What is the difference between the completion date, possession date and the adjustment date and how does this affect me as a seller?
The completion date is the date we will close the transaction and title will transfer from the seller to the buyer. Funds are transferred that day. The possession date is the date the buyer will receive the keys to the property and can officially move in. Often the possession is the day following completion strictly to allow time to ensure the transaction closes. Possession is normally around noon, so having possession the same day as completion sometimes causes serious issues when the transaction does not complete by noon. Buyers have until 5pm unless otherwise stated in the contract, so having the buyer waiting with the moving truck on the driveway at noon can be awkward when the seller won’t release keys due to not having the sale proceeds in hand. The adjustment date is the date the parties agree to make adjustments to costs they need to share. These may include property taxes, strata fees and utility payments. The seller should always consider the time needed to move and clean when picking the completion and possession days. If the seller is buying again, the seller should ensure it has time to move from the existing home to the new one, so may want to plan the move appropriately to ensure they can access the new home in time to move in based on when they must be out of the existing home.
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