Under normal circumstances, purchasers can move into newly purchased homes on the closing day of the transaction. The closing date will be agreed to by both the buyer and the seller and will be set out in the Agreement of Purchase and Sale. On the closing day, the purchaser will pay the remaining balance of the purchase price in exchange for the deed to the property and, usually, the keys to the home.
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.
The actual closing of the transaction will normally take place at the local land registry office to allow the buyer’s lawyer an opportunity to conduct one final search on title to ensure that nothing new has been filed against the property. The buyer and seller will each need to meet with their respective lawyers before the closing date to complete the necessary paperwork. On the closing date, the lawyers will not be able to formally transfer the ownership until the purchaser’s lawyer receives the funds to pay the balance of the purchase price. Sometimes funds will be available for the lawyer to pick up from a mortgage company or a bank early in the morning, but it is often mid-afternoon or later when the funds are received and the transaction can be completed.
