Here’s what you can expect between the time the contract is accepted and subject-free and the time the transaction completes:

Upon Acceptance of Subject-Free Offer

  • Deposit cheque given to Buyer’s agent by the buyer for deposit in trust account
  • Buyer’s Agent delivers Contract of Purchase & Sale to Buyer & Seller’s Agent
  • Buyer & Seller choose lawyer/notary public to handle preparation of transfer and/or mortgage documents
  • Royal LePage Sussex Conveyancing Department will forward fully-accepted Contract of Purchase & Sale to the lawyer/notary
  • Seller to Cancel or Transfer to New Home (Effective Possession Day)
    • BC Hydro
    • Fortis BC
    • Shaw Cable (TV &/or High-Speed Internet)
    • Telus (Phone &/or High-Speed Internet)
    • District of West Vancouver – Cancel any Utility Auto Debit Plan(s)

2 Weeks Prior to Completion

  • Make appointment with your chosen lawyer/notary to complete the required transfer and/or mortgage documents
  • Lawyer/notary will advise the buyer of the exact amount of funds required for closing on a statement of adjustments (purchase price, adjustments, property transfer tax)
  • Lawyer/notary will advise the seller of the net proceeds to be received on a statement of adjustments and how to obtain their excess deposit cheque (from the lawyer/notary or from my real estate office)
  • At your appointment with your lawyer/notary, review the Statement of Adjustment to determine that you are receiving the correct amount of money

Completion Day

  • Transfer documents registered at Land Title office
  • Respective lawyer/notary will call their clients to advise of registration number
  • Royal LePage Sussex Conveyancing will be advised of registration number to evidence successful closing
  • Lawyer / Notary prepares payment of net proceeds for seller and confirms when seller will receive their funds
  • Excess deposit cheque will be issued to the sellers by the buyer’s real estate company or the buyer’s lawyer/notary (an amount equal to the amount of the buyer’s deposit less the realtor’s commission + GST).  If issued by the buyer’s real estate company, this may take a few days to receive, depending on the company’s procedures
  • Cheque for interest, if any, on the buyer’s term deposit will be issued to the buyer

Possession Day

  • Buyer will receive keys through their agent