Selling a home is a big milestone, but the process doesn’t end when you accept an offer—there are still several key steps before you hand over the keys. From legal paperwork to financial transactions, understanding the closing processensures a smooth, stress-free sale.If you’re selling in Greater Victoria, here’s what you need to know about finalizing your home sale and ensuring everything goes off without a hitch.
✔ Financing approval – The buyer’s lender will confirm mortgage financing.
✔ Strata document review (if applicable) – If selling a condo or townhome, the buyer will review strata documents to assess financial health and bylaws.What You Can Do:
✔ Be prepared to negotiate repairs or credits if issues arise.
✔ Keep your home in the same condition as when the offer was made.
✔ Work with your realtor to ensure conditions are met on time.Once conditions are removed, the sale is considered firm—meaning both parties are legally bound to complete the transaction.
✔ Ensure the mortgage is paid out and clear any liens on the title.
✔ Transfer title ownership to the buyer.
✔ Distribute sale proceeds to you after deducting legal and closing costs.Pro Tip: If you’re selling a strata property, your lawyer will also ensure strata fees and special levies are accounted for.
✔ Legal fees – Usually $800 to $1,500, depending on the lawyer or notary.
✔ Mortgage discharge fees – If you have a mortgage, your lender may charge a penalty for breaking the term early(varies by lender).
✔ Property taxes & utility adjustments – If you’ve prepaid taxes or utilities, you’ll be refunded the overpayment.Pro Tip: If you’re selling an investment property, there may be capital gains tax implications—speak with a tax professional to plan ahead.
✔ Your lawyer pays off any outstanding mortgage and fees.
✔ The title is transferred to the buyer.
✔ The buyer’s lawyer registers the sale with the Land Title Office.
✔ You receive the remaining proceeds in your bank account (after deductions).The transaction is officially complete, and you no longer own the home!
✔ You leave behind all agreed-upon fixtures & appliances.
✔ Any garbage or unwanted items are removed.Key handover is typically done through your realtor or lawyer, and possession usually takes place the day after closing(as per most standard contracts).
1. The Offer is Accepted—Now What?
Once you’ve accepted an offer, the buyer will typically have a period to satisfy conditions, such as:✔ Home inspection – The buyer may request repairs or a price adjustment based on findings.✔ Financing approval – The buyer’s lender will confirm mortgage financing.
✔ Strata document review (if applicable) – If selling a condo or townhome, the buyer will review strata documents to assess financial health and bylaws.What You Can Do:
✔ Be prepared to negotiate repairs or credits if issues arise.
✔ Keep your home in the same condition as when the offer was made.
✔ Work with your realtor to ensure conditions are met on time.Once conditions are removed, the sale is considered firm—meaning both parties are legally bound to complete the transaction.
2. Hire a Lawyer or Notary
In British Columbia, sellers must hire a real estate lawyer or notary to handle legal documents. They will:✔ Prepare the Statement of Adjustments, showing the final sale price, fees, and credits.✔ Ensure the mortgage is paid out and clear any liens on the title.
✔ Transfer title ownership to the buyer.
✔ Distribute sale proceeds to you after deducting legal and closing costs.Pro Tip: If you’re selling a strata property, your lawyer will also ensure strata fees and special levies are accounted for.
3. Understanding Closing Costs
While the buyer covers most closing costs, sellers are responsible for:✔ Real estate commission – Typically 5% of the first $100,000 and 2.5% on the remaining balance, split between the buyer’s and seller’s agents.✔ Legal fees – Usually $800 to $1,500, depending on the lawyer or notary.
✔ Mortgage discharge fees – If you have a mortgage, your lender may charge a penalty for breaking the term early(varies by lender).
✔ Property taxes & utility adjustments – If you’ve prepaid taxes or utilities, you’ll be refunded the overpayment.Pro Tip: If you’re selling an investment property, there may be capital gains tax implications—speak with a tax professional to plan ahead.
4. Home Closing Day: What to Expect
On closing day, the following happens:✔ The buyer’s funds are transferred to your lawyer.✔ Your lawyer pays off any outstanding mortgage and fees.
✔ The title is transferred to the buyer.
✔ The buyer’s lawyer registers the sale with the Land Title Office.
✔ You receive the remaining proceeds in your bank account (after deductions).The transaction is officially complete, and you no longer own the home!
5. Moving Out & Key Handover
Before handing over the keys, ensure:✔ The home is clean and in move-in condition as agreed in the contract.✔ You leave behind all agreed-upon fixtures & appliances.
✔ Any garbage or unwanted items are removed.Key handover is typically done through your realtor or lawyer, and possession usually takes place the day after closing(as per most standard contracts).