Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | yourbcagent@gmail.com

Using a Notary or a Lawyer for Closing

Whether you use a Notary or a Lawyer, will depend on how much you want to spend. The notary will charge between $700-$900, whereas the lawyer will charge over $2000 for the same work.


Either way, they should both be doing the following:

  • Obtain your legal names and occupation(s) and if there is more than one Buyer, we will determine whether you wish to own the property as Joint Tenants or Tenants in Common,
  • Search the title to the property three times to ensure that no charges against the Seller become your debt, search the property taxes and strata fees and ensure that there are none outstanding,
  • Prepare a Statement of Adjustments for taxes, strata fees, etc for all of the funds between you, the mortgage lender and the Seller. This will determine the amount of the bank draft you will need to bring in to complete the transaction. Please note that if you are using funds held by a virtual bank, allow at least three business days for those funds to arrive (if we are assisting you with the sale of your current home, we will apply those sale proceeds to your next home in most cases and a bank draft would only be necessary for any shortfall),
  • Provide you with copies of your documents, prior to your appointment,
  • Meet you in their office to sign the closing documents (you may then bring in your bank draft), usually a few days before the Completion date,
  • On the Completion date, they will register the appropriate land title and mortgage documents in the Land Title Office and pay out funds to the Seller’s notary or lawyer. You can then make arrangements with your Realtor to obtain the keys and take possession of your new home on the Adjustment date as set out in the Contract of Purchase and Sale,
  • They will provide you a final report with a State of Title Certificate (proof of ownership).
 
 

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