Important Contract Dates

An explanation of the important dates to know from the Contract of Purchase and Sale.

PLEASE NOTE: The examples shown below are NOT from your contract. Please refer to your own contract for its actual particulars.

Also note that the page numbers of the contract differ from the page numbers of the file/document.  The contract pages are listed as " XX of XX" next to the address, near the top.

 

Condition [or Subject] Removal: Usually there is one condition removal date and it will be listed near the top of Page 2 of the contract, as shown highlighted below. If there is more than one condition removal date, it will be listed in a similar manner further down the page or on a following page. Usually multiple condition removal dates only exist if one party has another home to sell before they can fully commit to the current offer but it still may be different on your contract. 



Home Inspection: If a home inspection is a condition on the offer, it will be mentioned in the numbered list of conditions found on Page 2 of the contract, as shown highlighted below. Usually the buyer’s REALTOR® will arrange the inspection date and time with the inspector and then confirm that it works for the seller as well.


 Deposit Due Date: The amount and due date of the purchase deposit will be listed on Page 1 of the contract, as shown highlighted below.


 Completion [or Closing] Date: As shown highlighted below, at the top of Page 4 (or 5): This is the date that the buyer’s lawyer/notary submits the transaction paperwork to the Land Title Office for the registration of new ownership. This process is usually finalized in the late afternoon. Once their lawyer/notary receives confirmation of registration from the Land Title Office, they will send a copy of that paperwork to our office.


Possession Date: As shown highlighted below, usually on Page 4 (or 5), always directly below the Completion Date: This is the specific moment that buyers can finally receive the keys to their new property.


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Kim Heizmann

Phone: 250 938 0995

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Office Info

Oakwyn Realty Ltd

473 Bernard Street  Kelowna,  BC  V1Y 6N8 

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