Completion Day vs Possession Day

Completion Day is the date on which legal ownership of the property transfers from seller to buyer in British Columbia: the purchase funds are delivered, the title is transferred, and any new mortgage is registered at the BC Land Title Office. Possession Day — typically one to two business days later — is when the buyer receives the keys and is entitled to occupy the property. Because these two events occur on different dates, buyers should plan their moving arrangements around Possession Day, not Completion Day.

In British Columbia, conveyancing on Completion Day must be conducted by a BC-licensed lawyer or notary public, who coordinates the exchange of funds, registration of the transfer of title, and registration of any mortgage through the BC Land Title Office. Real estate licensees, governed by the Real Estate Services Act (RESA) and the BC Financial Services Authority (BCFSA), do not perform conveyancing and are not authorized to handle the legal transfer of title. Buyers and sellers each typically retain their own legal professional to represent their respective interests.

The gap exists because several steps must be completed on Completion Day before the seller is obligated to release the keys: funds must be verified, title must be registered at the BC Land Title Office, and any discharge of the seller's existing mortgage must be confirmed. Once all conditions of the contract are satisfied and the legal professional confirms the title has transferred, the seller's obligations to vacate and deliver possession are triggered. Building in one to two business days allows time for these processes to conclude without putting the buyer in the position of needing to move before legal ownership is confirmed.

Yes, parties to a BC Contract of Purchase and Sale may agree to have Completion Day and Possession Day on the same date, although this is generally considered higher risk and is less common. If the Land Title Office registration is delayed or funds are not received in time, the buyer could find themselves holding a moving truck with no legal right to possession yet. Most BC real estate practitioners recommend keeping at least one business day between the two dates to provide a buffer for the conveyancing process.

Under the BC Property Transfer Tax Act, Property Transfer Tax is payable on Completion Day, as it is collected and remitted to the provincial government by the buyer's legal professional at the time the transfer of title is registered at the BC Land Title Office. The PTT is not triggered by Possession Day or key delivery. Buyers should ensure their legal professional has the necessary funds — including PTT — available on or before Completion Day.

Yes. Under the Strata Property Act (SBC 1998, c. 43), a buyer of a strata lot is typically entitled to obtain a Form B (Information Certificate) from the strata corporation, which discloses information such as monthly strata fees, the status of the contingency reserve fund, outstanding bylaw violations, and pending legal proceedings. A Form F (Certificate of Payment) confirming that all strata fees and assessments have been paid is generally required to complete the transfer of a strata lot. These documents are relevant to the period leading up to and including Completion Day, since the title transfer cannot occur without the strata corporation's confirmation of no outstanding amounts.

In British Columbia, deposit funds paid by a buyer under a Contract of Purchase and Sale must be held in a trust account by the brokerage or legal professional in accordance with the Real Estate Services Act (RESA) and the rules established by the BC Financial Services Authority (BCFSA). These funds are held in trust and are not released to the seller until Completion Day conditions are satisfied and the transaction closes. If the transaction does not complete, the disposition of the deposit is governed by the terms of the contract and, if disputed, may require a court order or a written mutual release before the funds can be disbursed.

Under a typical BC Contract of Purchase and Sale, the seller is required to deliver the property in the agreed-upon condition and vacate by the Possession Day date and time specified in the contract, not Completion Day. Completion Day is the legal transfer of ownership, while Possession Day is when the buyer's right to occupy begins. Sellers and their legal professionals should ensure that the property is vacant, cleaned, and ready for the buyer to take possession at the agreed Possession Day time.

A real estate licensee in British Columbia governed by the Real Estate Services Act (RESA) and overseen by the BC Financial Services Authority (BCFSA) should follow the dates and terms expressly set out in the Contract of Purchase and Sale, which specify separate Completion and Possession dates. Releasing keys before the contractual Possession Day — without written agreement from both parties — could expose the licensee and the seller to liability if the transaction has not fully completed or if there is a dispute about the condition of the property. Any change to the Possession Day should be documented in a written amendment signed by all parties.

Yes, estate sales in British Columbia can significantly affect the transaction timeline. Under the Wills, Estates and Succession Act (WESA), an executor or administrator must have the legal authority — typically through the grant of probate or administration — to transfer title to a buyer, and the BC Land Title Office will require evidence of this authority before registering the transfer on Completion Day. Delays in obtaining probate can push back both Completion Day and Possession Day, so buyers and their legal professionals should inquire early about the status of the estate administration when purchasing a property from a deceased owner's estate.