Key Steps Involved In The Conveyancing Process
Conveyancing is the process of transferring ownership of a property from one person to another, including a property title, mortgage, or lien from one party to another. The process can be complex and time-consuming, however it is an essential step in buying and selling property. You will need a conveyancer. This is a lawyer who specializes in the legal aspects of buying and selling real estate property. Your real estate lawyer will draft and review contracts, conduct searches and handle the transfer of funds. Our law firm in Vancouver can help you with this process.
Key steps involved in the conveyance process
- Your real estate lawyer will receive conveyancing instructions and a signed purchase and sale contract from your real estate agent.
- They will then begin to review the property’s title, outstanding taxes, liens and any other charges on the title and mortgages.
- Your lawyer will prepare the transaction documents, including form A transfers, statements of adjustment, mortgage documents, GST certificates, and property transfer tax returns.
- Once the buyer and seller have signed the required documents, your lawyers will order funds from the lender. Once this is done, they can confirm that an excess has been deposited.
- All documents will be reviewed to ensure everything is in order, and a pre-registration and post-registration title search will be performed. The balance is then paid to the seller, and the conveyancing lawyers provide their final reports to confirm that the property has been successfully transferred.
- The seller is then responsible for paying any existing mortgages or charges, as well as having their lender sign a Form C Discharge of Mortgage.
Contact our real estate law firm
The conveyancing process can be long and complicated. At Morris Law, we work with our clients to ensure the process runs smoothly to keep you at ease. Contact our Vancouver law firm today to book an appointment!
