Completion Date

The Completion Date is the day on which the buyer's funds are paid to the seller and legal title to the property is transferred at the Land Title Office, as governed by the Land Title Act, RSBC 1996, c. 250. It is distinct from the possession date, which is typically the day after completion when the buyer receives keys and takes physical possession. The exact completion and possession dates are negotiated terms set out in the Contract of Purchase and Sale.

No. The Completion Date is when funds are transferred and legal title is registered at the Land Title Office under the Land Title Act, RSBC 1996, c. 250, whereas the Possession Date is typically the next business day when the buyer receives physical possession and keys. This one-day gap allows time for the buyer's lawyer or notary to confirm registration of title before the buyer takes possession. Verify the exact terms in your Contract of Purchase and Sale with your BC lawyer or notary.

On the Completion Date, the buyer's lawyer or notary pays the balance of the purchase funds to the seller's lawyer or notary, usually by trust cheque or wire transfer, and the buyer's title is electronically registered at the Land Title Office under the Land Title Act, RSBC 1996, c. 250. Any mortgages, property transfer tax (governed by the Property Transfer Tax Act, RSBC 1996, c. 378), and legal or conveyancing fees are also paid at this time. The seller retains possession until the following Possession Date unless otherwise agreed in writing.

The buyer is responsible for paying Property Transfer Tax (PTT) under the Property Transfer Tax Act, RSBC 1996, c. 378, on or before the Completion Date; the buyer's lawyer or notary typically pays PTT electronically to the BC government as part of the registration process at the Land Title Office. Exemptions, such as the First-Time Home Buyer Exemption (up to $835,000 as of 2026-07-27 — verify current), must be claimed at the time of registration. Verify current PTT rates and exemptions with your BC lawyer, notary, or the BC Ministry of Finance before completion.

Yes, but only if both the buyer and seller agree in writing to amend the Contract of Purchase and Sale; any amendment should be prepared and reviewed by a BC lawyer or notary to ensure it complies with BC contract law and the Real Estate Services Act (RESA), SBC 2004, c. 42. Unilateral changes are not permitted and may constitute a breach of contract. Verify the amendment process and any implications (such as financing or insurance deadlines) with your BC lawyer or notary before acting.

The Land Title Office (administered under the Land Title Act, RSBC 1996, c. 250) is where the buyer's lawyer or notary electronically registers the transfer of legal title and any new mortgages on the Completion Date. Once the transfer is registered, the buyer becomes the registered owner on title, and a new Certificate of Title reflecting the buyer's ownership is generated. The Land Title Office does not handle funds; those are exchanged between lawyers or notaries acting for the buyer and seller.

No, the Completion Date process is the same: funds are paid, and title is registered at the Land Title Office under the Land Title Act, RSBC 1996, c. 250, whether the property is freehold or strata. However, for strata properties governed by the Strata Property Act, SBC 1998, c. 43, the buyer's lawyer or notary will also obtain a Form B (Information Certificate) from the strata corporation before completion and confirm payment or adjustment of strata fees and any special levies. Verify strata-specific completion requirements with your BC lawyer or notary.

Failure to complete on the agreed Completion Date may constitute a breach of the Contract of Purchase and Sale, and the seller may be entitled to terminate the contract, retain the deposit, and claim damages under BC contract law. The buyer's lawyer or notary must ensure all funds (including the mortgage advance, if applicable) are received and cleared in time to pay out on completion. If you anticipate a delay, contact your BC lawyer or notary immediately to explore options such as negotiating an extension in writing with the seller.

The BC Home Flipping Tax, established under the Home Flipping Tax Act, SBC 2024 (effective January 1, 2025 — verify current), applies to income from the sale of residential property held for less than 730 days (two years as of 2026-07-27 — verify current) and is reported and paid as part of your income tax return, not on the Completion Date. The Completion Date determines when legal title transfers, which may be relevant for calculating the holding period. Verify applicability, rates, and exemptions with a licensed tax professional or BC lawyer before selling.

Contact your BC lawyer or notary, who will be handling the conveyancing and registration at the Land Title Office under the Land Title Act, RSBC 1996, c. 250, to confirm your obligations (such as arranging funds, paying Property Transfer Tax under the Property Transfer Tax Act, RSBC 1996, c. 378, and confirming possession arrangements). For tax questions (including PTT exemptions or capital gains), consult a licensed tax professional. For regulatory or licensing questions about real estate professionals, contact the British Columbia Financial Services Authority (BCFSA) at www.bcfsa.ca.