Buyer / Seller · Closing
Closing day in BC is when ownership transfers from seller to buyer through the Land Title Office. The mechanics happen mostly behind the scenes through your lawyer or notary. Here's the verified read on what each party does.
Verified · Buyer / Seller · Closing
Pre-closing — Buyer
Wire down payment funds to your lawyer's trust account a few days before closing. Lawyer prepares the Statement of Adjustments showing every closing-cost line item. Sign the mortgage and other documents at lawyer's office.
Pre-closing — Seller
Sign the Transfer of Land at lawyer's office. Hand over keys, garage door openers, etc. (often via the REALTOR®). Vacate the property by the closing time specified (often noon).
On closing day
Buyer's lawyer registers the Transfer at the BC Land Title Office. Funds are released from buyer's lawyer to seller's lawyer (less mortgage discharge, taxes, adjustments).
Possession transfer
Often noon on closing day, but can be later. REALTOR® arranges key transfer once funds confirmed.
Mortgage discharge
Seller's existing mortgage is discharged from title at closing. Funds go directly to seller's bank to pay off the old mortgage; balance to seller.
Property Transfer Tax (PTT)
Buyer's lawyer remits PTT to the BC government as part of the registration.
Adjustments
Property tax, strata fees, utilities (some) are adjusted between buyer and seller based on the closing date — buyer reimburses seller for prepaid amounts; seller credits buyer for unpaid amounts.
Insurance
Buyer must have property insurance in place effective on closing date. Lender requires proof before funding.
Final walk-through
Buyer typically does a final walk-through 24-48 hours before closing to confirm property condition matches the contract.
Common issues
Funds not arriving in time (wire delays). Lender funding delays. Title issues discovered late. Most are resolvable but can delay closing by hours or days.
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