How Does Real Estate Conveyance Work? 9 Questions Answered

Category: First Time Buyer,

What is real estate conveyance? How does the process work? Buying real estate is an involved process and it’s important to ensure that all steps are completed correctly. Obtaining the services of a real estate lawyer is a good idea, so that’s what we did! Khushhal Bains of Bell Alliance provides clarity by answering nine questions about the real estate conveyance process. 

What does a real estate conveyancer do? 

During conveyance, a real estate lawyer does three things: 

·      Put the client or buyer on the title of a property, making them the owner. 

·      Put the mortgage on the title. 

·      Handle the money involved with the transaction. 

A meeting between buyer and conveyancer is held a couple days before the closing date in order to facilitate these tasks. 

What should I do before contacting a conveyancer? 

“I think the key thing is to have a really good team put together,” says Bains. 

This will include a realtor who drafts the purchase and sales agreement, including all clauses. A good mortgage broker will also be needed to put together the mortgage. The conveyance lawyer takes it from there. 

“Our job as lawyers is to make sure that whatever you agreed to is what actually happens,” Bains explains. 

What should I do to prepare for the conveyance meeting? 

Bains asks buyers to complete an online form in advance of their meeting. 

They’re also required to bring a void cheque, which will allow mortgage payments to be paid automatically. 

Two pieces of ID must be presented at the meeting, with at least one being a picture ID. 

Because of foreign national rules, SIN verification is also necessary. Bains recommends bringing a T4 slip, an NOA, a SIN card, or SIN letter. 

It’s also important to ensure that insurance is in order ahead of time. “I always remind people that insurance should be in place for the completion date, not the possession date,” says Bains. 

What is a statement of adjustments? How much money should I bring to the meeting? 

A statement of adjustments is a balance sheet that defines the financial details and obligations of the arrangement. Bains sometimes completes this document for clients, but advises those who want more advanced notice to enlist the help of their mortgage broker, like Pinsky Mortgages. 

The buyer’s financial obligation cannot be ascertained by simply looking at the selling price. If the selling party has made advanced payments on condo fees or property taxes, adjustments will be required accordingly. A properly prepared statement of adjustments will include all relevant details. 

“From the client’s perspective, the statement of adjustments sets out how much money they’ll need to bring into our office,” says Bains. “We get the money from the bank, we get the money from you, and we deal with the money you’ve given your realtor. We’re effectively going to the store and buying your new home.” 

Do I need to bring just one bank draft? 


“People often worry that they have to collect all the money and put it together in one big bank draft,” says Bains. “It’s not required. You can give us four or five bank drafts.” 

Remember: Make sure your money is liquid!

It’s best to prepare for your meeting ahead of time, which means ensuring there are no holds on your money. 

“We always remind clients to ensure their money is liquid,” says Bains, who notes that banks will often hold draft funds for several business days. “Don’t move your money around right before the completion date,” he advises.

What happens at the meeting with the conveyancer? 

At the meeting, the lawyer will collect the buyer’s ID and explain all the documents. 

“We spend a fair bit of time on the statement adjustments,” says Bains. “It’s a lot of money, so it’s important that you understand exactly why you’re paying the money that you’re paying.” 

In order to facilitate any late adjustments, the meeting does not occur until about two days before closing. According to Bains it usually takes about 45 minutes. 

What happens after the meeting? 

Documents are sent to both the bank and the buyer. Bains explains that the post-meeting work is completed behind the scenes and advises the client to simply wait for possession date. 

“I will arrange to switch ownership from the seller to you,” he says. “On the day of your completion, typically around four or five o’clock, we’ll let you know that you’re officially the owner. Your realtor is the one that helps you with the keys.” 

A few months after possession the homeowner will receive a state of title certificate, with their names on title. 

Who does the conveyancer work for, me or the bank? 

Both. While this may sound like a conflict, Bains downplays such concerns. 

“It’s a fairly straightforward transaction,” he says. “The bank wants to lend the money and you want to use the money. There’s no big conflict here.” 

For some commercial purchases, separate lawyers may be required, which, of course, comes with additional costs.

How do I know which conveyance lawyer to use? 

Obviously competence and experience are essential when it comes to such an important function. Bains believes that customer service is another important factor. 

“If you’re nervous, you’ll want to deal with a lawyer or notary that’s willing to hold your hand through the process,” says Bains, who acknowledges that closing on a home can be scary. 

“If you email, we respond,” he says. “I always try to respond to everyone on the same day.” 

Cited Sources

Personal communication with Khushhal Baines

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