When you are buying and selling real estate there are many important dates you need to know. There is the subject removal date, the completion date, and the possession date. But what do these dates actually mean and why are they significant? Keep reading and Your Two Awesome Realtors will explain it all!
Subject Removal
Typically when a Buyer writes an offer on a property, it is subject to a number of things. Some examples of common subjects include the buyer having an inspection done, obtaining financing and reviewing strata documents. The contract will outline the date in which the Buyer has to satisfy all of these conditions by. This date is known as the subject removal date.
The sale of a property is not firm until subjects are removed and the deposit is paid!
Completion Date
Completion Day is the day when the Buyer will officially become the owner of the home. The money for the purchase is transferred to the Seller’s lawyer and the title is registered in Buyer’s name at the Land Title and Survey Authority Office .
Possession Date
The Possession Date is when the buyer receive the keys to their new home and can start moving in! This means if you are the Seller you need to have all your possession out of the property, and have the property in clean condition prior to this date.
If you are the Buyer, Your Two Awesome Realtors will meet you at the home with the keys. They will do a quick walkthrough of the property with you to ensure that everything is in order as per the contract.
If you are the Seller, Your Two Awesome Realtors will meet you prior to the possession date/time to obtain all the keys for the property from you, so they can be turned over to the Buyer’s Real Estate Agent.
For more information on the Home Buying Process Click Here.
