Top Vancouver Realtor Mike Stewart Answers Some Frequently Asked Property Purchase Questions.
What sort of timeline should I be aware of when purchasing a property?
1) 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.
2) 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 often 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, 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.
3) Completion Date
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.
4) Possession Date
Move in day starts from 12 noon on the Possession Date. The sellers must have all of their possessions moved out of the home at this time.
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