BC Real Estate Closing Process: What Happens After Offer Acceptance (2026)
Most buyers and sellers understand what happens during the offer and subject period — but the closing process that follows is often a mystery. Understanding conveyancing, completion vs. possession, the statement of adjustments, and what happens on the day of closing helps realtors prepare their clients and avoid last-minute surprises.
From firm sale to keys: phase overview
Both parties have committed. No further exit without legal consequences. Buyer and seller notify their lawyers/notaries.
Buyer and seller retain their respective lawyers/notaries. Each begins collecting documents: existing mortgage details, strata documents (if applicable), identification, and property information.
Buyer's lawyer/notary orders title search and reviews for issues. Buyer's lender sends mortgage instructions to the lawyer/notary. Seller's lawyer/notary prepares discharge of existing mortgage.
Both lawyers/notaries prepare draft statements of adjustment. Property taxes, strata fees, and other pro-rated items are calculated. Buyer receives confirmation of exactly how much to bring to closing.
Buyer transfers the balance of funds (down payment minus deposit already held) to their lawyer/notary trust account. Funds must clear before completion day.
Mortgage funds flow from lender to lawyer/notary. Net proceeds flow to seller after mortgage discharge and fees. Title registers in buyer's name at Land Title Office.
Seller vacates and keys are released (often held by listing agent or building manager). Buyer does a final walkthrough of the property before taking possession.
What your lawyer or notary does for closing
Buyer's lawyer/notary
- ✓Receive and review mortgage instructions from lender
- ✓Conduct title search — confirm title is clear
- ✓Prepare transfer documents for Land Title Office
- ✓Prepare statement of adjustments
- ✓Arrange title insurance (if requested)
- ✓Collect balance of funds from buyer
- ✓Receive mortgage advance on completion day
- ✓Register title in buyer's name at LTO
- ✓Pay seller's proceeds through trust
- ✓Provide title insurance certificate and closing report
Seller's lawyer/notary
- ✓Confirm existing mortgage payoff amount
- ✓Prepare discharge documents for existing mortgage
- ✓Review transfer documents from buyer's lawyer
- ✓Prepare statement of adjustments (seller side)
- ✓Receive completion funds from buyer's trust
- ✓Discharge existing mortgage from title
- ✓Distribute net proceeds to seller
- ✓Confirm title transfer registered at LTO
- ✓Provide closing report and commission receipts
- ✓Release keys via listing agent
Common closing problems and how to prevent them
Closing costs summary: buyer and seller
Buyer closing costs
Seller closing costs
Commission rates in BC are negotiable. The example above uses a common BCREA schedule but rates vary by brokerage and property value.
Frequently asked questions
What is the difference between completion and possession in BC?
Completion is the legal transfer of ownership — the date the title changes from seller to buyer in the Land Title Office records, and the date the buyer's funds are transferred to the seller. Possession is the date the buyer gets access to the property and can move in. In most BC residential transactions, completion and possession are the same day. However, it is common and often advantageous to have completion occur 1–3 days before possession — this gives the title transfer time to process, funds time to clear, and removes the risk of a last-minute delay causing the buyer to not get keys on moving day.
Do I need a lawyer or can I use a notary for BC real estate closing?
Both lawyers and notaries public can handle residential real estate conveyancing in BC. Notaries are authorized to transfer title for most standard residential transactions. Lawyers are required when there are complex legal issues — disputed ownership, title encumbrances requiring legal interpretation, estate sales, or commercial transactions. For new buyers, either is appropriate for a straightforward residential resale. Cost is similar: conveyancing fees typically run $1,200–2,000 plus disbursements. Choose based on recommendation, availability, and whether any complexity in your transaction warrants a lawyer.
What are statement of adjustments and how do they work?
The statement of adjustments is a financial summary prepared by the lawyer or notary that shows the final figures for the transaction. It adjusts for items that cross the completion date: prepaid property taxes (if the seller prepaid taxes for the full year, the buyer owes for their portion from completion onward), prepaid strata fees, prepaid utilities (rare), and other pro-rated items. The statement shows exactly how much the buyer must bring to closing and exactly what the seller receives. Buyers typically receive the statement 2–3 days before completion — review it carefully for accuracy.
What happens on completion day in BC?
On completion day: the buyer's lender deposits mortgage funds to the buyer's lawyer/notary trust account; the buyer deposits the balance of the purchase price (down payment minus deposit already paid); the lawyer/notary sends funds to the seller's lawyer/notary; the seller's mortgage is discharged; title transfers in the Land Title Office; and the seller's proceeds are released. The entire process is coordinated between both lawyers/notaries. If any step is delayed (funds late, discharge delayed), the completion cannot proceed until resolved — which can push possession to the next business day.
What are the buyer's closing costs in BC?
Typical buyer closing costs in BC: Property Transfer Tax (1% on first $200K, 2% on $200K–$2M, 3% above $2M — reduced for first-time buyers and new construction), legal/notary fees ($1,200–2,000 plus disbursements including title search, insurance, and registration), home inspection (if subject was included, already paid, typically $400–700), title insurance ($200–400 optional but recommended), moving costs, and property tax adjustment if completion is mid-year. Total closing costs typically run 2–4% of purchase price above the down payment. First-time buyers purchasing under $500,000 may qualify for PTT exemption.
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