Important Steps Between Removing Subjects and Possession Date in a Home Purchase 

1. Firming Up the Contract

After subjects are removed, the purchase agreement becomes firm, meaning that both you (the buyer) and the seller are legally committed to the sale. This includes finalizing conditions like financing, home inspections, or other contingencies that were initially placed on the offer. Once this is done, the deal is legally binding, and the timeline to possession starts.Key Tasks:

• Ensure all contingencies are satisfied.
• Communicate with your realtor and lawyer to confirm that the contract is now firm.

2. Finalizing Your Mortgage

With subjects removed, the next step is finalizing your mortgage financing. Although you may have a mortgage pre-approval, your lender will now formally approve your financing based on the exact home you're purchasing. It’s important to stay in close contact with your mortgage broker or lender to provide any necessary documentation and ensure all loan conditions are met.Key Tasks:

• Submit any outstanding documentation required by your lender.
• Review your mortgage terms and confirm the loan amount, interest rate, and payment schedule.

3. Hiring a Lawyer or Notary

In British Columbia, a lawyer or notary public is required to handle the legal transfer of property ownership, also known as the conveyancing process. Your lawyer or notary will ensure that the title is transferred correctly, free of any liens or issues, and will handle all the paperwork required for the closing process.Key Tasks:

• Hire a lawyer or notary if you haven’t already.
• Provide them with all necessary documents, including the purchase agreement and mortgage details.
• Schedule a signing appointment prior to the possession date.

4. Completing a Title Search

Your lawyer or notary will conduct a title search to verify that the property’s title is clear of any encumbrances, such as liens, easements, or claims that could affect your ownership. If any issues are found, they will need to be resolved before the transfer of ownership.Key Tasks:

• Review the title search results with your lawyer or notary.
• Ensure any outstanding issues are addressed by the seller before closing.

5. Arranging for Home Insurance

Before the sale closes, you’ll need to secure home insurance. Your lender will typically require proof of insurance before releasing the mortgage funds. Make sure to arrange a policy that covers the home from the date of possession, ensuring you’re protected as soon as you take ownership.Key Tasks:

• Shop for home insurance policies and compare coverage options.
• Provide proof of insurance to your lender and lawyer/notary.

6. Signing Closing Documents

A few days before the possession date, you’ll need to meet with your lawyer or notary to sign the closing documents. This will include the mortgage documents, property transfer forms, and any other paperwork related to the transaction. At this time, you'll also be responsible for paying the closing costs, which may include:

• Legal fees
• Property transfer tax (if applicable)
• Title insurance
• Adjustments for property taxes, utilities, or strata fees
• Registration fees for the property

Key Tasks:

• Attend the signing appointment with your lawyer or notary.
• Ensure you have sufficient funds for closing costs.

7. Transfer of Funds

On the day of closing, your lawyer or notary will facilitate the transfer of funds from your lender to the seller. This includes the mortgage amount and your down payment. Once the seller receives the funds, the title of the home is transferred to your name, and the sale is officially complete.Key Tasks:

• Confirm with your lawyer or notary that funds have been successfully transferred.
• Ensure the seller’s lawyer has received the payment.

8. Getting the Keys (Possession Day!)

The big day! On possession day, your realtor or lawyer/notary will arrange for you to receive the keys to your new home. This typically happens in the afternoon after the title transfer has been completed. The exact timing of key transfer will depend on when all the funds are confirmed and registered, so be flexible.Key Tasks:

• Collect your keys from your realtor.
• Ensure that all locks, alarms, and access points are functional.

9. Moving In

Once you have the keys, the home is officially yours! You can now move in and begin making it your own. Make sure to have utilities such as electricity, water, and internet set up before your move to ensure a smooth transition into your new home.Key Tasks:

• Arrange for utilities to be transferred to your name or set up new accounts.
• Coordinate your moving day logistics, including hiring movers if needed.

Conclusion

The period between removing subjects and taking possession of your new home can be both exciting and overwhelming. By staying organized, maintaining close communication with your realtor, lender, and lawyer, and completing these important steps in a timely manner, you'll ensure a smooth and successful closing process. Each step brings you closer to the moment you've been waiting for—walking into your new home as its proud owner!If you need further assistance during this process, feel free to reach out to our team at Victoria Homes Search for personalized guidance through every step of your real estate journey.