I would like a fairly detailed answer on this Canadian Real…

I can answer on behalf regarding British Columbia but I sincerely XXXXX XXXXX knows the names for the forms for all provinces and territories in Canada. But, again, the general process is the same with only slight variations. If I was to attempt to get that actual names of all of the forms, I would be on the computer for hours doing what you can do for free. There are also different tax considerations for land transfer.

Because you are asking about banks, I assume that a transaction would involve a mortgage. If there was no bank involvement, and it was just a transfer of land, it is a simple Form A that can be executed before a Lawyer or Notary. A Form B is a mortgage that too must be executed before a Lawyer or Notary Public.

The whole process starts with a contract of purchase and sale which is generally filled out by the realtor. The purchaser elects who will be the Lawyer or Notary and we generally get a fax of the contract. Then we wait for bank instructions. Those instructions vary from bank to bank and what forms they require to be filled in. There is no possible way to identify the names of those forms because they make them up themselves. But, generally, the bank instructions inform the lawyer for the purchaser of what they want to have happen before funding can occur. There will be a closing date as well as an occupation date and a date where all financial matters are to be settled. Sometimes they are the same day and sometimes not.

Then the lawyer for the Vendor will make up a Vendor's statement of adjustments and the lawyer will make up a Purchaser's statement of adjustments. These are documents that show the in and out of money. What credits and debits apply to each party? Where is the money to go and when? Then there is the BC Property Purchase Tax so the Purchaser has to fill out that form as well and any tax calculated. If it is Strata property, then there are other forms necessary.

When all is sorted out, everything happens at once. If I am acting for the buyer, I will receive funds putting me on "undertakings" (serious lawyer promise) that I have complied with the bank's instructions and that I can effect title as well as put the banks mortgage on title. I may have to pay real estate fees. A lawyer promises to do everything.

Each province and territory has its own rules about how a transfer can be made and each has something like our Land Titles Office. That is where registrations are made.

On closing day, I would expect to have at the least, a complete title search of the property, all bank forms duly executed, a Form A and B and any addendums, usually a receipt of mortgage terms signed by the purchaser, a conflict letter allowing me to act for the bank and my client, tax documents, proof of identity documents so we know who the parties are, all adjustment statements as between lawyers, an insurance binder so the property is insured upon transfer, and money going one way or another.

Then, we run to Land Titles and file. We get a "pending" number which we circulate to the bank and the clients. This means that there is a charge against the land that is pending. That fact shows up immediately on any title search but it is not final until the registrar approves the transfer. Within a month or so, we ask for a "State of Title Certificate" that proves transfer and ownership.

You can appreciate that there are many forms and each province and territory calls them differently and has different procedures. You would have to ask this question 13 times for 13 different jurisdictions. If you really need this information, I would suggest that you hire a law firm in Canada and ask that this project be assigned to a law student. It will still cost you at least an hour of a student's time for each jurisdiction so consider a couple of thousands of dollars to get everything you seek.

But, I think I have done well and I hope you accept for my time.

Tom

I cannot share documents here and even if I could, it would take a long time to get them together and they have value. However, you can get most of what you want to free online. I have provided links to Land Titles, the forms regulation as well as a link to the Property Transfer Tax. Note the link to BC ONLINE at the LAND site where forms can be filed online.

I have also added two commercial links where you can purchase almost any form you desire. The Self Counsel Press I find helpful for people because you can purchase a book from any province that includes form precedents and instructions.

This is as complete and detailed a response as possible here in my opinion and I hope you accept.

Best of luck,

Tom



http://www.ltsa.ca/
http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/53_90_00
http://canada.findlegalforms.com/forms/
http://www.sbr.gov.bc.ca/individuals/property_taxes/property_transfer_tax/first_time_home_buyer.htm
http://www.self-counsel.com/