BC Real Estate Closing Process: Completion, Possession & Adjustment Day Guide (2026)
A BC real estate transaction doesn't end with an accepted offer — it ends with keys in the buyer's hand and a clean title on record. Understanding the three closing dates, the conveyancing process, and the most common closing-day problems is essential for managing client expectations through to completion.
The Three Closing Dates in BC
Every BC purchase agreement specifies three separate dates, each with distinct legal significance. Many buyers (and new realtors) confuse them.
1. Completion Date
The legal transaction date. Title transfers from seller to buyer, mortgage funds advance from the buyer's lender to the seller's conveyancer, and the seller's mortgage is discharged. Everything flows through the conveyancers — no cash changes hands directly between buyer and seller.
2. Adjustment Date
The financial calculation date. Property taxes, strata fees, rent, and other recurring expenses are prorated from this date — the buyer pays from here forward, the seller pays up to (but not including) this date. Usually the same as completion, but can be different by agreement.
3. Possession Date
The occupancy date. The buyer gets physical access and keys. Usually the same day as completion or 1 business day later. Keys should not be released until title has registered at the Land Title Office and funds have cleared — regardless of how early in the day possession is scheduled.
Standard BC Configuration
Most BC residential purchases: Completion = Adjustment = Possession (same day). The buyer completes, title transfers, they get keys same day. Some strata complexes require possession the next business day to allow the elevator to be booked. Seller-occupancy-after-close situations use completion before possession (e.g., completion Day 1, possession Day 3) — buyer funds the purchase but seller keeps occupancy for 2 days, usually with a per diem occupancy fee.
The Conveyancing Process: Timeline
Conveyancing is the legal process of transferring title. In BC, this is handled by the buyer's lawyer or notary public. The realtor's role is to ensure the conveyancer has the contract and all relevant documents well before closing.
Realtor delivers accepted contract to both clients' conveyancers. Buyer instructs their conveyancer to begin title search and prepare closing documents.
Buyer's conveyancer orders title search, reviews existing charges, confirms PTT calculation, and prepares Statement of Adjustments draft. Requests property tax and strata certificate (if applicable).
Seller's conveyancer obtains mortgage payout statement from lender. Both conveyancers exchange documents and confirm closing figures.
Buyer's conveyancer confirms closing funds required (purchase price + PTT + legal fees − deposit already paid). Buyer arranges bank draft or electronic wire transfer.
Buyer's conveyancer completes signing appointment with buyer. Buyer signs transfer documents, mortgage documents, and delivers closing funds to conveyancer's trust account.
Buyer's conveyancer releases funds to seller's conveyancer via electronic wire. Seller's conveyancer pays out seller's mortgage, pays seller the balance.
Buyer's conveyancer submits title transfer (Form A) and new mortgage (if applicable) to Land Title Office via electronic filing. Title registers within 1–2 hours (BC LTO is fast). Once confirmed — keys released.
Statement of Adjustments: What's Included
The Statement of Adjustments (SOA) is the final financial summary of the transaction prepared by the buyer's conveyancer. Common adjustments:
| Item | Credit to Buyer | Credit to Seller |
|---|---|---|
| Purchase price | — | Full amount |
| Deposit paid | Deposit amount | — |
| Property taxes (underpaid) | Seller's share (Jan 1 to adjustment date) | — |
| Property taxes (prepaid) | — | Buyer's share (adjustment date to Dec 31) |
| Strata fees (prepaid) | — | Buyer's portion of prepaid month |
| Rent (if tenanted) | Seller's portion of prepaid rent | — |
| Utilities (if included) | Prorated prepaid amounts | — |
| Home Owner Grant | If seller received HOG for full year but buyer gets possession | Adjustment based on specific circumstances |
| NET AMOUNT DUE FROM BUYER | Purchase price − deposit ± adjustments | |
Buyer's Total Closing Funds
Net amount from SOA + Property Transfer Tax + legal fees + title insurance + disbursements (title search, LTO registration fees). Total closing costs beyond the down payment typically run $5,000–$20,000 for a Metro Vancouver purchase depending on price point. Buyers are often surprised by the total closing funds required — discuss this with clients well before completion day.
Property Transfer Tax
| Portion of Fair Market Value | Tax Rate | Example ($1.5M purchase) |
|---|---|---|
| First $200,000 | 1% | $2,000 |
| $200,001 – $2,000,000 | 2% | $26,000 |
| $2,000,001 – $3,000,000 | 3% | N/A at $1.5M |
| Above $3,000,000 (residential) | 5% | N/A at $1.5M |
| Total PTT — $1.5M purchase | $28,000 |
Key PTT Exemptions
First-Time Buyer Exemption
Full exemption on primary residence up to $500,000 FMV. Partial exemption for $500,001–$525,000. Buyer must be a Canadian citizen or PR, have never owned a principal residence anywhere in the world, must occupy within 92 days of registration.
Newly Built Home Exemption
Full exemption for newly built primary residences up to $1,100,000. Partial exemption $1,100,001–$1,150,000. Includes new construction, substantially renovated units, and manufactured homes on a permanent foundation.
Family Transfer Exemption
Transfers between qualifying family members (spouse, parent/child, grandparent/grandchild) may be exempt if the property is the principal residence of the transferee. Specific qualifications apply.
Farm Land Exemption
Transfers of qualifying farm land within a family may be exempt. Strict requirements on the use and class of land.
Common Closing-Day Problems & How to Handle Them
⚠️ Funds not received by seller's conveyancer by end of business day▼
Common cause: Wire transfer delays, buyer's bank cut-off times missed, last-minute SOA changes requiring additional funds.
How to handle: Confirm closing funds are delivered to buyer's conveyancer 48 hours before completion. If completion is imminent, get a real-time status update from both conveyancers. If funds genuinely cannot be delivered, contact parties immediately — forced completion or extension must be negotiated.
⚠️ Title doesn't register before possession time▼
Common cause: LTO system delays, defects in submitted documents, missing discharge from seller's lender.
How to handle: Keys must not be released until title registers. Communicate clearly to buyer early — possession time is conditional on registration. LTO electronic filings typically register within 2 hours of submission. If delayed past end of business, possession may need to shift to the next morning.
⚠️ Property not in agreed condition at possession▼
Common cause: Seller didn't remove agreed items, damage occurred between subject removal and closing, agreed repairs not completed.
How to handle: Document everything with photos at possession walkthrough. If significant, buyer can hold closing funds in trust (holdback) with seller's agreement — requires conveyancer arrangement before completion. Realtor's role is to document and immediately contact both conveyancers and clients. Refusing to take possession is an extreme last resort that triggers contract breach analysis.
⚠️ Seller's mortgage not discharged on completion▼
Common cause: Payout amount changed, lender processing delay, seller has multiple charges on title.
How to handle: The buyer's conveyancer should have confirmed all charges and discharge arrangements well before completion. If discovered day-of, conveyancers work directly with the lender. Realtor's role: facilitate communication, not solve the legal issue.
⚠️ New information about the property discovered during final walkthrough▼
Common cause: Damage, missing fixtures, unauthorized alterations not noted in contract.
How to handle: Realtor documents the issue immediately. If minor, note it and proceed. If significant, buyer's lawyer must assess options (holdback, delay, breach). Realtors do not have authority to delay or cancel closings — that is a legal decision. Never advise a buyer to simply not take possession without legal advice.