Each real estate conveyance is unique and presents a distinct set of challenges. Generally speaking, the conveyancing process follows six broad steps.
- Conveyancing often begins when a lawyer is given conveyancing instructions along with a signed contract of purchase and sale from a realtor and mortgage instructions from a lender.
- Once the documents are received, a conveyancing lawyer will begin the due diligence process. This process includes reviewing the title to the property, investigating whether there are any mortgages, outstanding taxes, liens or other charges on the title as well as a series of other investigations to ensure that the transaction can complete as contemplated by the parties.
- Once the due diligence process is complete, a conveyancing lawyer will begin the preparation of transaction documents. Two sets of documents are prepared: one for the seller and one for the buyer/borrower. There are various documents involved at this stage including mortgage documents, Form A transfers, statements of adjustment, Property Transfer Tax returns and GST certificates.
- Following the signing of the documents by both the seller and the buyer, conveyancing lawyers will order funds from the lender, deposit the balance of funds from the buyer, and confirm that an excess deposit has been received.
- Prior to the completion of transfer, all the documents are reviewed again and a pre-registration title search is performed. Once it has been confirmed that everything is in order, the transfer documents are filed and a post-registration search is performed. The proceeds are then paid to the seller and the keys to the property are exchanged. The conveyancing lawyer will also provide a final report to their client and associated parties stating that the property has been transferred.
- Once the seller receives their proceeds, they pay any existing mortgages or other charges, provide proof of this action to the buyer’s lawyer, and have their lender sign a Form C – Discharge of Mortgage. The Discharge of Mortgage is then registered at the Land Title Office, enabling the buyer’s lawyer to order a State of Title Certificate. Once the State of Title Certificate is received, the conveyancing process is concluded.
If you are in the process of purchasing or selling a piece of residential property, then it is in your best interest to hire a residential conveyancing lawyer. The conveyancing lawyers at McQuarrie Hunter LLP have accumulated years of experience and will provide you with straightforward and efficient service.
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