Completion: When Ownership Changes Hands

Completion is the legal closing day. Your lawyer or notary files the transfer (and the buyer’s mortgage, if any) at the Land Title and Survey Authority of British Columbia (LTSA). Once registration is submitted and the closing steps are satisfied, the purchase money is released, the seller’s mortgage is paid out, and legal title changes to the buyer. Most standard BC contracts make deadlines strict (“time is of the essence”), so missing the completion date can be a breach of contract with serious consequences.

Adjustment: The Date Used to Split the Bills

The adjustment date is the “as of” date used to fairly split property‑related costs between seller and buyer on the Statement of Adjustments. Common items are municipal property taxes, strata fees and levies, and, for rented properties, rent and security deposits. In many BC residential deals using the standard contract, the adjustment date is set to match the possession date (often the day after completion), but the parties can agree to make it the same day as completion. Making sure everyone is clear on which date applies helps avoid math errors and surprises in the amount due on closing.

Possession: Keys and Move‑In

Possession is when the buyer is entitled to the keys and can move in. The standard contract commonly sets possession for 12:00 noon on the possession date unless stated otherwise. Even if the buyer becomes the registered owner on completion, there is no right to enter early without an express agreement. The seller must hand over the property in the agreed condition—often “vacant possession” unless the buyer has agreed to assume a tenancy.

Why Possession Often Follows Completion

Separating the days is a practical BC approach. Completing first lets title and funds settle, while giving the seller a short, defined window to move out. It also reduces risk from bank cut‑off times, LTSA registration timing, and moving logistics, making the handover smoother for both sides.

Common Pitfalls to Avoid

Trouble usually comes from late funding or registration, sellers not vacating by the possession time, or mistakes on the Statement of Adjustments (for example, using the wrong “as of” date or outdated tax/strata numbers). Early coordination among the parties—and double‑checking which date governs adjustments—goes a long way to preventing these issues.

In short: completion transfers legal title, the adjustment date governs the math, and possession delivers the keys. Understanding how these dates work together helps buyers and sellers set realistic expectations and close with confidence in BC.

Every real estate transaction is unique, and the timing of completion, adjustment, and possession can have important legal and practical implications. Please consult with Northam Law Corporation for your real estate and conveyancing needs to ensure your interests are protected. You can reach us directly at 604-630-2350 or via email at melissa@northam-law.com to discuss your specific situation.

** The information in this article is for general informational purposes only and does not constitute legal advice. Laws can and do change over time and every legal situation is unique. You should consult with a qualified legal professional, such as the team at Northam Law, to obtain advice tailored to your specific circumstances before making any decisions.

Related Articles:

Navigating the Conveyancing Process in British Columbia

Pre-Sale Condo Purchases in British Columbia: Key Legal Protections for Buyers

Joint Tenancy vs. Tenants-in-Common in BC: What Property Buyers Need to Know

The post Completion, Adjustment, and Possession Dates in BC Real Estate: A Plain‑Language Guide appeared first on Northam Law Corporation.

What a Title Search Reveals

First and foremost, a title search confirms the basics: who legally owns the property and the form of that ownership—whether it is held as a sole owner, a joint tenancy with right of survivorship, or as tenants in common. It also verifies the legal description and Parcel Identifier (PID).

However, the most critical part of the search is the list of registered charges. Because British Columbia operates under a Torrens-style land title system, these registered interests are guaranteed by the province and generally take priority based on the order they were filed. These charges fall into two main categories: financial encumbrances and non-financial restrictions.

Financial Encumbrances: Mortgages, Liens, and Litigation

Financial charges are debts or claims secured against the land that typically must be cleared for a sale to complete. The most common is a mortgage, which the seller’s lawyer will undertake to discharge upon receiving the sale proceeds.

More concerning are Builders Liens and Certificates of Pending Litigation (CPLs). A builder’s lien can block a sale until the debt is paid or secured into court, while a CPL serves as a formal notice that the property is subject to a lawsuit. If a CPL is on title, the property effectively cannot be transferred or financed until the underlying legal dispute is resolved.

Non-Financial Charges: Restrictions on Use

Not all encumbrances are about money; many dictate how you can actually use the property. It is common to see Statutory Rights of Way (SRWs), which grant utilities (like BC Hydro or Fortis) access to specific corridors of the land, or Easements, which might allow a neighbour to cross your driveway.

You may also encounter Restrictive Covenants or Building Schemes. These “run with the land” and bind all future owners, potentially limiting everything from the height of a new fence to the colour of your home’s exterior. To fully understand these constraints, your lawyer must review the specific “charge instrument”—the actual document filed with the registry—as the title summary alone does not provide the full details.

Why Thorough Due Diligence Matters

Missing a detail on a title search can have significant, lasting consequences for a buyer. A registered charge you didn’t notice could materially affect:

• Renovation Plans: Setbacks or easements could render your dream addition illegal.
• Development Potential: Restrictive covenants may cap density or prohibit subdivision.
• Marketability: Unresolved liens or litigation can delay closing or kill the deal entirely.

In British Columbia, lawyers rely on a system of “undertakings” to manage these risks, ensuring that financial charges are paid out and discharged during the closing process. However, this system relies on accurate, early detection of all issues on title.

Conclusion

A title search is the definitive record of a property’s legal health. Proper due diligence requires more than just glancing at the document; it involves obtaining copies of every registered charge, reviewing the plans, and ensuring all financial and non-financial restrictions are addressed before you sign the final closing documents.

Every situation is unique, and what works for one property may not apply to another. Please consult with Northam Law Corporation for your real estate and conveyancing needs to ensure your interests are fully protected.

Contact Us at melissa@northam-law.com and 604-630-2350.

** The information in this article is for general informational purposes only and does not constitute legal advice. Laws can and do change over time and every legal situation is unique. You should consult with a qualified legal professional, such as the team at Northam Law, to obtain advice tailored to your specific circumstances before making any decisions.

Related Articles:

Your Homeownership Adventure: A Practical Guide to Conveyancing in BC

Land Title Act of BC on Property Ownership Protection

Tenancy in Common vs. Joint Tenancy in British Columbia Property Ownership

The post Understanding Title Searches in British Columbia: What Buyers and Sellers Need to Know appeared first on Northam Law Corporation.