What is the 'completion date' versus the 'possession date' in a BC Contract of Purchase and Sale?
Correct Answer
D) Completion is when title transfers and funds are exchanged; possession is when the buyer takes occupancy, and they may differ
BCFSA explains that on the completion date legal ownership transfers from the seller to the buyer in exchange for the purchase price, and the possession date is the day the buyer can move in or take control of the property. The two dates are not necessarily the same, and possession often follows completion. The contract also sets a separate adjustment date for apportioning costs such as property taxes.
Why This Is the Correct Answer
This answer is correct. Completion is when title transfers and the purchase funds are exchanged; possession is when the buyer may occupy the property; and the contract may set them on different days.
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