Northern Lights over Fort McMurray Alberta    
Thorne and Thorne Barristers and Solicitors  


How fast can I close a real estate deal in Alberta?

In recent years, due to the volume of transactions being submitted to the Alberta Land Titles Offices (i.e. North and South), the turn around time for registrations has gone from an ideal of 2 business days to more than 20 business days during some periods. This means that many transactions will not be completed for several weeks after all of the legal conveyancing documents and financing documents have been signed and sent for registration.

Accordingly, depending on the turn around time for the registration of a transaction, a real estate deal may easily take 8 weeks or more from the date of signing until all elements of the transaction are registered.

Because of this periodic slow down, a parallel method of closing real estate deal has developed using insurance coverage provided through third party Title Insurance providers or by virtue of the use of the Western Law Societies Conveyancing Protocol. When closing a real estate deal using “gap” insurance coverage, funds are paid to the Seller before the Buyer is registered as the owner, provided that the only remaining steps is to secure registration at the Land Titles Office.

If closing using insurance coverage is possible for a particular transaction, and if a Buyer is comfortable using an insurance based closing, and a Buyer’s lender (if any) will allow it, then a real estate deal can be closed without the delay associated with waiting for registration at the Land Titles Office. However, the Buyer will not be the legally registered owner of the property until such registration occurs and the insurance coverage in place for the purposes of closing the real estate deal is intended to protect any funds advanced until the Buyer becomes the legally registered owner.

< Back

The general opinions expressed herein are for information purposes only and are not to be relied on. Individuals are encouraged to seek legal advice as it relates to their specific fact scenario to ensure they are fully aware of their legal rights and obligations.

Barristers & Solicitors