Vancouver Condo Real Estate Video Blog #465 - January 6, 2010
Possession Doesn't Happen When The Seller is Paid
Ian Watt video blogs about how possession for a Vancouver condo doesn't happen when the seller is paid. The possession happens at an agreed time which is written in to the contract, after the property has been registered in the land titles office. The seller is paid when the lawyer acting on the behalf of the seller transfer the money from the law office's bank account. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi Good Afternoon its
Ian Watt in Downtown Vancouver. We've had this issue come up a few
times in the past when it comes time for possession. Now in Canada we
have the completion day that's the day that everything is transferred.
The possession day is the day that you get keys. Generally they are one
day apart however it could be on the same day. Now keep in mind that
the contract does not state that possession what happened when the
seller receives the money. No no no no. The possession happens when the
possession is written in to the contract. The contract or the
completion day happens when it's registered in the land titles office
and usually that's by 4 o'clock on the completion day. We've had a
situation where client done this a couple of times, trying to hold on
the keys until she gets her money. But the thing is her lawyer has the
money. It's been transferred from one lawyer to the other lawyer. It
has nothing to do with the purchaser and she wouldn't hand out the keys
because she hadn't got her cash. But that's an issue that every seller
should talk to their own lawyer and find out when they're gonna get
their cash. Some lawyers hang on to it for a day or two. Some people
deliver it as soon as they get it. So that's the conversation you
should have with your notary public or your lawyer but it has nothing
to do with the purchaser. My name is Ian Watt. If you have any
questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!