You've made an offer, negotiated successfully, removed your subjects, and paid your deposit. Now comes Step 5: completion and possession — the legal and logistical transfer of your new home from the seller to you.
This stage involves your real estate lawyer, your mortgage lender, and your REALTOR®. It's largely administrative, but there are key actions you must take on specific days. Missing a deadline can delay your move-in — so understanding what happens and when is essential.
These two dates are defined in your Contract of Purchase and Sale and are often confused by first-time buyers:
| Term | What It Means | What Happens |
|---|---|---|
| Completion Date | Legal ownership transfers | Your lawyer pays the seller; title registers in your name at the Land Title Office. You are legally the owner but don't have keys yet. |
| Adjustment Date | Financial adjustments are calculated | Property taxes, strata fees, and utilities are pro-rated from this date. Usually the same as completion date. |
| Possession Date | Keys change hands | You receive the keys and can access the property. Usually 1 day after completion to allow overnight title registration. |
Example: Completion is Tuesday, Possession is Wednesday. You own it Tuesday evening; you get the keys Wednesday morning.
Your lawyer orders a title search to confirm the property has no liens, unpaid taxes, or encumbrances beyond the seller's existing mortgage. They also prepare transfer documents and request your home insurance details. If you don't have a real estate lawyer yet, choose one now — don't leave this to the last week.
Your lender prepares final mortgage documents for signing. You'll visit your bank or broker to sign the mortgage agreement. Your lender will advance the funds to your lawyer on completion day. If anything has changed in your financial situation (job change, new debt), disclose it immediately — lenders can pull approvals at this stage.
Your lawyer sends you a detailed Statement of Adjustments — a breakdown of every dollar owed at closing. This includes: balance of purchase price, legal fees, PTT (if any), property tax adjustment, strata fee adjustment, and title insurance. You'll know the exact certified cheque amount required.
You and your REALTOR® inspect the property to verify it's in the same condition as the accepted offer, all included items are present and functional, and the seller has begun moving out. This is critical — it's your last chance to flag anything before legal ownership transfers.
You deliver your certified cheque (or wire transfer) to your lawyer's trust account. Your lender advances the mortgage funds. Your lawyer pays the seller's lawyer. The Land Title Office registers the title transfer — usually confirmed by end of business. You are now legally the owner.
Your REALTOR® picks up the keys from the listing agent (or they're left in the lockbox). You do a final walkthrough, take meter readings, and begin moving in. Congratulations — the home is yours.
Use this checklist to stay organized in the final 30 days before possession:
What is the difference between completion date and possession date in BC?
Completion is when legal ownership transfers and funds are exchanged. Possession is when you receive the keys. They're typically 1 day apart — completion happens so title can register overnight, then you get access the following day.
What if the seller hasn't moved out on possession day?
This is rare but happens. Your contract should have a clause requiring the property vacant on possession (unless agreed otherwise). If the seller is still in the property, your REALTOR® and lawyers negotiate. You may be entitled to compensation for delays. Never move your possessions into an occupied property — wait until it's fully clear.
Can I change my possession date after subjects are removed?
Yes, but it requires written agreement from the seller and must be documented in an addendum to the contract. Both lawyers need time to coordinate. Avoid requesting date changes in the last week — it creates logistical problems for the title office, lender, and seller.
What do I do if something is broken or missing on possession day?
Document everything immediately — photos and video. Contact your REALTOR® the same day. If items were included in the contract (appliances, light fixtures, window coverings) and are missing, the seller is in breach. Your lawyer can pursue a holdback or claim from the seller's proceeds. For damage, the seller's liability depends on when it occurred and the contract terms.
What happens if my mortgage falls through before completion?
If you've already removed your financing subject, you are legally obligated to complete. Failing to complete means you forfeit your deposit and the seller can sue for damages. This is why removing financing subjects only after firm lender approval is critical. If your situation changes, communicate immediately with your lawyer and lender.
How long does title registration take in BC after completion?
The Land Title Office typically registers title the same business day as completion — usually by 4–5 PM. Your lawyer submits documents electronically once funds are received. This is why completions are scheduled mid-morning: it leaves time for registration to confirm before possession the next day. If completion occurs late afternoon, registration may carry to the following morning.
What is a Statement of Adjustments and when do I get it?
The Statement of Adjustments is a detailed financial summary your lawyer prepares showing every dollar that changes hands at completion — purchase price, your deposit in trust, mortgage advance, property tax pro-ration, strata fee adjustment, and legal fees. You receive it 3–5 business days before completion. Read every line carefully; errors must be corrected before completion day or the numbers won't balance.
Do I need home insurance before completion or before possession in BC?
Before completion — not possession. Your mortgage lender requires proof of insurance (effective on completion date) before advancing mortgage funds. If you don't have it in place, your lender will not release funds, which delays the entire transaction. Set it up at least 48 hours before completion and send the certificate to your lawyer immediately.
Sebastian Czarkowski is a licensed REALTOR® in British Columbia with Royal LePage Elite West, regulated by the BC Financial Services Authority (BCFSA). This page is for informational purposes only and does not constitute legal or financial advice. Real estate transactions involve legal documents — always retain a qualified BC real estate lawyer or notary for your purchase.