What Happens on Closing Date or Possession Day?

Closing Day or Possession Day is when the exchange of land title for money occurs. This means the seller moves out and the buyer becomes the new owner of the property. In Alberta, most real estate transactions complete at 12 noon.

On the morning of the Closing Day, Fee Simple Law will receive the buyer’s mortgage proceeds to complete the purchase. Once we confirm receipt of funds, we transfer them to the seller in exchange for the land title certificate. In doing so, we ensure that the seller’s mortgage is paid out and we register the buyer’s mortgage on title.

Then, we call the seller or the seller’s realtor to let them know they can release the keys to the buyer because the money has been received, and the land transfer documents have been sent to the Land Title Office to be registered into the buyer’s name.

If for some reason there is a problem with providing access to the property or the buyer’s money is delayed, we facilitate the circumstances in which the deal closes or does not close, and the buyer gets access or does not get access to the property. How this unfolds is usually provided for in your real estate contract, however, if you give yourself plenty of time to complete the transaction and have all the information prepared ahead of time (such as an RPR, mortgage documents, etc.) then the transaction should go smooth and simple. Which is what we like to do at Fee Simple Law. Keep it simple.