What's the difference between Completion, Possession, & Adjustment Dates?
BUYING + SELLING FAQS //
Buying or Selling and wondering 'What's the difference between Completion/Possession/Adjustment Dates?'
The Completion Date is the day money and title transfer for the sale. It must be on a business day and cannot fall on a holiday.
The Possession and Adjustment Dates are typically the same day, but are for different things.
The Possession Date is as it sounds, the date and time the buyer gets possession of the property.
The Adjustment Date is the day adjustments are made for things like property taxes, maintenance fees etc. These 'adjustments' are prorated depending on each party's share of the cost and are included as a debit or credit on the statement of adjustments prepared by the lawyer/notary.
As a Buyer, picking the Completion/Possession/Adjustment Dates depends on several factors such as if you are coming from a rental, buying for investment, also selling a home, and what the seller prefers. This is something we discuss with you when we review your initial offer.
As always, if at any time you have questions or concerns we are there to help.