From accepted offer to completion
Once a real estate contract is binding, the dates and obligations in that contract matter. Buyers and sellers should know when subjects are removed, when financing must be ready, what is included in the property, and how completion and possession are scheduled.
For buyers
Ask early about title, financing, property transfer tax, insurance, strata documents if applicable, and the funds required to close. Do not assume the professional handling completion is also retained to investigate every physical or commercial issue with the property.
For sellers
Sellers may need to coordinate mortgage discharge, title documents, adjustments and sale proceeds. Existing liens, judgments or title defects can complicate closing.
Lawyer or notary?
Both lawyers and notaries may provide certain real-estate services in British Columbia, but their permitted scopes and the complexity they handle are not identical. If the transaction includes a dispute, unusual contract issue or litigation risk, ask who is qualified for that work.
The contract controls the closing process
The contract of purchase and sale sets the commercial framework for the transaction. Subjects, deposits, included items, adjustment dates, completion and possession should be understood before subjects are removed. Once a binding contract exists, changing a date or condition normally requires agreement from the other party, so assumptions made during negotiation can become expensive later.
Title and property records answer different questions
A title search can reveal registered ownership and charges, but it does not replace physical inspection, financing review or a careful look at strata records where applicable. Buyers of strata property may also need to understand bylaws, minutes, depreciation reports, insurance information and special levies. The right document review depends on the property and the risks identified before closing.
Prepare funds and instructions before completion day
Last-minute closing problems often come from financing conditions, identification requirements, insurance, unavailable funds or unresolved title matters. Buyers and sellers should respond promptly when their lawyer or notary requests documents or signing instructions. If a party believes the other side may not complete, early legal advice is particularly important because deposit rights, damages and other remedies can depend on the contract and the reason for the failure.
For current consumer information, review the BC Financial Services Authority guidance for home buyers.