Pre-completion Summary

Here’s what you can expect between the time the contract is accepted and subject-free and the time the transaction completes:

UPON ACCEPTANCE OF SUBJECT-FREE OFFER:

  • Deposit cheque given to Buyer’s agent for deposit in trust account
  • Buyer’s Agent delivers Contract of Purchase & Sale to Buyer & Seller
  • Buyer & Seller choose conveyancer/lawyer/notary public to handle preparation of transfer and/or mortgage documents
  • Prudential Conveyancing Department will forward fully-accepted Contract of Purchase & Sale to the conveyancer
  • Seller to Cancel or Transfer to New Home (Effective Possesion Day) 
    • BC Hydro
      (800-224-9376)
    • Fortis Gas
      (604-576-7000 or 888-224-2710)
    • Shaw Cable (TV &/or High-Speed Internet)
      (604-629-8888)
    • Telus (Phone &/or High-Speed Internet)
      (604-310-2255)

1 WEEK PRIOR TO COMPLETION:

  • Make appointment with your chosen conveyancer to complete the required transfer and/or mortgage documents
  • Conveyancer will advise the buyer of the exact amount of funds required for closing on a statement of adjustments (purchase price, adjustments, property transfer tax)
  • Conveyancer will advise the seller of the net proceeds to be received on a statement of adjustments and how to obtain their excess deposit cheque (from the conveyancer or from my real estate office)
  • At your appointment with your conveyancer, review the Statement of Adjustment to determine that you are receiving the correct amount of money

COMPLETION DAY:

  • Transfer documents registered at Land Title office
  • Respective lawyers will call their clients to advise of registration number
  • Prudential Conveyancing will be advised of registration number to evidence successful closing
  • Excess deposit cheque will be issued to the sellers by the buyer’s real estate company or the buyer’s conveyancer (an amount equal to the amount of the buyer’s deposit less the realtor’s commission + HST).  If issued by the buyer’s real estate company, this may take up to a few days to receive, depending on the company’s procedures
  • Cheque for interest, if any, on the buyer’s term deposit will be issued to the buyer

POSSESSION DAY:

  • Buyer will receive keys at noon through their agent, unless another time of the day was agreed upon
  • Seller will leave their extra keys, garage door remotes and any instructions and / or manuals on the kitchen counter