Buying a Condo: When Can You Move In?
You’re buying a condo, and you’ve now removed your subjects. Your completion date is at the end of the month, but are you paying close attention to the other dates listed on the contract?
There are actually three different dates that dictate different processes and timelines on the standard Contract of Purchase & Sale from the BCREA. When you’re buying a condo, your real estate agent should explain the significance of each of these dates, if they’re going to differ, and discuss what would work best for your timelines, and your potential move-in plans.
The completion date is often referred to as your ‘closing’ date. Simply put, this is the date that you actually take ownership of the condo, and it becomes yours! See this excerpt from the Real Estate Council of BC’s website: ‘On that day, legal ownership will transfer from the old owner to you in exchange for the purchase price of the home. You will be able to move in on the possession date stated on your contract. The completion and possession dates are not necessarily on the same date.’
It’s important to re-iterate that the possession date is not always the same date as the completion date. The possession date will typically be accompanied by a time, and this date and time is when you’re legally entitled to the receive the keys to the property and have access to your new condo. Pay close attention to this one, it seems to be the most important for buyers, especially when you’re setting up movers and making your moving plans!
The adjustments date is often overlooked, but it is still important. It is the date that the lawyers will use to determine when the seller will stop being financially responsible for paying items like the property taxes, fuel utilities, strata fees, etc. Your lawyer should explain this to you when you’re signing transfer documents prior to your completion date, however it’s good to know ahead of signing documents with your lawyer that the adjustments date is the date that they will use to determine when you become financially responsible for those items, and potentially others, depending on the property.
If you are looking to purchase or sell a property in the current market, or in the future, it’s important to have an expert on your side. Get in touch with The Condo Group for more information at 250-382-6636.
— Amy Francoeur