer's conveyancer | Monitor; flag issues |
| Mortgage Instructions | Day 5–10 | Lender → Conveyancer | Remind buyer to confirm with broker |
| Signing Appointment | 1–2 days before completion | Buyer with conveyancer | Remind buyer to bring ID + certified funds |
| Completion Day | As contracted | Conveyancers + LTO | Confirm completion with both conveyancers |
| Possession Day | 1–2 days after completion | Agents | Attend key handover; final walkthrough |
4. Property Transfer Tax: Rates, Exemptions & Calculations
Property Transfer Tax (PTT) is paid by the buyer at completion and is one of the largest closing costs in BC. Realtors must be able to estimate PTT accurately when advising buyers on closing costs — underestimating PTT leads to surprised clients at the signing table.
BC Property Transfer Tax Rates (2026)
| Property Value Portion | Rate | Example (on $900K purchase) |
|---|---|---|
| First $200,000 | 1% | $2,000 |
| $200,001 – $2,000,000 | 2% | $14,000 (on $700K) |
| Over $2,000,000 | 3% | N/A |
| Over $3,000,000 (residential) | +2% | N/A |
| Total PTT on $900K | — | $16,000 |
PTT Exemptions in BC
| Exemption | Eligibility | Full Exemption | Partial Exemption |
|---|---|---|---|
| First-Time Buyer | Never owned a principal residence globally | Under $835,000 | $835K–$860K |
| New Home | Newly built, never occupied | Under $1,100,000 | $1.1M–$1.15M |
| Newly Built Home | Residential; buyer must occupy | Under $750,000 | $750K–$800K |
| Family Transfer | Spouse, parent, child direct transfer | Yes (qualifying) | N/A |
PTT exemption eligibility is self-declared on Form B of the property transfer form. Realtors should never advise clients to claim exemptions they may not qualify for — incorrect PTT declarations are audited and penalties can be substantial. When in doubt, the client's conveyancer or accountant should advise on eligibility.
5. Title Insurance in BC: Coverage and When It Matters
Title insurance protects buyers against losses from defects in title that were not discovered during the title search. Unlike other insurance, it is a one-time premium with no ongoing renewals and covers issues from before the purchase date. It does not cover issues that arise after the purchase.
In BC, most residential lenders require a lender's title insurance policy as a condition of the mortgage. Buyers are often offered an additional owner's title insurance policyfor their own protection. The incremental cost of the owner's policy is small (typically $200–$400 on a typical BC home) relative to the protection offered.
Title Insurance Coverage
| Risk | Covered? | Scenario |
|---|---|---|
| Unknown liens on title | Yes | Builder's lien filed after title search |
| Title fraud | Yes | Forged signature on transfer document |
| Survey errors | Yes | Fence encroaches on neighbour's property |
| Zoning violations | Yes | Suite was built without permit |
| Unpermitted work | Yes (pre-existing) | Deck added without permit before purchase |
| Post-purchase issues | No | New lien filed after buyer takes possession |
| Environmental contamination | No | Oil tank discovered after purchase |
6. Statement of Adjustments Explained
The Statement of Adjustments is the financial settlement document that calculates exactly how much money the buyer must bring to close and how much the seller receives net of all charges. It is prepared by the buyer's conveyancer and reviewed by both sides before completion.
The adjustment date (usually the same as the completion date) is when property costs are divided between buyer and seller. If the seller has prepaid annual property taxes for the year, the buyer owes the seller a proportional credit for the portion of the year the buyer will own the property.
Sample Statement of Adjustments (simplified)
| Item | Buyer Credit | Seller Credit |
|---|---|---|
| Purchase Price | — | $950,000 |
| Deposit Paid | $47,500 | — |
| Property Taxes (seller prepaid) | — | $1,840 |
| Strata Fees (buyer's share) | $180 | — |
| Oil Tank Insurance Credit | — | — |
| Balance Due from Buyer | $904,160 | |
Buyers must bring this balance as a wire transfer or certified bank draft to their signing appointment. Personal cheques are not accepted. Realtors should remind buyers 2–3 days before signing to arrange certified funds and factor in wire transfer processing time.
7. Buyer's Closing Cost Checklist
Many buyers are shocked by the total closing costs on a BC real estate purchase. Realtors who clearly walk buyers through estimated closing costs early in the relationship avoid last-minute surprises and protect their relationships. Use this checklist as a basis for buyer education at the initial consultation.
Buyer's Closing Cost Estimate ($900K Purchase, No PTT Exemption)
| Cost Item | Estimated Amount | Notes |
|---|---|---|
| Property Transfer Tax | $16,000 | 2% on $700K + 1% on $200K |
| Conveyancing (Notary/Lawyer) | $1,200–$1,800 | Plus disbursements |
| Title Insurance (owner) | $250–$400 | One-time premium |
| Home Inspection | $500–$700 | Paid during subject period |
| Property Tax Adjustment | $1,500–$3,000 | If seller prepaid; varies |
| GST (new construction only) | 5% of purchase price | New builds only; rebates available |
| Moving Costs | $800–$3,000+ | Varies by distance, volume |
| Total (excl. GST) | ~$20,000–$25,000 | ~2.2–2.8% of purchase price |
8. Seller's Net Proceeds Calculation
Sellers want to know their net proceeds — what they walk away with after paying out their mortgage, agent commissions, and other closing costs. As a listing agent, providing a Net Proceeds Estimate at the listing presentation builds credibility and prevents later disputes.
