Closing Day in Vancouver: What Really Happens & How to Prepare

You’ve landed the home and the mortgage is approved—now it’s time for the finish line. Here’s a streamlined guide to the last stretch of a Vancouver purchase:

1. Hire a Real-Estate Lawyer or Notary
   ‍
   They confirm title, register your mortgage, and handle the trust account that funnels funds to the seller. Choose someone who closes B.C. deals daily; expect legal fees of roughly $1,200–$1,800.
   ‍
2. Finalize the Mortgage Package
   ‍
   Your lender sends instructions to the lawyer, who draws up the mortgage documents. Bring ID, proof of insurance, and a void cheque for automatic payments.
   ‍
3. Wire Your Down Payment & Closing Costs
   ‍
   You’ll need certified funds for the balance of your down payment plus:
   ‍
   • Property Transfer Tax (1 % on the first $200 k, 2 % on $200 k–$2 M, 3 % above $2 M)
   • Legal fees & disbursements
   • Title insurance (about $250)
   • Adjustments for property tax or strata fees
   ‍
4. Do a Final Walk-Through
   ‍
   Visit the home 24–48 hours before completion to verify repairs, appliances, and overall condition. Flag anything significant to your agent immediately.
   ‍
5. Completion & Funding
   ‍
   On “completion day” the lender wires mortgage funds to your lawyer, who then releases the money to the seller and registers the title in your name.
   ‍
6. Key Transfer
   ‍
   Typically by late afternoon on “possession day” (often the day after completion) you’ll meet your agent and collect the keys—officially becoming the owner.

Closing day is the moment where months of planning become a set of keys in your hand. Keep your paperwork organized, stay in close contact with your lawyer and lender, and double-check the home in a final walk-through. Do that, and completion, funding, and key transfer will unfold like clockwork.

‍