250.592.4342   |     general@shipleygroup.ca

Purchase Process

Choosing a Realtor

Do you need the assistance of a Realtor (Residential or Commercial)? Realtors are licensed by the Province of British Columbia. They work with you to find an appropriate property and guide you throughout the process. They are aware of the present market conditions and property values; they are experienced negotiators and are there to assist you. Review online systems and explore the various properties and their neighbourhoods.


Will you need a mortgage? Will you be working with a chartered bank, private lender, or mortgage broker for your financing? Mortgage Brokers are licensed in the Province of British Columbia and they can assist you in obtaining financing. Your Broker becomes part of the Purchase Process and will work to save you time and money. Remember that a pre-approval is only the first step and once you choose your property there will be further information required by the bank before they give their final approval.

Rental Properties & Property Managers

If you are purchasing a property with the intention of renting it out you may want to use a Property Manager. There are many experienced property management companies in Victoria that offer a variety of services for residential and commercial properties.

The Offer (Contract)

Once the property has been chosen, a legal offer is made to the Seller in writing. Our office can assist with the preparation of a “Contract of Purchase and Sale” or review one prepared by your realtor. The Contract of Purchase and Sale contains several main sections: “Price”, “Deposit Amount”, “Closing Date”, “Adjustment Date”, “Possession Date” and “Subjects to the offer”, as well as a myriad of other sections. It is always best for us to review the contract well in advance of the “Acceptance Date”.

Informing the Team

Once you have made your decisions regarding the property and have chosen the people who will assist you, it is advantageous to let all parties know who is on your team. Let the participants know who the banker or mortgage broker is, who the realtor is, who will be your legal representative, and with whom you have arranged fire and earthquake insurance. Also, let your team know where you (and your spouse/partner) will be during the closing dates of the purchase. This will ensure that the process runs smoothly.

Time Lines

Over the years the time required to complete a real estate transaction has decreased. With improvements in technology as well as an overall increase in the speed and expectations of the public, real estate transactions can now be completed in a couple of days. Having said that, the more time the better as there is less chance for mistakes. It is important to remember that we cannot prepare the bank’s legal documents until we have received instructions from the lender. Therefore, if you are obtaining financing please make arrangements well in advance of the closing date.

Joint Tenants vs Tenants in Common

The main difference between Joint Tenancy and Tenancy in Common is what happens to the property if one owner predeceases the other. This is how the Land Titles Office explains it:

"A person may be the sole owner of a parcel of land. Alternatively, a person may be either a joint tenant or a tenant-in-common with one or more other persons. Under joint tenancy, there is the right of survivorship. This means that if one joint owner dies, the surviving joint tenant(s) on proof of death acquires the deceased's interest in the land. When a tenant-in-common dies, that person's share in the land goes to his/her heirs, not to the surviving tenants."

Also, if you are joint tenants there is equal ownership, but with tenancy in common, there can be an uneven split (e.g. 25% to owner A, 75% to owner B).


Costs to Keep in Mind

For further, detailed information please contact our office and we would be happy to answer any questions you may have.


A few days before your completion date you will need to sign legal documents in front of a Notary or Lawyer. Please note that if you require bank financing you will need to sign both the bank application documents, (at the bank) and also the bank legal documents (in front of the notary). If necessary, and with adequate time, we can prepare all the required documentation and send a package to you for execution in your present jurisdiction with your own legal representative.

Note: (Two pieces of Identification are required when signing land transfer documents for the Province of BC)

Client Proceeds

With your own funds, be aware that it can take the bank several days to process any withdrawal requests, especially if the funds are coming out of a mutual fund or RRSP Account. Your funds from the bank can be sent directly to our Trust Account. (Trust Accounts are governed by law and have strict controls over their use).

Closing Day

Once we have all the funds from you and from the bank (if required) and all the appropriate legal documents required to close, we then proceed to registration which is done electronically. Once we have sent funds to the seller’s lawyer we will contact you, and your realtor who will give instructions regarding the key and occupancy.


Office Hours

  • Monday: 10 am - 5:00pm
  • Tuesday: 10 am - 5:00pm
  • Wednesday: 10 am - 5:00pm
  • Thursday: 10 am - 5:00pm
  • Friday: 10 am - 4:00pm
  • Saturday & Sunday: Closed.


  • "When we purchased our home, Tim Shipley took us through all the legal work with patience and knowledge. We highly recommend his services."
    - Kerry & Carla Davies
  • “Tim has always looked after our tax needs with patience, humour, and accuracy.”

    - Mark & Tanis McNally-Dawes