Conveyancing is the legal process of transferring real estate from one party to another.

A Contract of Purchase and Sale is a legally binding contract that realtors complete to show that an agreement has been reached regarding the subject property. The standard Contract ofPurchase and Sale includes:

• Legal description and civic address of the property
• Full legal names of the buyers and sellers
• Purchase price
• Deposit details
• Representations and warranties regarding the property
• Completion Date
• Adjustment Date
• Possession Date
• Subjects, which may include:
  • Buyer’s mortgage approval
  • Inspection
  • Title Search
  • Realtors Information

Usually, lawyers don’t get involved until a Contract of Purchase and Sale (sometimes referred to the “CPS” or “Contract”) is signed and subjects are removed. We recommend that buyers and sellers retain a lawyer once subjects are removed. We also offer Contract review prior to the offer, as a separate service.

Are you ready to engage with Arora Zbar’s services? Check out our conveyancing pricing app or send us a message and let’s get this process started!

If you’re not going to be physically near the property you’re buying for the week before, and on closing day, let us know right away. That way, your signing meeting and any last minute issues can be easily resolved.

If you live outside Canada, or will be outside Canada the week before or on closing day, let us know right away, you will likely need to see a notary in your area at an additional cost.

Once you’ve decided to retain Arora Zbar to complete your real estate transaction, our first step is receiving a copy of the Contract for Purchase and Sale. Within a few days of receiving this document, we will send you a DocuSign engagement letter to sign, and an intake form which collects all the information we need to get started.

For buyers, the first step that we at Arora Zbar perform on your behalf is the required due diligence. Once onboarded, your lawyer conducts due diligence to ensure you are getting exactly the property you bargained for. This involves requesting and inspecting several documents, some of which may require a fee for your lawyer to obtain.

The most common due diligence documents reviewed by your lawyer:

• A title search from the BC Land Title and Service Authority (LTSA). A title search shows the current registered owner on title, the legal description of the property, and any charges, liens, and / or interests attached to the property. These could include easements, mortgages, builder’s liens, restrictive covenants, and statutory rights of way.
• Municipal property tax and utility information. This document is requested directly form the municipality in which the property is located. It shows the current amounts outstanding, if any, and the last year’s amounts payable for municipal property tax and utilities.
• Strata documentation (if applicable). With strata property, your lawyer will order a copy of certain strata documents, which usually include the bylaws, common property charges, the strata plan of the property, a Form F Certificate of Payment, and a Form B Information Certificate from the strata corporation. Even if your realtor has ordered these, it is likely your lawyer will have to order them again.Form F Certificate of Payment provides information about whether the owner of a strata owes money to the strata corporation.Form B Information Certificate includes other important information about the strata property. This can include monthly strata fees, the amount in the contingency funds, information about parking stalls and/or storage lockers, and any changes to the strata bylaws that have not been filed with yet with the LTSA.
• Proof of Insurance (sometimes called an Insurance Binder)If a mortgage is involved, you will need to prove that the property is insured, including any Strata corporation.
• Corporation Search (if required). If a corporation is involved in the transaction, then the lawyer will order a corporate search to see if the corporation is lawfully incorporated in the relevant jurisdiction, such that the sale can be completed properly.
• Other inquiries as requested. If instructed, a lawyer can make zoning / land use inquiries or any other inquiries in any other registry or office:
  1. Personal property registry
  2. CRA clearance certificate
  3. Court registry

Conveyancing is a document-heavy process. In a real estate transaction, the buyer is usually responsible for preparing the documentation for both the buyer and the seller.

Buyers receive documents from Arora Zbar for their signature, including:

• Buyer’s Statement of Adjustments
• Property Transfer Tax Return (“PTT”)
• Land Owner Transparency Declaration/Report
• Documents provided by the mortgage lender and a Form B Mortgage
• Statutory Declarations
• Assignment of parking stall/storage locker
• Strata documents, if applicable

The seller will receive the following documents from Arora Zbar for their signature:

• Form A Freehold Transfer
• Seller’s Statement of Adjustments and Order to Pay
• GST Certificate indicating whether the sale is exempt from GST or whether it is a taxable sale where GST is payable
• Statutory Declarations
• Strata Parking Stall and Storage Locker Assignment

Depending on the nature of your specific transaction, you may receive all or only some of these documents.

