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Possession Doesn't Happen When The Seller is Paid

Blog by Ian Watt | January 5th, 2010

Vancouver Condo Real Estate Video Blog #465 - January 6, 2010

Possession Doesn't Happen When The Seller is Paid

Ian Watt video blogs about how possession for a Vancouver condo doesn't happen when the seller is paid. The possession happens at an agreed time which is written in to the contract, after the property has been registered in the land titles office. The seller is paid when the lawyer acting on the behalf of the seller transfer the money from the law office's bank account. 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.

Ian Watt: Hi Good Afternoon its Ian Watt in Downtown Vancouver. We've had this issue come up a few times in the past when it comes time for possession. Now in Canada we have the completion day that's the day that everything is transferred. The possession day is the day that you get keys. Generally they are one day apart however it could be on the same day. Now keep in mind that the contract does not state that possession what happened when the seller receives the money. No no no no. The possession happens when the possession is written in to the contract. The contract or the completion day happens when it's registered in the land titles office and usually that's by 4 o'clock on the completion day. We've had a situation where client done this a couple of times, trying to hold on the keys until she gets her money. But the thing is her lawyer has the money. It's been transferred from one lawyer to the other lawyer. It has nothing to do with the purchaser and she wouldn't hand out the keys because she hadn't got her cash. But that's an issue that every seller should talk to their own lawyer and find out when they're gonna get their cash. Some lawyers hang on to it for a day or two. Some people deliver it as soon as they get it. So that's the conversation you should have with your notary public or your lawyer but it has nothing to do with the purchaser. My name is Ian Watt. If you have any questions you can always email me at  ianwatt@ianwatt.ca. Thank you very much and have a great day!