Completion, Possession and Adjustment Dates in BC, Explained

In BC, the completion date is the day the home legally becomes yours and the seller is paid, and the possession date is the day and hour you can move in and get the keys. The adjustment date is a third date: from that day on, you pay the property tax, strata fees and utilities, and your lawyer or notary splits those costs with the seller as of that day.

All three dates sit on separate lines of the standard Contract of Purchase and Sale from the BC Real Estate Association (BCREA), so they can fall on the same day or on different days, for a resale or new duplex, triplex or fourplex home alike. If you are still at the offer stage, start with our post on how to make an offer on a resale duplex or multiplex in BC.

The three dates at a glance

BCFSA, the province's real estate regulator, says on its completing your purchase page that "the completion and possession dates are not necessarily on the same date."

• Completion date. The contract says the sale "will be completed" on this date "at the appropriate Land Title Office". You pay the balance of the price, the seller is paid, and the transfer goes in for registration.
• Possession date. The contract says you "will have vacant possession of the Property" at a time and date you and the seller write in. Vacant means the seller and their belongings are out.
• Adjustment date. The contract says you will "assume and pay all taxes, rates, local improvement assessments, fuel utilities and other charges from, and including," this date.

We quote BCREA's residential form (BC2057, revised November 2021). BCREA's list of form changes to December 2025 shows no later change to the clauses quoted here. Read the lines on your own contract.

What happens on completion day

On completion day, your lawyer or notary files the transfer at the Land Title Office and pays the seller once the paperwork is in. Clause 11 of the BCREA form says the documents "will be lodged for registration in the appropriate Land Title Office by 4 pm on the Completion Date." Lodged means filed and given a place in line for registration.

The BCREA information page sets out the order of events:

• You sign the documents and give your lawyer or notary your share of the price, which the page strongly recommends doing "at least two days before the completion date".
• The seller signs the transfer and returns it "no later than the morning of the day before the completion date."
• Your lawyer or notary files the signed documents, and any new mortgage, at the Land Title Office, then releases the money to the seller's side.

The Land Title and Survey Authority (LTSA), which keeps BC's official record of who owns land, says on its page on the registration process that each filing is given a date, time and pending application number, then checked by an examiner before the title is updated. The same page says most land title applications are registered within 10 to 15 business days. The seller's name may stay on a title search until then.

For a strata duplex, triplex or fourplex, one more paper is needed. Section 256 of BC's Strata Property Act says the registrar must not accept a transfer of a strata lot unless it comes with a current Certificate of Payment, called a Form F. The strata issues it under section 115 once the seller's account with the strata is paid or settled, and it stays current for 60 days. Your lawyer or notary orders it. Our posts on choosing a lawyer or notary and on closing day cover the rest of their work.

Why possession is usually after completion, and at what time

Possession usually comes after completion because the seller wants the money in hand before handing over the home. The BCREA information page says "the seller will not generally let the buyer move in before the seller has received the sale proceeds," and that the steps above take "a day or more".

People's Law School, a BC public legal education group whose guide to the Contract of Purchase and Sale was reviewed by lawyers in May 2024, says possession is "usually one or two days after closing."

The time of day is your choice. The printed form leaves a blank: you get possession "at ____ o'clock __m." on the date you write in. Agree on the hour through your REALTOR® and put it in writing.

In our view, a one-day gap between completion and possession is worth asking for, because it gives the money a full day to reach the seller's side. If completion runs late in the afternoon, movers booked for that morning could arrive while the seller is still waiting for the money and keeping the keys. Book movers for the possession date, after the agreed hour.

Who holds the keys

The keys stay with the seller's side until the possession date. People's Law School's guide to buying a home says "your realtor will give you the keys to your new home on the possession date." Ask your REALTOR® ahead of time where and when you meet, and who brings the garage remotes, mailbox key and any strata fob. For a new home bought from the company that built it, ask that company how it hands over keys; our post on the pre-sale timeline from deposit to keys walks through that day.

The adjustment date: property tax and strata fees

The adjustment date decides who pays for each day of property tax, strata fees and utilities. You pay from and including that date, and the seller pays for every day before it. Your lawyer or notary shows the split on a document called the statement of adjustments, which BCFSA says they prepare to set out "all monies owed by you and the funds you will need to complete the transaction."

