Dates in a Vancouver Real Estate Transaction – Offer Acceptance, Subject Removal, Completion Date, Possession Date, and Adjustment Date

Dates in a Vancouver Real Estate Transaction

Updated on June 3, 2023, by Mike Stewart PREC

There are FIVE important dates in a real estate transaction.

They are the Acceptance Date, Subject Removal Date, Completion Date, Possession Date, and the Adjustment Date. When these dates occur, it is completely negotiable. 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).

These dates are specified in the offer document that becomes the accepted offer once both seller and buyer agree to the terms in writing.

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 buyer’s responsibility to get a building inspection, inspect the home’s documentation, finalize 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 automatically.

Completion Date

The Completion Date 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 transfer of ownership occurs when the title is transferred at the BC Land Titles Office.

The buyer generally DOES NOT MOVE IN ON THE COMPLETION DATE. The move in is on the possession date (see below for details).

Possession Date

Move in day typically starts from 12 noon on the Possession date. The sellers have to have all of their stuff out of the home as they no longer own it and so the buyers can move and make use of the home.

Adjustment Date

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.

Dates in a Vancouver Real Estate Transaction – Conclusion

Understanding the key dates in a real estate transaction is crucial for both buyers and sellers. These dates, which include the Acceptance, Subject Removal, Completion, Possession, and Adjustment, serve as milestones that guide the transaction process. They ensure that all parties are on the same page and help prevent misunderstandings. While the specifics can vary, the sequence of these dates remains consistent, providing a structured framework for real estate transactions. This knowledge empowers individuals to navigate the complex world of real estate with confidence, making the process more transparent and manageable.