Wondering what happens after you’ve sent a purchase contract to The Notary Group? From opening your client’s file to submitting documents for registration, here’s a behind-the-scenes look at the work our BC notaries do to help your transactions reach completion.
Every transaction is different, and many of these activities happen at the same time.
Click on any stage below to discover what’s happening behind the scenes.
We’ve got the deal!
Thanks for sending us the purchase contract! We’re getting the file opened and starting the intake process.
When The Notary Group receives a purchase contract from a REALTOR®, we begin by reviewing the transaction details and determining whether we have the availability to act for the buyer.
Our initial review includes:
- Checking the important dates: We look at the completion and possession dates, along with any other deadlines that could affect our work.
- Reviewing the transaction: We identify anything that may require additional attention, such as unusual contract terms, multiple purchasers, or tight timelines.
- Checking our availability: We determine whether we have the time and resources to complete the necessary work.
- Preparing to open the file: Once we’re able to accept the transaction, we begin our onboarding process and arrange for the client to provide the information and documents we’ll need.
We can take most incoming files. However (as noted below), there are some situations where we might not be able to accept the file. We therefore try to do our intake assessment as soon as we can to identify any files for which we might not be able to act.
If we can act, we contact the client to confirm our engagement with them. If we cannot act, we let the client know that they will need to find other representation.
Sending us the contract is the first step, but it doesn’t automatically mean we’ve accepted the transaction.
When you send us a purchase contract, please:
- Include the complete contract: Send all pages, amendments, addenda and relevant schedules, especially if they have to do with fundamental issues like date or price changes.
- Provide your client’s contact information: We need to know how to reach the buyer to begin our onboarding process.
- Flag anything unusual: Tight completion dates, deceased people on title, needing to use a Power of Attorney, multiple buyers, privately managed stratas, unusual charges on title, a buyer travelling before completion, or anything else that could affect the transaction.
- Let us know about urgent deadlines: Particularly if completion is approaching quickly.
What happens next?
We review the transaction to determine whether we can act. Once we’ve confirmed that we can take the file, we begin contacting the buyer and arranging the information and documents needed to proceed.
One important point: If you haven’t received confirmation that we can act, please don’t assume we’ve accepted the transaction simply because you’ve emailed the contract.
1. What should I include when sending a purchase contract?
Your brokerage will usually send us your office’s Conveyancing Instructions Report along with a copy of the signed Contract of Purchase and Sale, together with all amendments, addenda and schedules to the Contract.
Please ensure that the Conveyancing Instructions Report includes the buyer’s full name, email address and telephone number so we can contact them as soon as possible.
If there’s anything unusual about the transaction, please send us an email to [email protected] so we can deal with that issue as soon as possible.
2. What if my client has an unusually short completion timeline?
We very much appreciate having two weeks between the time we receive the contract and the completion date – this gives us enough time to do all our due diligence and our preparation without incurring rush costs for the client. If you have a transaction that is going to be under two weeks from the date we receive it to the completion date, please get us the documentation as soon as possible, and make sure to highlight the short turn-around.
Short timelines can create difficulties with financing, document preparation, signing arrangements and registration requirements.
Any turn-around under one business week will need extra (and immediate) attention, so the client needs to be prepared for the additional work and costs involved in those situations. For example, many places that provide us with search information charge extra for urgent requests, or will not provide services at all in urgent situations.
3. Why might you refuse a file?
We might refuse to take on a file if:
- we are acting for the seller in the same transaction.
- the timeframe between the day we receive the contract and the completion date is simply too short.
- the client has not yet finalized their financing arrangements, or has difficult outstanding financing conditions.
- we have had to terminate the client’s relationship with us previously due to them being previously rude or abusive to our staff, not providing us with information we require or refusing to provide clear instructions.
- the transaction carries markers for suspicious circumstances, fraud or money laundering.
We’re doing a whole lot of stuff…
This is where most of the work happens behind the scenes. Much of it is invisible to outsiders!
Once the file is opened, we begin gathering information, reviewing the property and identifying anything that might affect completion.
There’s a lot more involved than preparing a transfer document!
Investigating the property
We obtain and review a current title search to confirm ownership and identify registered charges, restrictions and other interests that may affect the transaction.
Depending on the property, we may also need to investigate:
- Mortgages, judgments, liens or certificates of pending litigation registered against title.
