D-Day in Real Estate: Unpacking Completion Day in Edmonton!
The Completion Day is the day you've all been waiting for in the real estate jouney!
It can often feel like the language around the real estate process in Alberta is challenging to understand. Your local real estate agent professional can act as your translator. One of the most common terms that we in the Edmonton real estate market is "closing". My aim with this blog post is provide clarity around this term.
NOTE: Making comprehension that much more challenging the legal term for this day is the "Completion Day" but words that are used more often are "Closing Day" or "Possession Day". They all mean the same thing in the Alberta real estate processs. For the purposes of this blog post I will be referring to this Edmonton real estate milestone by its' contract name the "Completion Day."
What is the Completion Day?
In the Alberta real estate process, it is the date when all finanical adjustments are made, the title to the property transfers to the new owner, after which, the new owner assumes financial responsibility for and possession of the property.
What happens on the Completion Day?
The technical part of this the completion day in the edmonton real estate pricess is mostly completed by your lawyer. From a basic perspective this is what hapepns on the completion day. The purchaser's lawyer sends funds as per the statement of adjustments to the seller's lawyer. Once the seller's lawyer has received them they will notify the seller's agent that funds have been received and that keys are releasable. The seller's agent will first notify their client that the property is officially sold and then notify the buyer's agent that they can now pick up the keys. The buyer's agent will make arrangements with their clients to meet at the property and provide possession. Generally all of this happens between 11-2pm.
What is the Role of a Real Estate Lawyer?
The role of a real estate lawyer in Edmonton, Alberta is crucial to the success of any real estate transaction. There are various tasks that much be completed including reviewing documents, completing indepth title searches, transfering funds, preparing land transfer documents and registration with all appropriate authorities.
HOT TIP: We highly reccommend working with a lawyer who specializes in residential real estate. This will be a decision you will not regret.
Before the Big Day: Preparing for Completion
- Have an open and relaxed schedule on the day. If you book a moving truck, cleaner or Shaw for 12:01pm in the Completion day. It is real estate Murphy's law that we will close late. It is important that this day be open and flexible.
- Do not wait until the last minute to sign with your lawyer. In order to avoid delays it is important that all legal documents be signed well in advance. Do not dilly dally on this as there can be costly consequences.
Each real estate transaction in Alberta has it's own set of variables. It is important to work with a real estate professional that can adapt and prepare you for your specific needs during the transaction.
Common Completion Day Hiccups
- Delayed funds. Lenders are often over capacity on certain days of the month. It is best to take this into consideration when negotiating your completion day. If possible stay away from the beginning and the end of the month.
- Delayed signing. Most of the time this is completely innocent. In Alberta, one of the biggest challenges is that we require "wet signatures" for land transfer. If you are out of town this can cause more challenging variables.
HOT TIP: Try and negotiate completion days between Tuesday & Thursday instead of Monday's and Friday's. Firstly, you have to close on a business day so you can aoid holidays using this method. You can also avoid unnecessary delays and interest payments.
The Completion Day, when one journey ends, another is just beginning. Remember your life in your home is just beginning and your relationship with your local real estate professional has not ended. Our role simply changes. We are always here to help. You can real out to our team at anytime with questions about the real estate process before or after the Compltetion day.
Email us at firstname.lastname@example.org