Completion day or home closing day is when your BC real estate deal legally closes; funds move, documents register at the Land Title Office, and ownership changes hands. It’s different from possession day (keys/physical access) and adjustment day (the date used to pro-rate expenses like property taxes, utilities, and strata fees). In many BC contracts, these dates are on consecutive days, but they are not the same.
Below is a practical real estate closing checklist for both buyers and sellers in Surrey, Langley, and nearby areas. Keep this handy so completion day feels smooth, not stressful.
Home Closing Checklist: What Actually Happens on Completion Day in BC?
- Your notary/lawyer prepares closing packages (including mortgage/security documents if you’re financing) and the Statement of Adjustment i.e a balance sheet showing exactly what’s owed and to whom. If you need to reference the exact phrase your lender or broker uses, you can call it the statement of adjustments BC on your paperwork. Completion day typically occurs on a working weekday to ensure the banking system and solicitors are available for the transaction.
- Once funds (money) are in trust and conditions are met, your conveyancer files the transfer with the Land Title Office. That step—Land Title Office registration BC—is what officially transfers ownership and is when the transaction is finalized. After registration, title moves to the buyer and sale proceeds are released to the seller (after mortgages/charges and fees are paid).
- The completion day timeline generally starts with the transfer of funds through the banking system, followed by registration of the property, and then the handover of keys from the estate agent. Delays can happen on completion day, especially if there are issues with the banking system or other parties involved, which may mean you have to wait for the transaction to complete. If the money transfer doesn't go through by 3pm, you'll have to wait until the next working day for completion to take place. If you are in a chain of buyers and sellers, expect possible issues or delays on completion day. If you are buying a house with no chain, completion will usually take place around 11 am, assuming all payments have been received. Unexpected events, such as illnesses, can also disrupt what happens on completion day. Communication with your solicitor is crucial if there is a delay, and you should keep a record of all communications and attempts to resolve any issues.
- Exchanged contracts are legally binding, and completion usually happens 7 to 28 days after exchange, depending on the agreement between the buyer and seller. If a buyer fails to complete, they may forfeit their deposit and face additional costs. You can exchange and complete on the same day, but it can be stressful and complex.
- The buyer must sign the mortgage, deed, and other closing paperwork before receiving the keys from the estate agent. On completion day, the buyer can collect their keys from the estate agent and move into their new home or house, but you don't have to move in on completion day; most buyers prefer to do so as soon as possible.
Home Buyer Checklist: What to do Before and on Completion Day?
1. Review your Statement of Adjustments early
Confirm purchase price, deposit credit, property tax/utility pro-rates, strata fees (if any), insurance holdbacks, and legal/registration fees. This document determines your final amount due, so read it carefully and ask questions before signing. Remember, earnest money is a deposit paid to secure a property during the home buying process and should be reflected here.
2. Confirm closing funds & how you’ll deliver them
Most offices require a cashier's check or wire transfer for the remaining down payment and closing costs. Ask your notary about cut-off times and wiring instructions to avoid last-minute delays. Funds must clear before registration.
3. Budget for Property Transfer Tax (PTT)
Unless you qualify for an exemption, PTT applies on most purchases. Plan your property transfer tax BC amount well in advance using a calculator or have your conveyancer confirm the exact number.
4.Arrange building insurance (homeowner's insurance) and provide proof
Mortgage lenders require building insurance (homeowner's insurance) to be effective from the day of closing, and proof is typically required before funds are released. For strata, your policy covers your unit’s contents/deductibles while the corporation carries the master policy; details appear in the Form B.
5. Obtain and review your Closing Disclosure (CD)
Your lender must provide the Closing Disclosure at least three days before closing. Review it carefully for final loan terms and closing costs.
6. Bring valid ID and keep contacts handy
Bring a valid driver's license or passport for identity verification during closing. Keep your lender, mortgage broker, realtor, and notary numbers handy in case anything needs quick clarification.
7. Sign the promissory note
Be prepared to sign the promissory note, which serves as your formal, legal promise to repay the mortgage loan.
8. Confirm deed transfer
Ensure the deed will officially transfer ownership of the property from the seller to you at closing.
9. Arrange a removal company early and confirm booking
Arrange a removal company as soon as possible to ensure availability for your completion date, and confirm your booking before completion day to avoid issues.
10. Pack essentials separately
Pack essentials separately for easy access during your move to your new home.
11. Keep your phone charged and switched on
Keep your phone charged and switched on to receive updates on completion day.
12. Plan utilities and change of address
Book service transfers effective possession day. For strata properties, confirm move-in rules, elevator bookings, and fees (often shown in strata documents like Form B).
13. Redirect your post at the post office
Redirect your post to your new address at the post office to avoid missing important mail.
14. Final walkthrough (if agreed) & keys plan
Coordinate with your realtor for any pre-possession checks, and confirm where/when you’ll pick up keys (often via the buyer’s realtor after registration completes). Upon arrival at your new home, check the basics such as leaks and appliance functionality.
15. Prepare by reviewing all documents and contacts
Prepare by reviewing all financials, ID, insurance proof, the Closing Disclosure, the final sales contract, and contact details for key professionals before completion day.
Read also: A Comprehensive Guide to Property Transfer Tax in BC
Seller checklist: How to be Completion-day Ready?
