For the Buyer: What Happens on Closing Day?
1. Final Document Review & Client Signing
In the days leading up to closing, we prepare all the necessary documents — including the title transfer, Property Transfer Tax Return, mortgage documents (if applicable), and a statement of adjustments. We’ll invite you to our office to review and sign these documents.
2. Receipt of Funds
Your down payment and closing costs must be in place. We’ll request that you provide your portion of funds, by certified cheque or bank draft, at least one day before closing. We also receive mortgage funds directly from your lender.
3. Title Search & Due Diligence
Before submitting anything to the Land Title Office, our conveyancer will double-check the title, ensuring no new charges or liens have appeared. We also confirm strata documents, taxes, and legal descriptions are in order.
4. Registration of Title
Once everything checks out, we electronically register the transfer of ownership and the mortgage (if applicable) with the BC Land Title and Survey Authority.
5. Payout & Possession
Once title is registered in your name, we release the purchase funds to the seller’s lawyer. The home is officially yours — and unless otherwise agreed, you’ll take possession by 12:00 p.m. the next day.
For the Seller: What Happens on Closing Day?
1. Document Preparation & Signing
We’ll prepare the necessary seller-side documents, including the Form A (Freehold Transfer), GST Certificate, and other affidavits. You’ll meet with us to sign these, usually a few days before closing.
2. Confirming Payouts
Our conveyancing team will request a payout statement from your mortgage lender, strata (if applicable), and any other creditor registered on title. We use these to prepare the seller’s Order (Direction) to pay and calculate net sale proceeds.
3. Transfer Registration & Funds Receipt
Once the buyer’s lawyer registers the transfer at the Land Title Office, they’ll notify us. At that point, we receive the sale proceeds disburse funds in accordance with the approved order (Direction) to pay.
4. Discharge of Mortgage & Other Charges
We use the sale proceeds to pay off your existing mortgage or lines of credit, discharge the mortgage from title, and pay any outstanding property taxes, strata fees, or realtor commissions.
5. Client Payout
After all payouts are completed and verified, we release the net sale proceeds to you by cheque or bank transfer.
Behind the Scenes: What Your Lawyer & Conveyancer Are Doing
On closing day, things can move quickly, but rest assured our team is working through a detailed checklist. This includes:
- Confirming receipt of funds from buyers and lenders
- Coordinating with the other party’s legal counsel
- Resolving last-minute title or document issues
- Submitting documents to the Land Title Office
- Verifying mortgage discharges and payouts
- Ensuring all legal and financial obligations are met before releasing funds or keys
Final Thoughts
Whether you’re buying your first home, upgrading, or downsizing, closing day is a major milestone. At Downtown Abby Lawyers, we’re proud to be part of that moment and make the process as smooth and stress-free as possible.
If you’re planning to buy or sell property in Abbotsford or the Fraser Valley, feel free to reach out to our real estate law team. We’re here to guide you every step of the way.
Contact Us:
📍 #305-2031 McCallum Rd, Abbotsford, BC
📞 (604) 776-2571
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🌐 www.downtownabbylawyers.ca