Congratulations—your purchase is now official! As you wait for your Completion and Possession dates, here’s a simple guide to what happens next and how to prepare for a smooth closing.
Completion vs. Possession
- Completion Day: Funds are transferred and the property legally becomes yours.
- Possession Day: You receive the keys and can move in.
What To Do Before Completion
1. Finalize Your Mortgage
Work with your mortgage broker to complete financing and confirm all documents.
Work with your mortgage broker to complete financing and confirm all documents.
2. Hire a Lawyer or Notary
They will handle the legal transfer, mortgage funds, and closing paperwork.
They will handle the legal transfer, mortgage funds, and closing paperwork.
3. Set Up Home Insurance
Required before completion. Ensure your policy aligns with any strata insurance (for condos).
Required before completion. Ensure your policy aligns with any strata insurance (for condos).
4. Arrange Utilities & Services
Set up: BC Hydro, Internet + cable (Telus/Shaw)
Set up: BC Hydro, Internet + cable (Telus/Shaw)
*Contact you strata or property manager 2 weeks prior to arrange a Move-in date + book the elevator.
Understanding Closing Costs in BC. Be prepared for:
- Home inspection (~$400+)
- Property Transfer Tax
- Legal fees ($900-$2000+)
- Adjustments (property taxes, strata fees)
- Insurance + utility setup
- Move costs
What Happens on Completion Day?
- Your lender sends funds to your lawyer
- Your lawyer transfers funds to the seller
- Title is registered at the BC Land Title Office
- You’ll be notified once the transfer is complete
On possession day:
- We’ll meet you at the property for a final walkthrough
- You’ll receive your keys
- You can officially move in!
- Book movers early (especially month-end)
- Forward your mail with Canada Post
- Update your address with banks, work, and subscriptions
- Set up your internet, hydro, gas, etc.
If you have any questions along the way, we’re always here to help.