Property tax is billed once a year. The City of Burnaby says on its property tax page that it sends the notice in early June "for payment at the beginning of July," and its page on apportionment for new owners says the statement of adjustments shares the taxes by each owner's time on title "for that calendar year." So:

• Adjustment date after the July due date. The seller has usually paid the whole year's bill. You pay the seller back for your share of the year.
• Adjustment date before the bill arrives. The seller owes their share of a bill that comes after you own the home. People's Law School says adjustments are made for costs that relate to the time the seller owned the home. You get a credit, then pay the full bill yourself in July.

Strata fees work the same way, by the month. If the seller has paid the month you take over, you pay back your days of it.

A worked example, with made-up numbers. The figures are invented to show the math.

• A resale strata half duplex in Burnaby. Completion and adjustment date: Thursday, November 19, 2026. Possession: Friday, November 20, 2026.
• Made-up 2026 property tax: $4,380 for the year, already paid in full by the seller in July. That is $12 a day over 365 days.
• You pay from and including November 19 to December 31: 43 days. 43 × $12 = $516 owed to the seller. The seller covers the other 322 days, $3,864.
• Made-up strata fee: $300 a month, already paid by the seller for November. You owe November 19 to 30: 12 of the month's 30 days. $300 × 12 ÷ 30 = $120 owed to the seller.
• Total: $636 added to what you pay on completion, on top of items such as the property transfer tax and legal fees.

Your lawyer or notary may count days another way. If the seller claimed the home owner grant (a provincial reduction in property tax for a home you live in), ask how that shows on the statement. Our property tax guide explains how the yearly bill is worked out, and our guide to strata fees in multiplexes explains what the monthly fee pays for.

Insurance, and the seller's risk until completion

The home stays at the seller's risk until 12:01 a.m. on the completion date, and at yours from that minute. Clause 16 of the BCREA form says the home "will be, and remain, at the risk of the Seller until 12:01 am on the Completion Date," and the information page says "the buyer should arrange for insurance to be effective as of 12:01 am on the completion date."

People's Law School adds that most lenders want proof of "all risk" home insurance before they release any money. In a strata, section 149 of the Strata Property Act requires the strata corporation to insure the common property and the buildings shown on the strata plan, so your own policy is for your belongings, your liability and any part of a strata insurance claim that the strata charges back to you. Our multiplex insurance guide covers what to buy.

Here is the part buyers miss. Clause 8 promises the home will be "in substantially the same condition at the Possession Date" as when you viewed it, while clause 16 moves the risk to you at completion. With a one-day gap, the seller may still be living in a home you own and insure, so tell your insurer the possession date. If the home is damaged before completion, call your lawyer or notary that day.

If completion is delayed or your money arrives late

Missing the completion date as a buyer can cost you your deposit. Clause 12 of the BCREA form says "time will be of the essence". If the balance is not paid by the completion date, the seller may end the contract, keep what you paid, and keep the right to claim other losses. People's Law School says a seller can also sue a buyer who fails to complete.

If you are paying with a mortgage, the form allows for the lender's timing. Clause 13 lets your share of the price follow the filing at the Land Title Office, as long as, before the filing, you have your own share ready, you have met every condition the lender set, and your lawyer or notary has given the seller's side a written promise to pay once the mortgage money arrives.

If money looks like it will be late, tell your lawyer or notary at once and ask them to request a short extension from the seller's side. People's Law School says the other side may choose to overlook a missed deadline, "but don't count on it." Any new date must be signed by both of you, since the BCREA information page says "the parties should ensure that everything that is agreed to is in writing."

If the seller is the one who cannot complete, the same rule protects you. People's Law School calls the contract's terms "legal promises" that "can be enforced in court." Call your lawyer the same day.

How a pre-sale completion date works

On a pre-sale, the completion date is fixed by the terms of the developer's contract, so read that clause with your lawyer before you sign. For a project of 5 or more strata lots, the Real Estate Development Marketing Act applies, and BCFSA's Policy Statement 1 requires the disclosure statement to give either the actual date or an estimated date range, of no more than three months, for the first date a home in the project may be lawfully lived in. A strata duplex, triplex or fourplex of 2 to 4 lots falls below that Act's 5-lot line, so, in our reading, it may come with no disclosure statement at all, and the contract is the only place the dates appear. Our post on the BC home buyer rescission period explains that line, and a later post this month covers pre-sale delays.

