We frequently get asked how quickly we can complete on a real estate transaction from the time conditions are removed.   The answer to this question usually depends on a few factors including, but not limited to, the following:

• Are we acting for the seller or the buyer?
• Is the buyer is getting a mortgage (if we’re acting on the purchase side)?
• Is the property a stratified property?
• What is the client’s availability to sign with a lawyer or notary?

When answering these questions, we often need to consider the time required by the other parties involved to ensure that all can complete within the proposed timeline which includes lenders, the other party and their lawyer, and the strata corporation, if applicable.

When acting on the sale side, it is often a question of how quickly the buyer’s lawyer can arrange for the delivery of the vendor documents to our office for signing as well as how quickly we can obtain a payout statement for the mortgage to be paid out on the seller’s side.  In many cases, this can be done within a week if needed but it is prudent to allow more time if possible. To expedite the process, we ask that if the seller currently has a mortgage registered against the title to the property that they are selling, the seller provide our office with their mortgage reference number as soon as possible.

On the purchasing side, we are often dependent on the mortgage provider to get us their instructions in time for us to prepare documents for closing.  As a general rule, lenders will not deliver their instructions to us until all borrowers (and guarantors, if applicable) have signed the necessary mortgage documents in branch if required. Lenders also differ in the required timelines for them to be able to advance funds to our office for closing.  Some lenders require documents a few days in advance of closing while others can fund with a one day turnaround. To expedite the process, we ask that if the buyer is getting a mortgage, the buyer make arrangements with their bank to sign the necessary documents as soon as possible.

If the property being purchased is a strata property, the buyer’s lawyer will have to obtain copies of strata documentation for closing including the Strata Form F (in nearly every case) and possibly the Strata Form B and supporting documents.  Under the Strata Property Act, these documents must be provided within one week of the request being made.  That being said, many strata corporations/managers will provide the documents quicker upon payment of a rush fee.  The rush fee will depend on the response time requested and can be upwards of $250 – 300 which is an additional cost to the buyer.

Unfortunately, the signing of closing documents cannot be done by DocuSign or AuthentiSign (or any similar electronic signing process).  In most cases, it requires that the buyer physically sign with a lawyer or notary.  Of course, this can impact the timeline for closing if you are not able to get to see a lawyer or notary within the timeline required.

In addition, in some cases, we are required to courier the originally signed documents for registration by the applicable governing body. For example, submission of originally signed documents are required in the following transactions:

• Alberta real estate deals;
• Certain manufactured home deals (Ex. when dealing with estates and/or foreclosures); and
• All First Nation land deals.

Although rush timelines can usually be accommodated when required, it usually results in additional cost to the client.  While that can often be worth the rush, it is best that the client be aware of the implications and costs associated with the shortened timeline. If you would like to discuss your particular file and the required timeline, please do not hesitate to let us know.

Author: Una Gabie

This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637 or any of our lawyers practicing in the area of real estate law at the following: