Buying or selling a home is an exciting journey, but **Completion Day**—the day the keys officially change hands—is the true moment of ownership transfer. In Alberta’s real estate market, whether you’re settling into a new Edmonton condo, a St. Albert family home, or an acreage in Sturgeon County, preparation is key to ensuring a smooth transition. Here’s what every buyer and seller should know about what happens when the keys change hands.
Understanding Completion Day
Completion Day marks the legal and financial handover of property ownership from seller to buyer. On this day, funds are transferred, legal documents are registered, and keys are released. The process is typically managed by the buyer’s and seller’s real estate lawyers under Alberta’s property laws, following the agreements established with your REALTOR® and as outlined by the Canadian Real Estate Association (CREA).
Steps Leading Up to Completion Day
- Final Walkthrough: Buyers often complete a final walkthrough a day or two before possession to ensure the property is in the expected condition.
- Mortgage and Insurance Confirmation: Confirm financing details with your lender and ensure your home insurance is active starting on possession day.
- Document Review: Your real estate lawyer reviews all legal contracts, including the Real Property Report and title transfer documents, ensuring compliance with Alberta regulations.
- Closing Funds Preparation: Buyers must provide the necessary funds (down payment, legal fees, and adjustments) to their lawyer’s trust account before the closing date.
What Happens on Completion Day Itself
On the morning of Completion Day, your lawyer and your REALTOR® work behind the scenes to complete the following:
- Registration of Title: The buyer’s lawyer registers the new ownership details with the Alberta Land Titles Office.
- Transfer of Funds: Once registration is confirmed, the buyer’s lawyer releases the funds to the seller’s lawyer.
- Key Exchange: When both financial and legal steps are complete, your REALTOR® coordinates the release of the keys—marking the official transfer of possession.
Tips for Buyers and Sellers in Alberta
- Ensure all utilities (gas, electricity, water) are transferred or set up in advance through local providers in Edmonton or St. Albert.
- Have your mail redirected and update key contacts such as the Canada Post and Alberta registries.
- Work closely with your **REALTOR®** and **lawyer** to anticipate any last-minute issues that could delay registration or possession.
- For rural properties in Sturgeon County, confirm all well, septic, and boundary details as part of pre-closing checks.
After You Receive the Keys
Once the keys are yours, take time to inspect your property and document its condition. Update your locks for security and celebrate your new ownership milestone! Buyers should also confirm all warranties or builder information if purchasing a newly built home in the Edmonton region.
Conclusion
Whether you’re buying your first home in Edmonton or upgrading to a St. Albert property, **Completion Day** represents the culmination of weeks or months of planning with your REALTOR®. With careful preparation, open communication, and professional support from Alberta-based real estate experts, the transition from “sold” to “homeowner” can be both efficient and stress-free.