- Easements, statutory rights of way, restrictive covenants and other registered interests.
- Strata information, including Form B certificates, Form F requirements and outstanding strata charges.
- Manufactured homes, leasehold interests or other unusual ownership arrangements.
- Property tax information and outstanding amounts that may need to be adjusted or paid.
Not every registered interest is a problem. Part of our work is determining what it means for the transaction and whether anything needs to be addressed before completion.
Working with the lender
If the buyer is obtaining mortgage financing, we review the lender’s instructions and arrange for the documents and requirements needed to register the mortgage.
This can involve communicating with mortgage brokers, lenders and other parties to resolve outstanding requirements.
Coordinating with the other side
We communicate with the seller’s notary or other conveyancing professional about the documents, financial arrangements and undertakings required for completion.
If something unusual appears, we work to identify and resolve it before it becomes a last-minute problem.
Preparing the financial details
We gather information needed to calculate the amounts payable on completion, including property taxes, strata fees and other adjustments.
Much of this work happens simultaneously, and some information cannot be finalized until closer to completion.
Please tell us about unusual circumstances as early as possible.
A few examples:
- The buyer is purchasing through a corporation or another ownership structure.
- Someone who needs to sign will be travelling or unavailable.
- The property includes a manufactured home, leasehold interest or unusual title arrangement.
- There are known title issues, outstanding judgments or other complications.
- The buyer is obtaining financing from an unusual source.
- The contract has been amended, particularly if the completion date or purchase price has changed.
You don’t need to investigate these issues for us. Just make sure we know about them.
Please send amendments promptly.
An amendment to the contract can affect our documents, financial calculations, lender requirements and completion arrangements.
Even if you’ve already sent an amendment to the brokerage conveyancing department, please ensure it reaches us.
Remember that some information comes from third parties.
Lenders, strata managers, municipalities and other professionals all have their own timelines.
An early start gives everyone more opportunity to deal with unexpected issues.
1. Why does the notary need so much time before completion?
A purchase involves much more than preparing documents for signature. We investigate title, review financing requirements, obtain information from third parties, prepare financial calculations and coordinate completion arrangements.
Some tasks depend on receiving information from other organizations, which is why additional time is valuable.
2. Does the notary review the entire purchase contract?
We review the contract for information relevant to the conveyancing process, including the parties, property, price, dates, adjustments and terms affecting completion.
We may contact you if something is unclear or if a contractual provision requires additional attention.
3. What happens if you discover a problem with the property?
It depends on the problem.
Some matters are routine and can be addressed through the usual conveyancing process. Others require further investigation, additional documentation or communication with the parties involved.
If an issue could affect completion, we’ll work with the appropriate people to determine what needs to happen.
4. Should I call to check whether everything is progressing?
You’re welcome to contact us if you have a concern or new information.
However, many of the activities described above are routine parts of our process. The absence of an update doesn’t necessarily mean nothing is happening.
We’re getting ready for completion
We’re bringing together the documents, funding and registration requirements needed to complete the purchase.
As completion approaches, the various pieces of the transaction need to come together.
This is when much of the earlier investigation, communication and preparation turns into documents, signatures and money.
Preparing the documents
We prepare and review the documents required for the transaction, which may include:
- Land title transfer documents.
- Mortgage documents and related lender requirements.
- Property Transfer Tax returns and applicable exemption information.
- Statements of adjustments and financial statements.
- Other declarations, authorizations and supporting documents required for the particular transaction.
We also review documents received from the seller’s conveyancing professional.
Arranging signatures
We contact the buyer to arrange the signing appointment and explain what identification, information and funds will be required.
During the appointment, we review the documents with the buyer, explain the transaction and address questions relating to the documents they are signing.
Coordinating the money
We calculate the funds required from the buyer and arrange for the receipt of those funds.
We also coordinate with the lender regarding mortgage advances and any remaining funding conditions.
The amount the buyer needs to provide may not be finalized until the necessary information has been received.
Preparing for registration
We review the documents and arrangements needed to submit the transaction for registration at the Land Title Office.
We also coordinate the financial and documentary undertakings that allow the buyer’s and seller’s conveyancing professionals to complete their respective obligations.
Please don’t be swayed by requests for an early key release.
Buyers are often excited to get in to their new home and get started on all the cleaning, renovations and unpacking. But it’s important to ensure that keys are only released in accordance with the contract.
