Possession Day
Okay,now you’ve bought the Calgary home of your dreams. Now comes the hard part: waiting to take possession.
The date of possession is set by the buyer and seller as a term in the offer to purchase and may range from a few days to a few months. The amount of time between acceptance of your offer and you taking possession is something that you and the seller will decide as part of your initial negotiation process.
This is a good time for you to make arrangements to hook up any utilities, you will also need to ensure that adequate home insurance is in place (contents insurance if you bought a condo), arrange for movers,If you have bought a condo now is also a good time to call the condo corp to book elevators.
Calgary Real Estate Legal Requirements
While you’re waiting to move many different people are working on your behalf.
Your lawyer Is…
- searching the title
- Reviewing the Real Property Report (single family home)
- Reviewing estoppel certificate (condo)
- checking the tax situation
- registering the property in your name
- registering the mortgage against the title
- waiting for the advance of funds.
Your Calgary Real Estate Agent Is…
- checking with all parties to ensure that possession takes places on time
- arranging the key pick-up and the final inspection ‘walk through’ once money is in place
Your Calgary Mortgage Broker Is…
- preparing mortgage instructions for your lawyer.
What to expect on Possession Day:
You have gone through the journey from being a Calgary first time home buyer to now a first time home owner. How exciting, you are almost there. On possession day (sometimes referred to as closing day) we will meet typically around noon at your new home to conduct a walk through. We are looking to ensure the property in in the same condition as last seen when you made an offer on the property. And report any issues back to your lawyer ASAP. But rest assured 99% of all possessions go off without any issues at all, but in some rare circumstances your professionals work together as a team to work through any issues big or small.
Assuming that everything has gone through properly and the lawyers have sent through the monies on time, you will then receive keys and be able to start moving into your new home immediately!
Back to Step #5 ~ Forward to Step #7
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