Home Buyers Completion Guide

Once an offer is accepted by the seller, there are certain steps taken to finalize the transaction, close the sale and take possession of your purchased home.  I have devised a list of steps needed to be taken in order to ensure a problem free completion.


A deposit is arranged as outlined in the Contract of Purchase & Sale.  A deposit is usually given during an offer as a "good faith" intention to purchase or required when an offer is accepted. The funds will be held in a trust account until the agreed upon completion date or returned if the contract is terminated.


Your mortgage requirements will need to be finalized with your lending institution and a copy of the Contract of Purchase & Sale will need to be provided.  An appraisal is likely required as a condition of financing and needs to be arranged and completed. 

Conditions & Subject Clauses

All conditions and subject clauses stated in the Contract of Purchase & Sale must be satisfied by the stated date. It may include obtaining appropriate financing, arranging a home inspection, pending sale of a property, approving condo strata minutes and etc.  Failure to satisfy may result in the termination of the contract.

Home Inspection

Home inspections is not required but highly recommended to be included as a subject clause in the contract to allow you to make a more informed decision.

Home Insurance

Home insurance or content insurance (strata developments) needs to be purchases in advance before the completion date to protect your investment.

Legal Representation

A lawyer or notary public of your choosing will need a copy of the Contract of Purchase & Sale and oversee the necessary documents needed to be completed prior to the completion date.

Date of Completion

There are a series of events that occurs during this agreed upon date between the seller and you as follows:
  • Your lending institution will provide you with the mortgage amount which is forwarded to your lawyer or notary public
  • A Statement of Adjustments will be given to you by your lawyer or notary public outlining costs payable such as the remaining balance due, legal fees, property transfer taxes and etc.
  • Payment of all funds owed and completion of all documents will be finalized with the seller by your lawyer or notary public.
  • Registration of the title to your purchased home at the Land Titles Office will be made by your lawyer or notary public. 
Date of Adjustment

The adjustment date is determined in the Contract of Purchase & Sale and involves you paying a credit to the seller regarding outstanding costs. These may include prepaid expenses such as property taxes, strata fees, utilities, service contracts and etc. 

Date of Possession

On this day you will officially be given the keys and step foot in your new home.  Congratulations!