How we would set the three dates

• Completion Monday to Thursday. The BCREA information page says "lenders will generally not fund new mortgages on Saturdays," and a Thursday completion with a Friday possession leaves Friday for movers.
• Possession one day after completion, and at least one day before your rental ends.
• Adjustment date equal to the completion date, so you start paying costs on the day you start owning.
• Insurance booked before you remove subjects, starting 12:01 a.m. on completion day.
• Your money with your lawyer or notary two days early, as the BCREA information page recommends.

What this comes down to

• Completion is the ownership date. Possession is the move-in date and hour. Adjustment is the date the running costs become yours.
• The BCREA form leaves the possession hour blank, so you and the seller choose it.
• Documents are filed by 4 pm on completion day, and the seller generally waits for the money before handing over the keys, so possession usually comes a day or two later.
• Risk and insurance start at 12:01 a.m. on completion day.
• Late money can cost you the deposit, so tell your lawyer or notary at once.

Frequently asked questions

What is the difference between completion and possession date in BC?

The completion date is when legal ownership passes to you and the seller is paid. The possession date is the day and hour you can move in and get the keys. BCFSA says the two are not necessarily on the same date, and the BCREA contract gives each its own line.

Why is the possession date usually after the completion date?

The BCREA information page says the seller will not generally let the buyer move in before receiving the sale money, and that the completion steps take a day or more. People's Law School says possession is usually one or two days after completion. One day gives the money time to arrive.

What time do I get possession on the possession date?

At the hour written in your contract. The BCREA form leaves a blank for the time, so you and the seller agree on it when you make the offer. Put the agreed hour in writing and book movers for after it.

What is the adjustment date?

It is the date from which you pay the property tax, strata fees, utilities and similar costs, and the seller pays for the days before it. The BCREA form gives it its own line, so it can differ from completion. We suggest matching the two. Your lawyer or notary shows the split on the statement of adjustments.

When should my home insurance start?

At 12:01 a.m. on the completion date. Clause 16 of the BCREA form moves the risk to you at that minute, and the form's information page tells buyers to insure from then. People's Law School says most lenders want proof of insurance before they release mortgage money.

What happens if my mortgage money is late on completion day?

Tell your lawyer or notary at once. The BCREA form lets mortgage money follow the filing if your share is ready, the lender's conditions are met and your lawyer or notary has promised in writing to pay. If the money cannot arrive in time, only a written extension the seller agrees to protects you.

Can the completion date be changed after the contract is signed?

Yes, if you and the seller both agree. Put the change in a written amendment signed by both of you, as the BCREA information page advises for every term. The seller can refuse. Ask early, because a request made on completion day leaves no time to arrange anything else.

What happens if the seller cannot complete?

Call your lawyer the same day. People's Law School says the promises in the contract are legal promises that can be enforced in court, and that applies to the seller as well as the buyer. Your lawyer can tell you whether to wait, agree to a new date or take other steps.

Do I pay property tax for the whole year?

No. You pay only from the adjustment date to December 31. If the seller already paid the year's bill, you pay them back for your days. If the bill has not come yet, you get a credit for the seller's days and pay the full bill yourself when it arrives.

What if the duplex has a rented suite?

Then possession may be subject to that tenancy. The BCREA form lets the contract list existing tenancies, and its information page tells buyers to consult the Residential Tenancy Act. If you need the suite empty, say so in your offer and get legal advice on notice before you set the possession date.

How is the completion date set on a pre-sale?

By the developer's contract. For projects of 5 or more strata lots, the disclosure statement must give an estimated date range of no more than three months for when a home can first be lawfully lived in. Smaller strata projects of 2 to 4 lots may have no disclosure statement, so read the contract closely.

General information only. The clauses, timelines and rules on this page come from the BCREA Contract of Purchase and Sale (November 2021 version), BCFSA, BC law, LTSA, People's Law School and the City of Burnaby as we read them in October 2026. The property tax and strata fee figures in the worked example are made up to show the math. This is not legal, tax or financial advice, and not a guarantee of any outcome. Contract forms, tax dates and practices change. Always ask an independent real estate lawyer or notary to review your contract and your statement of adjustments before you set or change any date.

Ready to look? Browse the new homes for sale, or talk to our team about the dates that suit your move before you write an offer.