Frequently Asked Questions:
As you prepare to move into your new home, the developer is registering the Strata Plan with the Lower Mainland Land Titles Office in order to transfer title to your unit to you. Before a Strata Plan can be registered, the local municipality must evaluate the Strata Plan, inspect the property and approve the Strata Plan. This step is beyond the control of the developer and can take some time.
Assuming that the municipality has approved the Strata Plan without requiring changes to it and that all the municipal requirements are met, the developer can then proceed to submit the approved Strata Plan to the Lower Mainland Land Titles Office for registration.
Regardless of any informal discussions about the Completion Date and Possession Date between you, the developer, or MLA Canada, the Notice of Completion and subsequent confirmation of the Possession Date will officially and formally specify the date for completing your purchase and the date on which you can obtain keys to your home. Please note that you are required to complete the purchase of your new home on the date specified in your Notice of Completion.
To complete or “close” the purchase, a number of steps need to be accomplished after the Strata Plan is registered with the Lower Mainland Land Titles Office.
If you are obtaining a mortgage loan, the lawyer handling your purchase must see to it that the mortgage is registered on title so that the lender has a legal claim on the property (until such time the mortgage loan is paid back). After the mortgage is registered on title, the mortgage funds can be advanced by the lender and placed into the lawyer’s trust account. From there, the lawyer is responsible for disbursing the appropriate funds to the developer’s lawyer.