1. Review your Statement of Adjustments & payout plan
You’ll see the net sale proceeds after commissions, legal fees, and mortgage payouts. The seller's solicitor coordinates the transfer of remaining funds and confirms completion with all parties. Ensure your notary has correct banking details and instructions for any outstanding charges to be cleared on title.
2. Provide mortgage/account info early
Your notary prepares discharges for mortgages and any personal property registrations. The buyer's solicitor will coordinate with the seller's solicitor and mortgage companies to ensure all payments are made, remaining funds are transferred, and legal ownership is properly transferred. Delays here can hold up registration and payment.
3. Strata sellers: order required documents
If you’re selling a condo/townhome, make sure your Form B strata BC (and any Form F, if requested) is current. Buyers rely on these to confirm fees, arrears, insurance summary, bylaws, and notice items.
4. Utilities & move-out logistics
Take meter readings when you move out of your old property and provide them to your utility providers. Schedule utility cancellations for possession day, and transfer utilities to the buyer’s name effective on closing day. Follow strata move-out guidelines, and leave keys/FOBs/garage remotes as instructed by your agent/notary.
5. Clean and leave agreed items
Remove personal belongings and leave included items per the contract (appliances, fixtures, etc.). A tidy handover reduces disputes at possession.
6. Forwarding address & warranties
Provide a forwarding address for any remaining post and leave manuals/warranties/extra keys for the buyer. It’s small goodwill that prevents avoidable calls.
Read Also: Reasons Why Hiring a Notary is Crucial for Legal Documentations
The three key dates (completion vs possession vs adjustment)
- Completion date: Legal closing—funds and title transfer; your conveyancer registers the deal at the Land Title Office. The exchange is the point at which contracts are signed and the deal becomes legally binding. Building insurance should be arranged from the moment of exchange to ensure coverage on completion day. Sometimes, you may have a simultaneous exchange and completion, where both happen on the same day, but this can be stressful and complex.
- Possession date: Buyer gets the keys and physical access (often the day after completion).
- Adjustment date: Financial split of property taxes, strata fees, and utilities prorated between parties; shown on the Statement of Adjustments.
Read Also: What is Title Insurance and What does it Cover?
The Importance of Meter Readings
On completion day, when legal ownership of your new property is officially transferred, taking accurate meter readings is a crucial step in the home buying process. Both the buyer and seller should prioritize this task as part of their completion day checklist to ensure a seamless transition of utility services and to avoid any disputes over energy usage or billing.
As soon as the completion date arrives and all the legal work is finalized, the buyer becomes the legal owner of the property. At this exciting moment, it’s essential for the buyer to record meter readings for electricity, gas, and water. These readings provide a clear record of energy consumption up to the point of sale, ensuring that the seller is only responsible for their usage, and the buyer starts fresh from the moment they take possession.
Notifying utility companies of the change in ownership is just as important. By providing them with the final meter readings and the official completion date, both parties can be confident that all the funds and charges are accurately allocated. This step helps prevent any last-minute issues or unexpected bills, which can otherwise delay the completion process or cause unnecessary stress for new owners.
Pro tips from the Closing table
- Wire early: Banks have cut-off times; sending funds late can push registration and delay keys.
- Read the numbers: Your Statement of Adjustments is your roadmap—if a figure looks off, ask before you sign.
- Know your exemptions: First-time buyer or newly-built home programs can reduce PTT(property transfer tax) confirm eligibility early.
- Strata specifics matter: Form B reveals fee amounts, arrears, special levies, parking/storage allocations, and insurance summary—critical for budgeting and smooth move-in.
- Removal company timing: Most people and most buyers prefer to move in on completion day, so arrange your removal company as early as possible to secure your preferred date. If completion is delayed, you may be charged a fee by the removal company for storing your possessions.
- Chain timing: If you are the first buyer in a property chain, your completion timing can impact everyone else in the chain.
Read Also: Top Mistakes to Avoid when Notarizing Real Estate Documents
FAQ
What if funds for home don’t arrive on time from the bank?
Registration can’t proceed until funds are received. Mortgage companies play a key role in releasing funds for completion, so delays can occur if wires are late or lender documents are missing. If you fail to transfer the funds on completion day, you will be fined. This is why it is highly imperative to coordinate timelines with your lender, mortgage company, and notary.
Who prepares the Statement of Adjustments?
Your lawyer/notary prepares buyer and seller versions to show debits/credits and the exact balance due. Think of it as the deal’s financial scoreboard.
Do I pay recording or registration fees?
Yes; BC’s Land Title Office charges registration fees for filing the transfer (and mortgage if applicable). These appear on your adjustments/legal account.
When do I get keys?
After registration on completion day—when all outstanding funds are transferred to the seller and ownership of the property is transferred to the buyer—keys are typically released for possession day (often the next day). Your realtor will coordinate pickup. For more details about the process, see our other posts.
Ready for a Smooth Home Closing?
Book with Notary in Clayton and we’ll walk you through funds, PTT, registration, and keys; quick, easy, simple. We serve Surrey, Langley, and nearby communities. Bring two pieces of ID and your contract, and we’ll handle the rest. Book online or call our Clayton Heights office; your local notary in Surrey and Langley.