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The Contract of Purchase and Sale, which you signed when you accepted the offer, will state the completion day for the transaction. On that day, legal ownership of the property will transfer from you to the buyer in exchange for the purchase price of the home. The possession date is the day the buyer can move in or take control of the property. The completion and possession dates are not necessarily on the same day.
Both you and the buyer usually engage a lawyer or notary public to prepare the documents necessary to transfer the legal ownership.
Among other things, they will protect your interests by:
- Searching the title in the Land Title and Survey Authority Office registration system to find if anyone other than you has any legal rights to the home and to see if there are any registered easements or restrictive covenants;
- Preparing the documents to transfer ownership from you to the buyer, including the Property Transfer Tax return;
- Ensuring that your old mortgage has been properly discharged if this is required;
- Confirming that all payments for which you are responsible have been made;
- Arranging for the buyer to sign the transfer documents;
- Preparing a Statement of Adjustments outlining all monies owed by the buyer and the funds they will need to complete the transaction;
- Delivering the final amount due to you, and ensuring the buyer is registered as the owner in the Land Title and Survey Authority Office; and
- Obtaining documents for strata-titled properties, such as the Information Certificate (Form B as prescribed in the Strata Property Act), Certificate of Payment (Form F as prescribed under the Strata Property Act) and the strata corporation’s Certificate of Insurance.
The day has arrived! You have signed the documents, received your money, and handed over the keys. You have sold your property!