Saturday, October 10, 2009 What happens on Possession Day?by Ben Officer on Sat, Oct, 10, 2009 10:55 AM
I have been asked this question many times and I will discuss a bit of it here. Possession Day is the day you are supposed to take possession of your new home. Several things have to happen before that can occur. The Buyer’s Lawyer has to have all the documents completed and all the funds gathered together (Mortgage, Down Payment, etc…) to pay for the home or condo. Sometime between about 9 A.M. and 4 P.M. the Buyer’s Lawyer will send the money to the Seller’s Lawyer. Once the Seller’s Lawyer verifies that all the funds and paperwork are correct, then they notify the Seller’s REALTOR® to release the keys to the Buyer and their REALTOR®. Now, if there are problems with the funds or other issues with the paperwork, then Possession can be delayed. There are times when the Buyer might not take Possession of the residence, but might go in under Tenancy-At-Will. This is negotiated between the lawyers, and then the Buyer is paying rent to the Seller until everything is correct, and normal Possession is achieved. I will stress, please do not book your movers to move-in to your new home on Possession Day. If there are issues and Possession is delayed, then you will have more than one headache. The movers will charge you a substantial fee to sit outside your home waiting for the keys to be released. Please contact me if you any comments or questions. Ben Officer, CD REALTOR® RE/MAX Real Estate (Edmonton) |
| *** The author of this blog, Ben Officer, is a licensed REALTOR® in the province of Alberta. The opinions expressed within this blog are those of the author and are simply that, opinions. The views expressed in this blog are not intended to advise you, as your needs may differ depending on your particular situation. The information provided in this blog is not guaranteed to be accurate and is subject to change at any time. For legal advice/information, please consult a lawyer. For mortgage advice/information, please contact a licensed Mortgage Associate. For tax advice/information, please consult an accountant. For investment advice/information, please contact a financial advisor. *** Blog Disclaimer - The information contained within this blog and posted by the author is believed to be true but cannot be guaranteed to be so. The author of this blog takes absolutely no responsibility for the comments posted by third parties on this blog. |
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