Transaction Completion Process

The Buyer’s Lawyer is responsible for providing a clean title with no encumbrances carried over to the Buyer.

1) Ordering the strata for a Form F, which is a current financial snapshot of the unit and the strata.
2) Tourism Whistler for TW fee status.
3) Financial institution for mortgage details.
4) RMOW for property tax status.
5) Residential Tenancy Agreements of any tenants for transfer of security deposits and rents.

1) The Buyer’s lawyer prepares a Statement of Adjustment for both the Buyer and the Seller. The SOA details the calculations that determine the exact amount the Buyer will have to pay to the Seller on closing. It also shows the Seller the calculations and what the sales proceeds will be.

1)The land title transfer documents that are to be signed by the Seller have to be notarized. A lawyer or a notary must witness and authorize the signature.
2) If the Buyer has agreed to financing, those mortgage documents will have to be notarized. If there is no mortgage, then the Buyer can e-sign the documents, with no notary required.
It is essential that when agreeing to a completion date this is taken into consideration, especially as people seem to forget their travel schedule when working on a contract.

1) Retrieve the deposit funds from the Sutton Group trust account, receive the mortgage funds (if applicable) from the financial lending institution, and/or funds, or balance of funds directly from the Buyer. These funds are now all held in trust with the Buyer’s Lawyer.
2) If the Buyer is not obtaining financing, the Buyer can send the funds directly to the Lawyer’s Trust Account.

Collect the Statement of Adjustment signed by the Buyer and the Seller, together with the funds, and prepare the Land Title Transfer document.

1) The Buyer’s lawyer sends the Land Title Transfer documents to the Land Title office.
2) Buyer’s lawyer receives the Land Title Registration. This registration indicates that the title has transferred from the Seller to the Buyer.
3) The Buyer’s lawyer will fax (yes, you read that correctly) a copy of the Registration to the Buyer’s Real Estate Brokerage and to the Seller’s Lawyer.

1) The Buyer’s lawyer writes a cheque for the monies due to the Seller and sends the cheque to the Seller’s lawyer, who then forwards the amount to the Seller.
2) If the Seller is a non-resident, at least 25% of the sale price will be held back by the Buyer’s lawyer until the Clearance Certificate has been received. This can take up to 18 weeks.
3) Buyer’s lawyer notifies the government authorities to withdraw the Property Transfer Tax and GST (if applicable) from the Trust Account of the Buyer’s lawyer.
4) Pop the champagne.