What a Real Estate Lawyer Does on Completion Day in BC

Completion day is the day the sale finishes: the money moves, the title is registered in your name and you get the keys. For you it can feel like a quiet day of waiting. Behind the scenes, a lot of coordinated work is going on.

This article walks through what your legal professional generally does on that day, why the tax return and land title filing matter, and what you can do to keep the day smooth. Exact timing depends on your contract and your lender, so treat this as a general guide.

This article covers the law of British Columbia.

What completion day actually means

Completion is the point where the buyer's money and the seller's signed documents come together, the transfer is filed at the Land Title Office, and ownership is recorded. Possession, meaning when you can move in, is set by your contract and may fall on the same day or a different one. Check the dates in your contract of purchase and sale rather than assuming.

The work done before the day

Most of the effort happens in the days before completion. Your lawyer or notary prepares the transfer and any mortgage documents, and arranges for you to sign them. The property transfer tax return is prepared as part of this work. The return is usually done by your legal professional and filed with the transfer at the Land Title Office.

• Reviewing the title and the contract conditions that were agreed.
• Preparing the transfer, mortgage documents and tax return.
• Working out who owes what on a statement of adjustments.
• Confirming that your funds and your lender's funds will be available.
• If you are buying a strata lot, reviewing the Information Certificate, which the strata corporation must give within one week of a request by an owner, a purchaser or a person they authorize.

Tax, exemptions and the return

The transferee, meaning the person receiving title, must pay property transfer tax and file a return when applying to register a taxable transaction. The general rates are 1% on the portion up to $200,000, 2% on the portion above $200,000 up to $2,000,000, and 3% on the portion above $2,000,000. Because it is a closing cost, it is normally paid through the conveyancer on completion.

If you may qualify for the first-time buyer exemption, your legal professional applies it on the return. For example, a first-time buyer exemption can apply to properties registered on or after April 1, 2024 with a fair market value of $835,000 or less, subject to eligibility rules. If only some co-buyers qualify, only their ownership share is exempt. If the first-time buyer exemption was not claimed at registration, a refund can be applied for from the first anniversary to 18 months after registration using Form FIN 265.

Filing, funds and keys

On the day, the application to register is submitted. Land Title Act rules allow an application to be submitted electronically by the applicant, the applicant's solicitor or agent, or a person they authorize, and certain documents may be directed to be submitted only electronically. The registrar may refuse an application if there are reasonable grounds to believe the tax is unpaid or the return is incomplete or unfiled. That is why the return and payment must be in order first.

When funds are released and when the keys are handed over depend on your contract of purchase and sale, your lender and your lawyer or notary's arrangements for your purchase. The exact order and the time of day depend on your contract, your lender and the arrangements between the legal professionals, so ask your lawyer how it will work for your purchase.

Who can do this work, and what to do next

A notary public who is enrolled and in good standing may draw instruments relating to property that are meant to be registered. The practice of law includes drawing an instrument relating to real estate meant for a public registry, but excludes the lawful practice of a notary public. An individual may act on their own behalf without counsel, although registered documents are normally prepared and filed by a lawyer or notary. Whether a notary or a lawyer may file electronically in a particular case depends on the current filing directions, so confirm with whoever you hire.

• Tell your lawyer early if you think you qualify for a first-time buyer or newly built home exemption.
• Ask what funds you need to deliver and by when.
• Read your statement of adjustments before completion and ask about anything unclear.
• Confirm your signing appointment and what identification to bring.
• Ask when and where you will get the keys.

Frequently asked questions