Things you should know about Possession and Closing day

Welcome to our blog! We are a professional expert real estate agent called The Prime Group. We have been in real estate in Vancouver, North Vancouver, and West Vancouver, British Columbia with years of experience. We are here to give you the best experience of buying and selling a home.

Do you know the importance of a closing day and possession day? However, a lot of clients actually do not know the differences between a possession day and a closing day, as well as what happens on a possession day and what can go wrong on a closing day. 

We fully understand that buying a home for the first time could be a lot of work and stress. There are so many complicated approaches as well as endless research. This is why we are here to improve your journey with less stress.

In this blog, we are providing what possession day and closing day are and what to check on a possession day, etc.

What is closing day?

The closing day is when the legal transfer of ownership of the property takes place, all of the necessary paperwork is signed and funds are exchanged. This is when the buyer pays the seller for the property and the seller signs over the deed to the buyer. At the end of the closing day, the buyer officially becomes the new owner of the property.

Would you like to know what happens on Closing Day? Click here to know more. 

Now, you understand what closing day is and what happens on the day.
You might wonder what to check on Closing Day. Click here to grasp the bigger picture and get the checklist.

What is Possession Day?

On the other hand, possession day is when the buyer takes physical possession of the property and usually happens shortly after the closing day. This is when the buyer can move into the property and begin to make it their own. The possession date is typically set out in the purchase and sale agreement and can be negotiated between the buyer and seller.

Things you should check on possession date.

✔️ Check the condition of the property.
✔️ Ensure everything is in working order.
✔️ Confirm utilities and services.
✔️ Review all the paperwork related to the property.
✔️Ensure you receive all the keys to the property.

There are a few more things to check. Here are some more examples.

Thank you for reading this!

Buying and Selling a home can be stressful and hectic, but being well-armed with knowledge can make a huge difference. We are not here for you just to help, but also to give you the best journey of being a first-home buyer while utilizing our exclusive marketing methods and various connections.

If you have any questions about real estate in Vancouver, North Vancouver, West Vancouver, etc, we are happy to assist you! 

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