Sample Net Proceeds Calculation ($900K Sale)
| Item | Amount | Notes |
|---|---|---|
| Sale Price | $900,000 | Accepted offer price |
| Mortgage Payout | − $350,000 | Current balance |
| Mortgage Penalty | − $8,000 | IRD or 3 months interest |
| Realtor Commission (total) | − $33,750 | ~3.75% + GST on $900K (varies) |
| Conveyancing | − $1,000 | Seller's lawyer/notary fee |
| Property Tax Balance | − $1,200 | Unpaid portion |
| Estimated Net Proceeds | ~$506,050 | Before capital gains (if applicable) |
Note: BC sellers of their principal residence generally do not pay capital gains tax. However, sellers with rental properties, investment properties, or non-resident sellers should consult their accountant — CRA withholding and capital gains obligations can significantly affect net proceeds.
9. Common Closing Problems and How to Resolve Them
| Problem | Common Cause | Resolution |
|---|---|---|
| Lender funds not received | Wire delay or instructions error | Call lender early AM; escalate to branch |
| Title issue discovered late | Undisclosed lien or easement | Lawyer addresses; may need brief delay |
| Seller won't vacate | Seller's purchase delayed; personal issues | Negotiate delayed possession with compensation |
| Missing inclusions | Seller removed items not excluded in contract | Demand return or replacement cost |
| Damage discovered at possession | Seller moved out carelessly | Document with photos; seek compensation |
| Buyer's funds short | Closing cost underestimated | Bridge loan; negotiate brief extension |
| Seller's mortgage not discharged | Lender processing delay | Holdback from proceeds; solicitors coordinate |
When a closing problem arises, the realtor's role is to facilitate communication between conveyancers and manage client anxiety — not to give legal advice. Your job is to keep calm, make calls, and ensure information is flowing. Most closing problems that arise on completion day can be resolved the same day if everyone stays in communication.
10. Possession Day: What Realtors Need to Manage
Possession day is the culmination of weeks of work — and the moment most visible to clients. How you handle possession day creates lasting impressions. The key is to confirm completion with both conveyancers before handing over keys and to do a final walkthrough with the buyer before they take possession.
Possession Day Checklist
| Task | Who | Timing |
|---|---|---|
| Confirm completion registered | Both agents + conveyancers | Morning of possession day |
| Confirm seller has vacated | Listing agent | Before buyer arrival |
| Final walkthrough with buyer | Buyer's agent + buyer | Before key handover |
| Document property condition | Buyer's agent | During walkthrough |
| Key handover | Listing agent → Buyer's agent | After walkthrough confirms OK |
| Utility transfer reminders | Both agents | 1 week before |
| Lock change recommendation | Buyer's agent | Advise immediately |
Always advise buyers to change all locks on possession day. Even with a clean handover, the previous owners may have given keys to contractors, cleaners, or friends who never returned them. This is standard advice that demonstrates professional care and protects your clients.
11. Client Scripts for the Closing Period
Script 1: Setting Closing Expectations with a Buyer
“Now that we have removed subjects, I want to walk you through what happens next. Your conveyancer will handle the legal transfer — they will contact you to schedule a signing appointment, usually 1–2 days before completion. At that appointment, you will sign the transfer documents, confirm your mortgage, and provide certified funds for the balance due. Once title is registered on completion day, you officially own the property. Possession is the day after — I will meet you there for a final walkthrough before the keys are handed over. The main thing you need to do in the next 2 weeks: book your conveyancer today if you have not already, arrange your moving company, and set up your utilities transfer.”
Script 2: Explaining PTT to a Buyer
“One of the biggest closing costs is Property Transfer Tax — it is a BC provincial tax on property purchases. On your $900,000 purchase, that is roughly $16,000. If this is your first home and the price is under $835,000, you may qualify for a first-time buyer exemption and pay zero PTT. Since you are at $900,000, you do not qualify for the full exemption, but there may be a partial rebate available. I am not a tax advisor — confirm the specifics with your conveyancer. But I always make sure buyers know about PTT early so it is not a surprise at the signing table.”
Script 3: Managing a Closing Day Delay
“I have an update on today's closing. The lender's wire transfer is showing a slight delay — your conveyancer is expecting it by 2 PM and title registration typically happens by 3 PM. This means possession may shift from our planned noon time to late afternoon. I know this is frustrating — your movers are already booked. I am monitoring this closely and will call you the moment title registers. In the meantime, let your moving company know there may be a delay and confirm whether they can flex a few hours.”
12. Frequently Asked Questions
What is the difference between a notary and a lawyer for real estate closing in BC?
In BC, both notaries public and lawyers can handle residential real estate conveyancing. Notaries are less expensive and specialize in conveyancing. Lawyers can handle more complex situations involving title disputes, estate transactions, or situations requiring legal advice. For most standard residential closings, a notary is sufficient.
How is Property Transfer Tax calculated in BC?
BC Property Transfer Tax is calculated on the fair market value: 1% on the first $200,000, 2% on $200,001 to $2,000,000, 3% over $2,000,000, and an additional 2% over $3,000,000 for residential properties. First-time buyers are exempt on properties under $835,000.
What does title insurance cover in a BC real estate transaction?
Title insurance protects buyers against losses from defects in title not discovered during the title search — including unknown liens, title fraud, survey errors, zoning violations, and unpermitted work. It does not cover issues that arise after the purchase date.
What is a Statement of Adjustments in a BC real estate transaction?
A Statement of Adjustments shows exactly how much money the buyer needs to bring to complete the purchase — starting with the purchase price, deducting the deposit, and adjusting for prorated property taxes, strata fees, and other costs divided between buyer and seller at the adjustment date.
What happens if the seller's mortgage is not discharged before completion in BC?
The seller's conveyancer coordinates with the lender to obtain a payout statement and arrange mortgage discharge from sale proceeds. This is routine for most transactions. If there are undisclosed private liens or CRA debts, they can delay or prevent completion and must be resolved before title can transfer.
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