Possession Date

The possession date is the date specified in the BC purchase contract on which the buyer takes physical possession of the property and receives keys, garage remotes, mail keys, and access codes. The standard BC convention is possession on the business day AFTER completion — this gives the buyer's lawyer time on completion day to confirm both the registration of transfer at the BC Land Title Office (see /glossary/land-title-office-bc) AND the release of purchase funds out of the lawyer's trust account before the buyer takes possession. The seller's out-by-time on possession day is typically noon or 2 pm in the contract.

The trap most BC buyers fall into: scheduling movers for the morning of possession day and discovering the seller has not vacated by their out-by-time, or that a snag in the seller's payout has delayed completion 24 hours. Build a buffer: schedule movers for the afternoon of possession day at the earliest. Also: BC contracts can specify possession SAME DAY as completion (legal-only same-day "wet closings") for resale purchases where buyer and seller are both ready, but this is uncommon and creates risk if either side's lawyer encounters a registration issue at LTSA. For new construction, possession may be the same day as the developer's registration of the strata plan or fee-simple subdivision, sometimes weeks after the buyer's "interim occupancy" date — this is a very different mechanic from resale and is governed by the developer's presale contract addenda.