What Happens on Completion Day in BC: A Step-by-Step Timeline

You’ve done the hard part. You found the right home, negotiated a price you feel good about, removed subjects, secured your mortgage, and signed a stack of papers with your lawyer. Now completion day is here — and most buyers have no idea what’s actually happening behind the scenes.

I’ve walked hundreds of buyers through this process. The most common thing I hear on completion day is some version of “So… when do I get the keys?” Which is fair. But there’s a lot going on before that moment arrives, and understanding the process will save you from unnecessary stress.

Let me break down exactly what happens, who does what, and when you can finally call the place yours.

Completion Day vs. Possession Day — Know the Difference

Before we get into the timeline, let’s clear up the single biggest source of confusion in BC real estate transactions.

Completion day is when legal ownership transfers. Your lawyer or notary registers the title transfer at the BC Land Title and Survey Authority (LTSA), the buyer’s funds move to the seller’s lawyer, and you become the legal owner on paper.

Possession day is when you get the keys and physically move in.

These are often different dates. In BC, possession day typically falls one to three days after completion day, though you and the seller can negotiate them to be the same day. When they’re on the same day, you’ll usually get keys in the afternoon — after your lawyer confirms that title has registered and funds have been released.

There’s also the adjustment date, which is when property taxes, strata fees, and utilities get prorated between you and the seller. The adjustment date is usually the same as the possession date, but check your contract — it can vary.

What Your Lawyer or Notary Does Before Completion Day

Most of the heavy lifting happens before the actual completion day. Here’s what your legal representative handles in the days and weeks leading up to closing, as outlined by League Law’s conveyancing process:

Title search. Your lawyer searches the title at LTSA to confirm the seller actually owns the property, and to check for any liens, encumbrances, or charges registered against it. This is non-negotiable — you need to know what you’re buying.

Document preparation. They prepare the Form A Transfer (the document that transfers ownership), your mortgage documents, the Property Transfer Tax return, and the Statement of Adjustments — which is essentially the final accounting of who owes what.

Statement of Adjustments. Think of this as the closing balance sheet. It accounts for your deposit, mortgage proceeds, property transfer tax, property taxes already paid (or owing), strata fees, and any other credits or debits. This tells you exactly how much you need to bring on signing day.

Signing appointment. Typically one to three days before completion, you’ll sit down with your lawyer to sign everything and deliver your remaining down payment by bank draft or wire transfer. Your lawyer deposits these funds into their trust account.

I always tell my buyers: your signing appointment is boring. And that’s a good thing. If your lawyer has questions or concerns, that means something needs fixing.

The Completion Day Timeline: Hour by Hour

Here’s what a typical completion day looks like in a BC real estate transaction. The exact timing varies, but this is the general flow.

Morning (8:00 AM – 10:00 AM): Filing Begins

Your lawyer’s office starts the day by submitting the title transfer documents to the LTSA for registration. In most cases, this is done electronically. Online applications filed through LTSA are processed between 6:00 AM and 11:00 PM, Monday through Saturday.

At the same time, your mortgage lender’s lawyer (sometimes the same lawyer, sometimes a separate one) files the mortgage registration against the title.

The seller’s lawyer is simultaneously preparing to discharge the seller’s existing mortgage from the title.

Mid-Morning (10:00 AM – 12:00 PM): Title Registration

If everything is in order, the LTSA processes the electronic filing. For straightforward transactions filed online, registration can happen within the same day — though the LTSA notes that standard applications may take up to 2 business days.

Once title registers, your lawyer receives a registration number confirming the transfer. At this point, you are the legal owner.

Early Afternoon (12:00 PM – 2:00 PM): Funds Release

After confirming registration, your lawyer releases the purchase funds. Here’s how the money moves:

1. Your deposit (held in your lawyer’s trust account since you signed) plus your mortgage proceeds plus your remaining down payment are all sitting in your lawyer’s trust account.
2. Your lawyer transfers the full purchase price to the seller’s lawyer.
3. The seller’s lawyer uses those funds to pay off the seller’s existing mortgage, then distributes the remaining proceeds to the seller.

This is where the phrase “no money, no keys” comes from — though as The Notary Group points out, the reality is more nuanced. The seller is contractually obligated to honour the possession date regardless of when they personally receive their net proceeds.

Afternoon (2:00 PM – 5:00 PM): Keys Released

Once your lawyer confirms that title has registered and funds have been released, they notify me (your agent) and the seller’s agent. On same-day completion and possession, this is when you get the keys — typically between 2:00 PM and 5:00 PM, depending on how quickly everything processes.

If your possession day is a day or two after completion, you’d pick up keys at the agreed-upon time on that date (often noon).

I’ll meet you at the property, hand over the keys, and walk through anything you need to know. It’s the best part of my job.

The Deposit and Trust Account: How Your Money Is Protected

A question I get a lot from first-time buyers: “Where does my deposit sit this whole time?”

In BC, your deposit is held in your lawyer’s or notary’s trust account from the time you deliver it. It doesn’t go directly to the seller — ever. Your legal representative holds it in trust, governed by the Law Society of BC’s trust accounting rules, until completion day when it’s applied to the purchase price.