Every purchase and sale requires at least 1 “wet ink” signed document.

You should only need to meet with your Arora Zbar lawyer once, about two days before the Completion Day. This meeting is to review and sign the required documents.

Since your lawyer needs to witness the signature of some documents, if this meeting is done virtually, you will need to print documents, and be prepared to be recorded on a webcam while your lawyer witnesses the signature of the requisite documents.

If you do not have easy access to a webcam, printer, and scanner please book an in person appointment to sign.

Once you tell your realtor that Arora Zbar LLP is your lawyer, we will gather all the documents we need from them. We will be in contact with both buyer and seller’s realtor to receive a Conveyancer’s Instruction Report. This document includes the amount of commission owed to the realtors involved in the real estate transaction.

On closing day, the money changes hands.

If you’re buying property, Arora Zbar will usually do the following:

1. receive your mortgage funds:
2. ensure the following occur:
   1. the purchase funds are paid to the seller
   2. payment of the Property Transfer Tax
   3. payment of any required strata fees
   4. ensuring the necessary insurance is in place
   5. payment of the realtors, on behalf of the sellers
   6. any required holdbacks remain in trust
   7. payment of Arora Zbar’s legal fees and disbursements
3. Reports to the listing and selling realtors to notify them about payment for their commission.

If you’re selling property, Arora Zbar will usually do the following:

1. receive the funds in trust from the buyer
2. pay out any existing mortgage or other financial charge on the title of the property
3. pay outstanding property tax
4. pay Arora Zbar’s legal fees and disbursements
5. deposit the remaining sale proceeds into your bank account via EFT

It takes time for the BC Land Title and Survey Authority to fully process the documents that Arora Zbar files. The LTSA is a crown corporation which is responsible for operating the land title and survey system in British Columbia.

The LTSA accepts registration of documents on a pending basis until it inspects the documentation one at a time, for every single real estate transaction in BC. Once the LTSA fully registers the documentation, it provides notice to Arora Zbar.

Once we receive that notice, and confirmation that any existing financial charges on title have been discharged by the seller’s lawyer, we obtain a State of Title Certificate (STC). This STC is a certified copy of a land title, and is conclusive evidence of ownership or possession of property. It usually take between 4 – 12 weeks before we can request the STC.

Offboarding

Once the State of Title Certificate is issued and all the requisite documentation is fully filed, then we will return any of your funds that may be left in our trust account and return all original signed documents to you via registered mail

Now that you understand our process, are you ready to engage with Arora Zbar’s services? Check out our conveyancing pricing app or send us a message!

If you are purchasing with a mortgage, your lawyer will also be in contact with your mortgage broker and receive the mortgage instructions. Mortgage instructions include:

1. The details of your mortgage loan agreement
2. Documents required to fund the mortgage
3. Any other special requirements for your mortgage

If you are selling and paying off a mortgage, we will ensure it gets paid out and discharged from title.

Your down payment is the difference between the purchase price, the deposit, all of the adjustments, and any mortgage. The buyer’s statement of adjustments will include the down payment amount required.

For example:

• if the purchase price is $1,000,000.00 including property transfer tax, adjustments, and closing costs/ legal fees,
• your deposit was 5% of that amount ($50,000.00)
• your mortgage is for $900,000.00
• Then your down payment would be $50,000.00.

Usually, you pay the balance of your down payment by bringing a bank draft made out to “Arora Zbar LLP, in Trust” to the signing meeting. However, depending on the timing of your meeting to sign documents, and whether you are signing on in person or online, you may have to drop a bank draft off at our office, or deposit it directly into our trust account at any BMO or TD branch in Canada. We will help coordinate the payment based on your unique transaction.

Some banks can take 3-5 business days to move your money. Please let us know if your bank requires extra notice of the Down Payment amount, so we can endeavour to give you that figure in sufficient time.