Completion

Completion is the moment in a Canadian real estate transaction when the seller's title transfers to the buyer and the balance of the purchase price is paid out, usually through a lawyer or notary.

What happens at completion

Well before completion day, the buyer's lender approves the mortgage and advances funds to the buyer's lawyer to be held in trust. On completion, that lawyer or notary registers the transfer and the new mortgage or charge on title, releases the purchase money to the seller's side, and settles the line items on the statement of adjustments. Those adjustments allocate property tax instalments, strata or condominium fees, and similar items between buyer and seller as of the completion date. Once registration is complete, the lender's security is in place and the sale is legally finished.

Completion, closing day, and possession

The words are often used interchangeably, but they mark different events. Completion is the legal transfer of ownership and funds. Closing day is the calendar date scheduled for that transfer. Possession is when the buyer actually receives the keys and may move in. In many Canadian deals these fall on the same day, but an agreement of purchase and sale can set possession later, and a delay in registering documents can push the transfer past the scheduled date.

Why completion matters to a borrower

Completion is the finish line, and everything has to line up on that single day.

Funds in place: the mortgage advance, down payment, land transfer tax, and remaining closing costs must reach the lawyer in time. A shortfall can delay or stall completion.
Insurance: lenders normally require property insurance to be effective from completion, and title insurance is typically arranged before the transfer is registered.
Bridge financing: if the buyer's existing home sells after the new one completes, a bridge loan covers the gap between the two completion dates.
Scheduling: completing on a Friday or beside a holiday can complicate same-day funding and registration.

Timelines, documents, and disbursements vary by province and by lender. Confirm the current requirements with your lawyer or notary and your mortgage professional. This entry is general information, not legal or financial advice.

Frequently asked questions

What is the difference between a completion date and a possession date?

The completion date is when title legally transfers and the purchase funds are paid out. The possession date is when the buyer may take the keys and occupy the property. They are often the same day, but an agreement of purchase and sale can set them apart, sometimes by a few days or longer.

Can completion be delayed after the agreement is signed?

Yes. Completion can be pushed back if documents are not ready, funds do not arrive, insurance is not in force, or a title issue surfaces. Because the lender's advance and the lawyer's registrations must align, delays are usually handled through an amendment to the agreement rather than simply moving forward.

What do I need to bring to completion?

Buyers normally need the balance of the down payment and closing costs delivered to their lawyer in trust, proof of property insurance, identification, and any documents the lender requests. Land transfer tax and adjustments are usually settled through the lawyer's trust account on the completion date. Confirm the exact list with your lawyer or notary.