What is the difference between possession date and completion date in Alberta?
This answer covers the law of Alberta.
Possession date is when the buyer gets the keys and the right to move in, while completion date is when the sale closes, the money is paid and title is transferred. Adjustment date is the day from which things like property taxes and utilities are split between buyer and seller. They are often the same day, but a contract can set them apart, so check what yours says.
A standard contract is used for residential purchases, and it sets out the buyer, seller, property details and financing terms, including the deposit amount. If the dates differ, the contract's wording decides what each side must do in between, and what happens if someone misses a date is a question of the signed terms and court decisions. Money held in trust can be paid out only according to the written terms agreed by the parties.
For a condominium, the corporation must provide an estoppel certificate within 10 days of a written request, so time your condition period to allow for it. For a new condominium unit, the developer must hold your money in trust until title is issued. A lawyer can help you set dates that fit together.
Key takeaways
- Possession is when the buyer takes over the home, while completion is when the sale closes and title is transferred.
- The adjustment date is the day from which costs such as property taxes and utilities are split between buyer and seller, and how it applies to you is worth confirming with a lawyer.
- A standard contract is used for residential purchases and sets out the buyer, seller, property details and financing terms, including the deposit amount.
- In a condominium purchase, the corporation must provide an estoppel certificate within 10 days of a written request, so plan your condition period around it.