Encyclopedia
Completion date
The date the sale closes, money changes hands and title transfers.
For example: A buyer sets the completion date far enough out to arrange financing and the lender's appraisal. (Illustration only, not a real deal.)
Official source: Land Title and Survey Authority of BC
Example only, not a real client. Say you are buying a building and your lender needs a few extra weeks to finalize the loan. Because we set the completion date with that time in mind, the deal closes smoothly instead of under pressure.
What I’d tell a friend
Pick a completion date that leaves room for financing, lawyers and any tenant notices. Moving it later takes both parties’ agreement.
Why it matters to you
It's the day the money and the title change hands, and it can be hard to move. If your financing, your move or your tenant's timing isn't ready, you risk default.
How to use it in your deal
Buyers should pick a completion date that gives enough time after subject removal for the lawyer, lender and insurance to be ready, and avoid weekends and holidays when the Land Title Office is closed. Arrange insurance to start on completion. Confirm the amount needed with your lawyer several days ahead. Sellers should arrange payout of mortgages and clearance certificates, and confirm tenant notices.
Tenants in the building should get a notice of new landlord and payment details. Missing the date can be a breach with serious costs, so build in a buffer. Confirm funds and documents with your lawyer well ahead, and avoid Fridays or holiday weekends where you can, since delays in registration can push completion back. If you'll miss it, ask for an amendment in writing early rather than hoping.
Mistakes I see
Choosing a date too soon after subjects. Late lender funds. Forgetting insurance. Closing on a holiday.
In BC and Vancouver
Contracts set the date. The Land Title Act governs registration.
Official sources: Land Title Act (BC Laws) · Land Title and Survey Authority of BC
What it is
The completion date is the day the sale closes: the money is paid, documents are registered at the Land Title Office and ownership changes.
Possession and adjustment dates are often set close to it but can differ.
Planning it
Allow time for your lender, lawyer and any required approvals. Check that funds can move in time on the day.
Changing the date usually needs a written amendment signed by both sides. Ask your lawyer about the steps if a delay looks likely.
Questions to ask before you sign
- When is completion?
- Is my lender ready?
- When does insurance start?
- What happens if funds are late?
- When do I get possession?
Keep reading
Related terms: Subject removal, Deposit, Holdback
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General information for British Columbia only. It isn’t legal, tax, accounting or financial advice, laws and rates change, and reading it doesn’t make you my client. Any numbers or scenarios are hypothetical. Check the linked official source and talk to a lawyer, accountant or other qualified professional before you act or sign anything. See the terms and disclaimer.