Important Dates in a Vancouver Real Estate Transaction
There are FIVE important dates in a real estate transaction.
They are the Acceptance Date, Subject Removal Date, the Completion Date, Possession Date, and the Adjustment Date. They can be set a day apart from each other or a year apart, but they must come in the order that you see them above (Possession and Adjustment can come on the same day).
The Acceptance Date
The first is the date of acceptance. This is when the buyer and seller agree to a price and conditions. Most offers are conditional, meaning the buyers agree to buy if they are satisfied with the condition of the home, the documentation associated with the home, and any other conditions in the contract. The buyer is usually given a week to satisfy their conditions, but this can vary depending on the deal.
Subject Removal Date
The end of the conditional period when the buyer removes the conditions from their offer is referred to as the “Subject Removal” date (conditions are sometimes to referred to as subjects). This is the next important date for a real estate transaction. By removing the conditions the buyer agrees to pay the purchase price on the Completion Date unconditionally. It is the buyers responsibility to get a building inspection, inspect the home’s documentation, finalise their financing, and fulfill any other conditions before the Subject Removal Date. If the buyer does not fulfill these conditions or remove the subjects the deal will collapse.
This is the date when the buyer pays the purchase price and becomes the registered owner of the property. It is also the date when the seller receives
the purchase price and gives up ownership of the property. The buyer DOES NOT MOVE IN ON THE COMPLETION DATE.
Move in day is starts from 12 noon on the Possession date. The sellers have to have all of their stuff out of the home and the buyers can move and make use of the home.
This usually falls on the same date as the possession date and is the day on which the buyer becomes responsible for the property from an insurance perspective and also from a tax perspective.
Please let me know if you have any questions!