Buying Real Estate The Right WayBUYING REAL ESTATEThe Right Way

The Buying Guide

The BC Home Buyer's Guide

A chapter-by-chapter walkthrough of the buying process in British Columbia — from preparation through to completion. Educational guidance to help you make informed decisions.

07

Chapter 07

Completion & Possession

The final stage involves the legal transfer of title and the handover of possession. Three dates matter here — and they are not the same thing.

1
OfferYou submit a Contract of Purchase and Sale with your chosen price, deposit, conditions, and dates.
2
AcceptanceThe seller accepts your offer, subject to any conditions written into the contract.
3
Condition / Due Diligence PeriodThe window during which your conditions (e.g. financing, inspection) must be satisfied or removed.
4
Condition Removal (if applicable)If you remove subjects by the deadline, the contract becomes firm and binding.
5
CompletionTitle transfers at the Land Title Office; funds and documents are exchanged through lawyers/notaries.
6
PossessionYou take occupancy and receive the keys — negotiated separately from completion.

Key date distinctions

Completion Date

The date the transfer of title is legally registered at the Land Title Office.

Possession Date

The date you take occupancy and receive the keys. Often the same as or after completion.

Adjustment Date

The date used to divide taxes and utilities between buyer and seller. Often coincides with completion.

Dates are negotiated terms. For a specific transaction, confirm dates and their implications with your lawyer or notary.

What typically happens

Your lawyer or notary handles title transfer, the exchange of funds, and document registration.

Your lawyer or notary handles the transfer of title at the Land Title and Survey Authority, the exchange of funds, and the registration of your ownership. Adjustments for property taxes and utilities are calculated as of the adjustment date. Possession — when you receive the keys — is a separately negotiated date.

Questions about what happens next?

Talk to Roland
Closing involves legal and financial steps specific to your transaction. Engage a lawyer or notary early and confirm all dates and amounts with them.
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