Congratulations! Your offer has been accepted and your subjects have been removed. So what happens after an offer to buy a home is accepted in BC? Buying a home is exciting, but many buyers are surprised by how much happens between accepting an offer and receiving the keys.
This guide explains the steps that usually take place during a residential real estate purchase in British Columbia, including what your notary does, what your lender does, what you need to do, and what to expect on completion day.
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In this video, BC Notary Linda Caisley explains what happens after an offer to buy a home in BC is accepted, including financing, signing documents, completion day and possession.
Quick Home Buyer Checklist
Here is a list of things we’d like you to think about:
- Send your contract to your notary
- Tell your lender who is acting for you
- Provide identification when requested
- Arrange home insurance
- Make your cash-to-close funds available
- Attend your signing appointment
- Arrange utilities and moving services
- Be available on completion day
- Pick up your keys on possession day
Download our detailed checklist here.
Step 1: Send Your Contract to Your Notary
Once your contract is fully signed and all subjects have been removed, make sure your notary receives a copy.
If you are working with a REALTOR®, they will often send the contract directly to us. If not, you should send it to us as soon as possible so we can open your file and begin preparing for closing.
Step 2: Tell Your Lender Who Is Acting for You
If you are obtaining a mortgage, your lender needs to know who will be handling your purchase.
Your lender will send instructions to our office explaining the conditions that must be satisfied before mortgage funds can be released.
The sooner those instructions arrive, the more smoothly your transaction is likely to proceed.
Step 3: Understand the Timing
Most purchase transactions work best when we receive the contract and lender instructions at least two weeks before the completion date.
This gives us time to:
- Review the contract
- Conduct title and other searches
- Prepare legal documents
- Communicate with the seller’s legal representative
- Arrange signing appointments
- Receive mortgage and client funds
If your completion date is less than two weeks away, contact us as soon as possible.
Step 4: Complete the Intake Process
After opening your file, our staff will contact you to collect information about your transaction.
We may ask questions about:
- Your names and contact information
- How you will hold title
- Your mortgage financing
- Insurance arrangements
- Property tax matters
- Possession arrangements
This information helps us prepare your documents correctly.
Step 5: Identification Requirements
All buyers must provide satisfactory identification before documents can be signed.
We will explain what identification is required and how it can be provided.
Because money laundering and fraud are now significant risk factors, we will ask you to verify your identity by using a third party Identification Verification service such as Treefort or Chicago Title.
Step 6: Arrange Home Insurance
If you are obtaining a mortgage, your lender will generally require proof of insurance before mortgage funds can be released.
Do not leave insurance until the last minute, and make sure you pay for the premium as soon as your broker gets it organized for you.
Your insurance broker should be given enough time to arrange coverage and provide confirmation to your lender.
Step 7: Prepare Your Cash to Close
Before completion, we will go through a financial statement with you that shows the funds you will need to complete the transaction.
This amount is often referred to as your “cash to close”, and often includes amounts for:
- The balance of the purchase price
- Property transfer tax
- Registration fees
- Adjustments for taxes or utilities
- Legal fees and disbursements
If your funds are held in investments or online banking accounts, please make arrangements to get your funds out and available early so they are ready to go when you need them. We generally ask you to have your funds available 3-5 business days before your completion date.
Step 8: Attend Your Signing Appointment
Most buyers sign their legal documents approximately three to five days before completion.
Much (but not quite all!) of the work can now be done digitally. We will set up a videoconference appointment with you to go through:
- Transfer documents
- Mortgage documents
- Tax forms
- Trust and closing documents
Once you have reviewed, approved and signed the documents presented to you in this videoconference, we will also have you come in and sign the few documents that still need to be signed in person.
Bring your identification and a list of any questions you may have to your in-person signing appointment.
Step 9: Be Available in the Week Before Completion Day
One of the most important parts of what happens after an offer to buy a home is accepted in BC is making sure you are available in the week before your completion day. Completion day is the day ownership is transferred into your name.
Unexpected issues occasionally arise, and we may need instructions or information from you.
Please remain available by telephone and email throughout the day.
Step 10: What Happens on Completion Day?
On completion day we:
- Coordinate funding – from you and from any lender you might be using
- Make sure we have all of the necessary paperwork in place and signed
- Submit documents to the Land Title Office
- Register your mortgage (if applicable)
- Deal with any last minute issues that crop up
- Exchange funds with the seller’s legal representative
- Report back to you and your Realtor.
Step 11: Possession Day and Getting the Keys
Possession day is usually different from completion day. In fact, it’s usually set for the day after the completion date, just in case any issues happen on completion date that need a bit of extra time to deal with. This is the day you are entitled to take possession of the property.
Your contract will specify the exact date and time that you are entitled to take possession of the property.
If a Realtor is involved, they will typically coordinate key release.
Step 12: After Completion
After closing, we continue to complete several administrative tasks, including final reporting and file completion.
You will receive a final reporting package containing important information about your purchase.
Keep these documents in a safe place for future reference.
Frequently Asked Questions
Here are some frequently asked questions about what happens after an offer to buy a home is accepted in BC.
How long does a home purchase take in BC?
Most transactions allow approximately two weeks between subject removal and completion, although shorter timelines are sometimes possible.
Do I need a lawyer or a BC notary for a home purchase?
Both BC lawyers and BC notaries can assist with residential real estate conveyancing transactions in British Columbia. We do the same standard of work, we both give legal advice and we are both trusted legal professionals capable of managing standard and complex transactions!
When do I get the keys?
Your contract specifies the possession date and time. This is often, but not always, the day after completion.
What is “cash to close”?
Cash to close is the amount of money you must provide to complete your purchase after accounting for your mortgage funds, deposit, taxes, fees, and adjustments.
What happens if my mortgage instructions are delayed?
Delays can create challenges, particularly where completion dates are close. Providing your lender with your notary’s information as early as possible can help avoid problems.
Have questions?
Have questions about what happens after an offer to buy a home is accepted in BC?
Come see us in person, call us, or email us!