Learn More
Do you want content like this delivered to your inbox?

Preparing for Possession Day

Taylor Hack

Three years, from start of Taylor Hack’s real estate career to the Top5% of the Greater Edmonton Area marketplace and Top 2% of all RE/MAX Agents wo...

Three years, from start of Taylor Hack’s real estate career to the Top5% of the Greater Edmonton Area marketplace and Top 2% of all RE/MAX Agents wo...

Feb 7 4 minutes read

Congratulations again on your firm sale, here's how things will look heading toward possession.

Next Steps:

  1. Our office will be conveying the deal information to the lawyer you provided contact information for.  This document package will include information on our agreement to sell your home, the purchase agreement, and all pertinent dates, deposit information and instructions.
  2. Your lawyer will normally contact you directly to set up a meeting prior to possession to have you sign the necessary documents for title transfer. If you haven't been contacted two weeks prior to possession you may want to check in. Your lawyer will contact your lender prior to your meeting for a payout statement and may also ask you for additional information relating to closing documents.
  3. When you meet your lawyer prior to possession, the lawyers office will also provide you detailed information on all the accounting (Statement of Disbursements) as the lawyer's office will be a hub of all the information from HACK&Co at RE/MAX River City, the buyer's brokerage, the lender and the law firms own fees.
    • To get a rough idea previous to meeting the lawyer, here are the costs to consider on your net amount:
    • Sale Amount
      Real Estate Fees

Possession Day:

  • Here are some notes on possession day:
    • The contract states that the Seller will give the Buyer vacant possession at noon on the date agreed as the Possession Day. (also referred to as the Completion Day)
      • Key release to the Buyer's Representative happens once your lawyer confirms they've received the total Purchase Price.
    • All keys are to be provided to the Buyer at this time including mail keys and garage controls.
      • How this happens? 
        • We have the keys that you gave us when you listed, and the Buyer's Agent will pick these up from our office once they are notified for the release. Most of our clients leave the rest of their keys in the kitchen and lock themselves out but you can also deliver all your keys to our office prior to possession and we will release them all together.
      • It's recommended to leave a note for the Buyer with any information that could be helpful:
        • Any codes for alarms or keyless entry.
        • Information on where the mailbox is, a diagram works for that to.
          • Information on which mailbox:
            • This can be a bit confusing because many super boxes have two to five units.
              • We recommend listing it as which box (second from the left), then the actual mailbox number.
      • Additional notes could include:
        • Any tips or tricks that helped you around your house.
        • Who your favourite neighbour is.
        • Well wishes for their experience in the home you loved.

Your Property:

  • Should be to the same standard of show clean you had when they viewed the home once all the items are removed.
  • The contract carefully denotes that everything "fixed to the home" stays unless it's excluded in the paperwork.
    • Normally, anything that is hung like art (finishing nail) is to go with the home, and anything hung with more permanent fixture is to stay (like screws).
      • The best example would be that hanging art on finishing nails should go, and the holes should be painted and patched whereas a bathroom mirror hung with screws should stay.
    • Anything hung with screws that is excluded should be removed with care and any damage to the drywall and paint left behind should be patched and painted.
  • If any mechanical or included appliance fails between the time that the property is purchased and possession date, this should be dealt with carefully. Please contact us to discuss options toward a solution that won't violate your agreement with the buyer.
  • NOTE: You are required to maintain your home insurance during the period until the buyer takes possession. 

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info