Document Conveyancing & Transfer at Land Title Office
Once we have the firm and binding contract in place, we will hand it off to a lawyer or notary of your choice. They will prepare the necessary documents to discharge and pay out any mortgage, then transfer ownership from yourself to the buyer.
Other documents to review with the lawyer will include the statement of adjustments, which will break down to the penny the cost born by each party. Who owes who for property taxes outstanding? Are the strata fees prorated for your mid month completion? Did you get the tenant’s damage deposit transferred over? And everyone’s favourite… How much property transfer tax do you owe?
The cost of your lawyer or notary will vary slightly based on the complexity and the number of charges on the title that need to be addressed. For a simple straight forward transaction you can budget roughly $1000 and go up from there. You will need to meet with the lawyer a few business days prior to the completion date (the actual day the home will transfer ownership).
On the possession date, which occurs after the completion date (sometimes later the same day, sometimes a few days later – very important to understand and negotiate this when the offer is being discussed) you will hand over the keys to your clean and empty Vancouver home and start the next chapter!
This is a very simplistic overview of all things involved in home selling, if you have any further questions, Orville would be happy to discuss any questions you may have regarding the points above. As a recommended realtor by many, Orville prides himself in providing the highest level of service possible.
If you’d like to find out how much your home is worth and how you can achieve the highest price possible, with the least amount of stress to you, fill out the contact form below and he’ll get back to you as soon as possible.