🔐 Understanding the Closing Process When Buying in Victoria, BC

🔐 Understanding the Closing Process When Buying in Victoria, BC

You’ve found the home, your offer’s accepted, and the countdown begins. So… now what?

The closing process is the final stretch of your home-buying journey—but it’s also where a lot of important (and often overlooked) steps happen. If you’re buying in Greater Victoria, understanding how the local closing process works can save you time, money, and surprises.

Here’s a breakdown of what happens between “accepted offer” and “keys in hand.”

✅ 1. Subject Removal (a.k.a. Conditions)

Once your offer is accepted, you enter the subject period (usually 5–10 business days), where you complete your due diligence. Common subjects include:

  • Financing approval

  • Home inspection

  • Strata document review (for condos/townhomes)

  • Appraisal (required by lenders)

  • Review of title search and property disclosure statement

🔍 Pro tip: Even in a competitive market, don’t skip the inspection—it’s your chance to avoid costly surprises.

Once all conditions are satisfied, you’ll sign a subject removal addendum. At this point, the deal becomes firm and binding.

💰 2. Submit Your Deposit

Your deposit (usually 5% of the purchase price) is typically due within 24 hours of subject removal. It’s held in trust by the buyer’s or listing brokerage and counts toward your down payment on closing day.

🧾 3. Lawyer or Notary Gets Involved

About 1–2 weeks before your completion date, your lawyer or notary will:

  • Prepare closing documents

  • Register the property with the Land Title Office

  • Handle property transfer tax

  • Coordinate with your lender to register the mortgage

  • Provide a statement of adjustments (what you owe vs. what’s been prepaid by the seller)

You’ll usually meet with them a few days before completion to sign everything and provide your closing funds (via certified cheque or bank draft).

🏡 4. Completion Day (a.k.a. Ownership Transfer Day)

This is when the legal title officially changes hands. Your lawyer or notary:

  • Confirms funds are received from your lender

  • Transfers funds to the seller’s lawyer

  • Registers you as the new owner

🎉 Congrats—you now legally own the home!

🔑 5. Possession Day

Typically 1–2 days after completion, this is the moment you’ve been waiting for. You’ll receive the keys (often through your realtor), do a quick walk-through, and officially move in.

🧮 What Are the Typical Closing Costs in Victoria?

Aside from your down payment, here are some common closing expenses to budget for:

  • Property Transfer Tax: 1–2% of the purchase price (first-time buyer exemptions may apply)

  • Legal or Notary Fees: ~$1,200–$2,000

  • Appraisal: ~$350–$500 (if not covered by your lender)

  • Home Inspection: ~$500–$800

  • Title Insurance: ~$250–$500

  • Moving Costs & Utility Hookups: Varies

👋 Final Thoughts

The closing process can feel complex, but with the right team, it doesn’t have to be stressful. My job is to guide you through every step, connect you with trusted professionals, and make sure your purchase stays on track.

If you're planning to buy in Victoria, Saanich, or anywhere on the Peninsula, let’s make your next move smooth, strategic, and successful.

📞 Dan Juricic | 250-514-8261
🔑 Helping buyers make confident moves in Greater Victoria.