Glossary · Offers, contracts and closing
Completion, possession and adjustment dates
Completion is the day title transfers and the money changes hands, possession is when the buyer gets the keys, and the adjustment date is when costs like property tax and strata fees switch to the buyer.
In BC possession is often the day after completion, at a time the contract states, and the adjustment date commonly matches possession. Your notary or lawyer uses the adjustment date to split prepaid property taxes and fees between buyer and seller.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
