Transfer of Title Overview

Transfer of Title Overview (click to zoom in)

Transfer of Title Overview (click to zoom in)

In this blog entry I will give you an overview of the process of Title Transfer in a Residential Real Estate Purchase and Sale Transaction in Alberta.

The steps in the following list corresponds to the above diagram. Feel free to print a large copy of the diagram to go along with the following explanations.

  1. Buyer and seller will usually have their own realtors representing them.
  2. A Residential Real Estate Purchase Contract will be prepared by the relators for the buyer and the seller.
  3. Once the contract is signed and all the conditions are waived, the real estate purchase contract will be given to the buyer’s and seller’s respective real estate lawyers. (a) Buyer will have to provide mortgage, down payment, home insurance binder letter (if buying a single family home) information to his/her lawyer. (b) Seller will have to provide Surveyor’s Real Property Report (with Municipal Stamp of Compliance) and/or condominium management company information for his/her lawyer to order an Estoppel Certificate & Certificate of Insurance.
  4. Buyer and seller to attend at their respective lawyers office for the signing of all necessary documents. Buyer to provide down payment to his/her lawyer in trust.
  5. Buyer’s lawyer to submit Transfer of Land and Mortgage documents at the Alberta Land Titles Office for registration.
  6. Depending on the mortgage company that the buyer has selected, the transaction can be closed by way of Title Insurance or Western Conveyancing Protocol.
  7. On Closing Date, buyer’s lawyer is to provide the money to the seller’s lawyer by 12 noon. Upon receipt of money, the seller’s lawyer will contact the seller’s realtor to authorize the release of keys. The buyer’s realtor will then have the keys to take the buyer for a walk through and inspection of the property. The seller’s lawyer can then release the net sale proceeds to the seller.

You may contact me for further legal advice.

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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advice.

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