Key Terminology
Adjustment date
The date used to calculate ongoing property costs between Buyer and Seller such as property taxes, water and sewer charges, strata maintenance fees etc.
Completion date
The day the funds are paid to the Seller’s notary public or lawyer.
Notarization
A notarization refers to one of the functions of a Notary Public when one administers oaths and affirmations, takes affidavits and statutory declarations, witnesses and authenticates the execution of certain classes of documents, takes acknowledgments of Land Transfers, mortgages and other conveyances, and provides notarial or certified copies.
Joint Tenants
In BC real estate matters, Joint Tenancy ownership means that upon the death of one of the owners, the ownership will pass to the surviving owner(s). Merely having more than one owner does not imply Joint Tenancy. The words “Joint Tenants” must appear on the title to your BC property below the names of the owners. Joint Tenancy is a legal concept and it does not mean that you are a Tenant of your property.
Possession date
The date the Buyer can move in to their new home and often referred to with a specific time, such as 12:00 noon.
Tenants in Common
In BC real estate matters, this means that upon the death of one of the property owners, the ownership share will pass to that person’s estate rather than any surviving owner(s).
