Completion Day vs Possession Day

Completion day is when the legal transfer of property occurs—title is registered at the Land Title Office under the Land Title Act, RSBC 1996, c. 250, funds are transferred, and the mortgage is registered. Possession day (typically one to two business days later) is when the buyer receives the keys and can move into the property. These are two distinct events; legal ownership transfers on completion day, but physical access is granted on possession day. Verify the exact dates in your Contract of Purchase and Sale with your BC lawyer or notary public.

Conveyancing—the legal transfer of property—is handled by a BC-licensed lawyer or notary public, both of whom are authorized to conduct real estate closings under BC law. The lawyer or notary registers title at the Land Title Office on completion day and coordinates the release of keys on possession day. Real estate licensees (managing brokers, associate brokers, or representatives licensed under the Real Estate Services Act, SBC 2004, c. 42) facilitate the sale but do not perform legal conveyancing. Verify roles and responsibilities with your BC lawyer or notary public.

Property transfer tax (PTT) under the Property Transfer Tax Act, RSBC 1996, c. 378, is payable on or before the registration of title, which occurs on completion day. Your BC lawyer or notary public will calculate and remit the PTT as part of the closing process on completion day. Possession day has no bearing on PTT payment. Verify PTT amounts, exemptions (e.g., First-Time Home Buyer Exemption thresholds as of 2026-07-27—verify current), and filing deadlines with your BC lawyer or notary public.

No. In BC real estate practice, buyers typically receive keys and take possession on possession day, which is usually one to two business days after completion day. Moving arrangements should be made for possession day, not completion day, because legal transfer and physical access occur on different dates. The exact possession date and time are specified in the Contract of Purchase and Sale. Verify your contract terms with your BC lawyer or notary public.

The separation allows time for the Land Title Office to process and register the transfer of title, the discharge of the seller's mortgage, and the registration of the buyer's new mortgage under the Land Title Act, RSBC 1996, c. 250. This administrative gap ensures that title is clear and funds have been properly disbursed before the buyer takes physical possession. The practice is standard in BC conveyancing. Verify the timing and process with your BC lawyer or notary public.

If the seller fails to deliver vacant possession on the agreed possession day, the buyer may have remedies under the Contract of Purchase and Sale, which may include a per-diem penalty or other contractual remedies. The buyer's BC lawyer or notary public should be notified immediately. Depending on the circumstances, the buyer may also have remedies under general contract law or, if tenants are involved, under the Residential Tenancy Act, SBC 2002, c. 78. Verify your remedies and next steps with your BC lawyer or notary public before acting.

Title insurance coverage typically begins on the date title is registered in the buyer's name, which is completion day, under the Land Title Act, RSBC 1996, c. 250. Possession day does not affect the commencement of title insurance. The exact coverage start date and terms are set out in the title insurance policy issued by the insurer. Verify policy details, coverage limits, and effective dates with your BC lawyer, notary public, or title insurer.

Property tax adjustments are made as of completion day, the date legal ownership transfers under the Land Title Act, RSBC 1996, c. 250. Your BC lawyer or notary public will calculate the seller's and buyer's respective shares of annual property taxes in the Statement of Adjustments and adjust funds on closing. Possession day does not affect the property tax adjustment calculation. Verify the Statement of Adjustments with your BC lawyer or notary public before closing.

Yes, the Contract of Purchase and Sale can specify the same date for completion and possession, although this is less common in BC practice due to the time required for Land Title Office registration and fund disbursement. If the same day is agreed, the buyer typically receives keys later in the day after the lawyer or notary confirms registration. Verify the feasibility and timing with your BC lawyer or notary public when negotiating the contract.

The Land Title Office (operated under the Land Title Act, RSBC 1996, c. 250) registers the transfer of title, discharge of the seller's mortgage, and registration of the buyer's mortgage on completion day. Registration confirms legal ownership has transferred. Possession day occurs after the Land Title Office has processed these registrations and the buyer's lawyer or notary has confirmed clear title. Verify registration status and timing with your BC lawyer or notary public on closing day.