Last-minute changes can cause delays.
Changes to the purchase price, completion date, financing or parties may require revised documents, recalculations and additional lender approval.
Please send any amendments immediately.
Help your clients plan ahead.
Buyers should be available for signing, have appropriate identification and be prepared to provide the required funds in the form and timeframe requested by our office.
Travel plans, identification problems and difficulties obtaining funds should be raised well in advance.
1. When will the buyer sign their documents?
We arrange the signing appointment once the necessary documents and information are sufficiently complete.
The appointment may take place before the completion date. Signing early does not mean the transaction has completed.
2. Why can’t the buyer bring a personal cheque for the balance?
Real estate completion funds must be received in an acceptable form and within the required timeframe.
Our office will provide instructions about how the buyer must deliver their funds. The buyer should follow those instructions rather than assuming a particular payment method will be accepted.
3. What if the buyer is out of town?
Please tell us as soon as possible.
Depending on the circumstances, we may be able to arrange signing through our Remote Client Program or coordinate with an appropriate professional in the buyer’s location.
Remote arrangements require advance planning and may be subject to lender and registration requirements.
4. Can the buyer get the keys as soon as they’ve signed?
No. The signing of documents for registration does not mean the transaction has completed. The documents still need to be submitted for registration, and the completion arrangements must still be satisfied. Please encourage buyers to follow the possession provisions in the contract.
We’ve submitted!
The registration process is underway, and we’re handling the remaining financial and reporting work.
The documents have been submitted to the Land Title Office, but that doesn’t necessarily mean the transaction is finished.
There are still important steps to complete.
Monitoring registration
We submit the required documents for registration and monitor their status.
Submission and registration are different events: A document may be submitted and assigned a pending application number before registration is completed.
We monitor the applications and address any issues that arise during the registration process.
Completing the financial arrangements
We coordinate the release and transfer of funds in accordance with the completion arrangements and the undertakings exchanged between the conveyancing professionals.
This includes accounting for the purchase funds and other amounts payable in connection with the transaction.
Confirming completion
Once the applicable submission requirements have been satisfied, we communicate completion information to the appropriate parties.
We also deal with any remaining documentation, reporting and post-completion obligations.
Finishing the file
After completion, we attend to the remaining administrative and reporting work, including final accounting and providing the client with the appropriate closing documents.
Some post-completion work continues after the buyer has taken possession.
Submitted does not mean registered.
This is one of the most important distinctions in the conveyancing process. We submit documents for registration on the Completion Date, but the LTSA still goes through its review and approval process, which can take weeks. It’s not fully registered until we receive the Notice of Registration from the LTSA.
Completion and possession must be treated separately.
Buyers get excited and want to move in, but even after we’ve submitted documents for registration, the terms around possession are still governed by the contract. For example, a transaction may complete on Thursday while possession is scheduled for Friday at noon.
Please don’t assume that funds have been released just because documents have been submitted.
The movement of funds is governed by the terms in the contract, by professional undertakings, and by closing arrangements negotiated between BC Notaries and lawyers.
Submission is one important milestone in the completion process, but it does not always equate to permission to release funds. In some transactions, other steps such as notifying lenders need to happen before mortgage funds can be released.
If there’s an issue affecting possession, please let us know promptly.
If you become aware of a problem involving vacant possession, tenants, keys or the condition in which the property is being delivered, please communicate with the appropriate parties immediately.
These issues may fall outside the conveyancing work, but they can have significant practical consequences for your clients.
1. Does submission to the Land Title Office mean the buyer owns the property?
Not necessarily.
Submission is the beginning of the registration process, not confirmation that registration has been completed.
The legal consequences depend on the status of the applications and the applicable land title rules.
2. When can the Realtor release the keys?
Follow the possession provisions in the contract and the completion arrangements.
Don’t use the buyer’s signing appointment or the submission of documents as a substitute for confirmation that the relevant conditions for key release have been satisfied.
3. Why might registration take longer than expected?
Registration timing can be affected by Land Title Office processing, document requirements or issues identified during examination.
A delay in final registration does not necessarily mean the transaction has failed to complete.
4. Is the notary’s work finished once the buyer gets the keys?
No. There are still more things we do, including monitoring for final registration, financial accounting, reporting, document delivery and other post-completion obligations.
Other Resources
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