When buying property, being aware of crucial dates can help ensure a smooth transaction. Here are four important dates to keep in mind:

Viewing Date

The date you view the property.

Tip: It’s common to view a property only once before making an offer. Ensure your offer stipulates that the property must be in substantially the same condition on the Possession Date as it was on the Viewing Date.

Completion Date

The date when money changes hands.

Tip: If you are selling your home and buying a new one, stagger the Completion Dates by at least one day. This ensures you have the funds from your sale available to complete your purchase.

Possession Date

The date the seller gives up the property and the buyer takes occupancy.

Tip: If you’re completing a sale and then a purchase, stagger the Possession Dates. This gives you time to move out of the old property and into the new one.

Adjustment Date

The date the purchaser becomes responsible for taxes, utilities, and other expenses.

Tip: The Possession Date and the Adjustment Date are usually the same day but double-check this. If the seller has already paid taxes or other expenses for the full year, an adjustment will be made in their favour. Ensure you’re not paying for services you can’t use.

If you need assistance drafting a Contract of Purchase and Sale or have any questions about these key dates, our  Real Estate Law team is here to help.