Pre-Completion Checklist

Once your the price and terms of an offer are agreed upon between Buyer and Seller there are a number of things each party will be responsible for.  Below is a list of what to expect between the time an offer is accepted and the time the transaction completes:


UPON ACCEPTANCE OF OFFER:

• Deposit cheque from the Buyer is given to Buyer’s agent for deposit in trust account either at the time the offer is accepted or once subjects have been removed. 

• Buyer’s Agent immediately delivers a copy of the Contract of Purchase & Sale to Buyer(s) & Seller(s).

• Buyer and Seller to arrange access to the property for inspections, surveys, etc. if the accepted offer is subject to such terms.
 
• Buyer & Seller to arrange conveyancer/lawyer/notary public to handle preparation of transfer of title and mortgage documents if required.
 
• Prudential Conveyancing Department will forward fully-accepted Contract of Purchase & Sale to the conveyancer.
 
•Buyer to arrange transition of:

BC Hydro
(800-224-9376)

Terasen Gas
(604-576-7000 or 888-224-2710)

Shaw Cable (TV &/or High-Speed Internet)
(604-280-8858)

Telus (Phone &/or High-Speed Internet)
(604-310-2255)


1 WEEK PRIOR TO COMPLETION:

• Client to make appointment with his/her chosen conveyancer to execute the required transfer and/or mortgage documents.

• Conveyancer will advise buyer of exact amount of funds required for closing (purchase price, adjustments, property transfer tax) and will advise seller of the amount to be received.


COMPLETION DAY:

• Transfer documents registered at Land Title office

• Respective lawyers will call their clients to advise of registration number

• Prudential Conveyancing will be advised of registration number to evidence successful closing.

• Excess deposit cheque will be issued to the sellers by the buyer’s real estate company or the buyer’s conveyancer (an amount equal to the amount of the buyer’s deposit less the realtor’s commission + GST). If issued by the buyer’s real estate company, this may take up to a few days to receive, depending on the company’s procedures.

• Cheque for interest, if any, on the buyer’s term deposit will be issued to the buyer


POSSESSION DAY:

•Buyer will receive the keys to the property at noon through their agent.