Finalizing the Sale and Possession
The day the purchaser receives possession of the property. This is often the same as completion date. 12:00 (Noon) is generally accepted at the time for possession to exchange.
That is the legal definition. The human definition of Possession Day means much more to the individuals involved in the transaction. It means that that the and months of negotiating and dealing with Realtors, banks, lawyers and others are finished. For the Buyers, all that is necessary to do now is move their belongings into their new home and meet the neighbours. For the Sellers, all that they must do is ensure the property is ready for occupancy at noon.
You should be hearing from your lawyer at least two weeks before the closing so that you can meet to sign papers.
Once the solicitors authorize key release, I will make arrangements to pick up keys (and garage door openers) from the Seller and deliver of them to the Buyer. Please ensure you call my office 2 to 3 days prior to possession to arrange for the key transfer.
Possession Day is the day that all the work that has been done to that point comes together. In order to ensure it flows smoothly, you should have followed the instructions and advice of your Realtor and lawyer and utilized the checklists on this website. By following the detailed plans provided, the Buyer’s money will flow to the Seller in a timely manner, the utilities and services will be properly disconnected and reconnected, government departments, insurance companies and others will know your new address. All the Buyers need be concerned with is where to put furniture and hang pictures in their new home. Sellers of a principal residence are likely moving to their own new home, so they are giving up possession of one home and receiving possession of another as a Buyer.