Vancouver Condo Real Estate Video Blog #690 - October 10, 2011
Attention Sellers - Completion Day Doesn't Mean Payday for You
Ian Watt video blogs about how some Vancouver condo sellers think that the can hold back the keys to their condos on possession day and wait until their lawyers transfer their money in to their personal bank accounts. Unfortunately there is nothing written in the contract that states you can hold back the keys until you are paid. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2011 http://www.iwatt.ca/ .
Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. I want to remind you that the Completion Day is the day were all the document you signed two or three day earlier at your lawyer's office. That's the day that everything gets registered in the land title office that is completion day it's when everything transferred from one owner to another. If you are the seller that does not mean the day that your getting paid that depends how fast your lawyer transfer money back and forth. So on possession day which usually the following day is the day that we hand out keys. Whether you get paid or not if it's transferred you don't own it anymore so that's doesn't mean you can hold on to the keys until you get paid. We got moving trucks waiting for the new buyers sitting on front. You have to hand out your keys as part of the contract you're gonna get sue for the moving cause of delays in the hotel and all that stuff if you gonna hold back your keys. Please talk to your lawyer or your notary and confirm what day your gonna pay as a seller, what day all the money will be transferred into your bank account. Because that doesn't usually happen on the completion day it depends on how fast the lawyers work for transferring the money. Transferring the documents and the title happens on completion day that happens like that possession day we hand out the keys. Your money is not the buyers concern that's between the two lawyers. My name is Ian Watt and f you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great!