This is an important protection. If the deal falls apart for a legitimate reason before completion, the deposit doesn’t just disappear into the seller’s pocket. The trust account rules ensure proper handling and accounting.

Property Tax and Strata Adjustments

The Statement of Adjustments handles the prorating of ongoing costs. Here’s what gets adjusted:

Property taxes. If the seller has already paid the full year’s property taxes, you reimburse them for the portion covering your ownership period. If they haven’t paid yet, they credit you for their portion.

Strata fees. If you’re buying a condo or townhouse, strata fees get prorated based on when in the month completion occurs.

Utilities. Water, sewer, and other municipal utilities tied to the property get adjusted. You’ll want to set up your own accounts for hydro, gas, and internet separately.

Rental income. If the property has a tenant, any prepaid rent gets credited appropriately.

Your lawyer calculates all of this and includes it in the Statement of Adjustments you sign before completion day.

What Can Go Wrong on Completion Day

I don’t want to scare you, but you should know what to watch for. Most completions go smoothly. But when they don’t, it’s usually one of these issues:

Delayed Mortgage Funds

Your lender hasn’t released the mortgage funds to your lawyer in time. This is the most common problem, and it’s almost always preventable. Make sure your lender has everything they need — income verification, appraisal, insurance confirmation — well before completion day. Not the day before. A week before.

Title Defects

Your lawyer’s title search turns up something unexpected — an unregistered easement, an outstanding judgment against the seller, or a builder’s lien that hasn’t been cleared. Good lawyers catch this early, but occasionally something surfaces late.

Last-Minute Insurance Issues

In BC, your property insurance must be in place before your mortgage funds are released. If your insurance company has questions about the property (older roof, knob-and-tube wiring, previous claims), sort this out weeks in advance. I’ve seen closings delayed because a buyer assumed insurance would be automatic.

Wire Transfer Delays

Bank drafts are the traditional method, but wire transfers are increasingly common for larger amounts. Wire transfers can take hours to process, and if your lawyer initiates one late in the day, it may not arrive until the next business day.

Seller Won’t Vacate

Rare, but it happens. If the seller hasn’t moved out by the possession date, your lawyer can take legal steps — but it’s a stressful situation nobody wants. Your agent should confirm move-out plans with the seller’s agent well before possession day.

Your Pre-Completion Checklist

Here’s what I tell every buyer to have sorted before completion day arrives:

Final walkthrough. Schedule this as close to possession day as possible — ideally the day before or morning of. Confirm the property is in the condition you expect, all included items are there, and the seller hasn’t left behind a garage full of junk.

Home insurance. Get your policy in place at least a week before completion. Your lender won’t release mortgage funds without proof of insurance. Don’t wait.

Utility transfers. Contact BC Hydro, FortisBC, and your municipality’s water/sewer department to transfer accounts to your name as of the possession date. Set up internet and TV installations too, if you want those ready on move-in day.

Bank drafts. If your lawyer needs any remaining funds by bank draft, get these a day or two before your signing appointment. Banks sometimes have daily limits on draft amounts — plan ahead.

Mail forwarding. Set up Canada Post mail forwarding from your current address. Easy to forget, important to do.

Keys and access. Ask about how many sets of keys, fobs, garage remotes, and gate codes come with the property. If it’s a strata building, check if you need to register with the building manager.

Frequently Asked Questions

Can completion and possession happen on the same day?

Yes. It’s common and perfectly fine. When they’re the same day, expect to receive keys in the late afternoon — typically between 2:00 PM and 5:00 PM — after your lawyer confirms title registration and fund release. Don’t plan your movers for 9:00 AM on a same-day completion.

What if my mortgage funds are delayed on completion day?

Your lawyer will work directly with the lender to resolve it. Short delays of a few hours usually aren’t a problem. If funds can’t be secured that day, the completion gets pushed — which can trigger penalties under the contract. This is why I push buyers to have their mortgage conditions met well in advance.

Do I need to be present on completion day?

No. Your lawyer handles everything. You already signed your documents at the pre-completion appointment. On completion day itself, you’re mostly waiting for a phone call or email telling you it’s done. If it’s also your possession day, you’ll meet your agent to collect keys.

Who pays the Property Transfer Tax and when?

You, the buyer. Your lawyer remits the Property Transfer Tax to the provincial government as part of the completion process. The amount is included in your Statement of Adjustments, so you’ll know the exact figure before you sign. First-time home buyers may qualify for a full or partial exemption — your lawyer will file the appropriate forms.

Sources

• BC Land Title and Survey Authority (LTSA) — Registration Process
• Race and Company LLP — Key Dates in Your Real Estate Transaction
• Morris Law — What Happens on Closing Day: A Step-by-Step Guide
• The Notary Group — “No Money, No Keys” Fallacy in BC Real Estate
• League Law — Buying a Home in BC: The Property Transfer Process
• Resident Experts — Key Steps With Your Lawyer After Removing Subjects

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Ready to Buy in Vancouver?

If you’re getting close to making an offer — or you’re already in contract and want an agent who’ll walk you through every step — I’d love to help. I guide my buyers through the entire process, from first viewing through completion day and beyond.

Greyden Douglas Founder, Rain City Properties 📞 (604) 218-2289 📧 Get in touch

Check out our Buyer’s Guide for more on navigating the Vancouver market.