What is the difference between closing and possession in Alberta?
Quick Answer
Short answer: Closing is the legal/financial transfer (usually 1-3 days early); possession is when you physically get keys and move in.
Detailed Explanation
Closing involves lawyers, document signing, and fund transfers—the property becomes legally yours. Possession happens days later when physical control transfers and you receive keys.
This split timing allows final document registration and ensures mortgage funds are available. Most contracts specify possession at noon or 6:00 PM on the stated date.
- Closing typically happens at lawyer's office
- Possession happens at the property with REALTORS®
- Property insurance must activate before possession
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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