These are the typical steps that take place in a real estate transaction in Alberta.

The following does not include every step of the process nor is it intended to illustrate the exact sequence of steps. Rather it is a helpful guideline to help you through the transaction.

  1. Offer to Purchase agreed to by Seller and Buyer
  2. Seller and Buyer select lawyer to act and inform realtor
  3. Realtors provide particulars to conveyancing department
  4. Conveyancing department provides particulars to acting lawyer
  5. Buyer and Seller lawyer open files (ie. Confirm instructions, tax and title searches, etc.)
  6. Buyer instructs mortgage company to send instructions to Buyers lawyer
  7. Buyer and Seller make arrangements with respect to subject property (See Buyer and Seller checklists)
  8. Seller lawyer prepares sale documents.
  9. Buyer lawyer prepares purchase documents based on contract and mortgage instructions if necessary.
  10. Buyer’s and Seller’s lawyer contacts client to arrange client appointments for signing
  11. Seller attends lawyer’s office to execute documents.
  12. Seller lawyer sends documents to Buyers lawyer
  13. Buyer attends lawyer’s office to execute documents and provide cash shortfall (Total purchase price minus mortgage proceeds), if necessary.
  14. Cash to close deposited into Buyer’s lawyer trust account and Buyer’s lawyer sends mortgage documents to lender for approval and request for funding
  15. Lender responds to request for funding mortgage
  16. On Closing Day, the lender deposits the mortgage proceeds into Buyer’s lawyer trust account.
  17. Buyer’s lawyer couriers/deposits entire cash to close (mortgage proceeds plus cash shortfall) into Seller’s lawyer trust account.
  18. Seller’s lawyer confirms deposit.
  19. Seller’s lawyer instructs seller realtor to release keys.
  20. Seller realtor releases keys to Buyer’s realtor.
  21. Buyer takes possession.
  22. Seller’s lawyer makes required payouts (ie. Seller’s mortgage(s), taxes, realtors, legal account)
  23. Seller’s lawyer obtains and registers mortgage discharge.
  24. Seller’s lawyer provides updated copy of title to Buyer’s lawyer.
  25. Buyer’s lawyer provides final report to client.

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