What is the Average Possession Date in Calgary

Are you planning on making a move in the near future and are wondering what the average possession date in Calgary is?

Max Barton joined Jared Chamberlain to talk about differences in possession terms and how tight timelines can impact the preparation before possession day. They also cover what buyers and sellers can expect throughout the process.

Average Possession Days in Calgary

In general, 30 to 60 days are needed to prepare for possession. In cases where tenants occupy the property, they can extend possession by around 30 days. Most people who sell their houses in Calgary have to purchase a new home as well after selling their existing home. This process usually needs 60 to 90 days.

While there are times when sellers request an extended possession, there are also times when the possession happens in a short timeframe because the seller wants the process to move as quickly as possible. Based on the experience of our agents, sellers who can close the deal immediately are often willing to give a better price.

Tight Timeline Before Possession Day

In our brokerage, we had a client who was able to get a better price because he had to close quickly. They negotiated on a vacant unit, and the price hit their target, but the possession date was in three weeks.

In situations like this, you need to squeeze in what used to be a 3-month preparation period into just three weeks! With this tight timeline, you need to make sure that everything is lined up accordingly.

At the start of the first week, you need to know where everybody is at, especially the lender and the lawyer. Work with your agent to ensure that every little piece is ready to go for that week.

Our agent, Max Barton, worked closely with this client, their lawyer and mortgage partner to make things happen within three weeks. Max had to make sure that his client clearly understood everything that needed to be done and followed the timeframe to acquire all the necessary documents like the real property report, land title and financing before the closing date.

The biggest thing is to make communication seamless for everyone to avoid stress and hangups along the way. Max was able to give updates and provide prompt assistance to keep the ball rolling and ensure that the possession date was followed.

Dealing with Complexities

Max’s client had been looking for the best house to fit their criteria for quite some time before finding the unit they really wanted. It was understandable that they were initially overwhelmed with the conditions set to get the house. It was their first time buying a home, and they live out of town, which made the situation more complex.

The good thing is that Max Barton is a master communicator! He was able to appease the client’s worries by creating a strategy and laying down a timeline. He also helped the client to get connected to key people to help them navigate through the transaction.

First, the client needed to sign documents in front of a lawyer and then have them couriered over to Calgary. However, as that would take a lot of time they figured that it was best to schedule a time to meet with a lawyer in Calgary and settle everything in person to streamline the process.

A piece of expert advice is to consult with your agent and ask for lawyers they have already worked with in the past. It’s best to choose your lawyer upfront so you can have good conversations to help you through the process.

If you're getting a mortgage on the property, make sure that you schedule a time to meet with a mortgage professional. Then, make sure that the lender will be able to get your documents to the lawyer in time because you have to sign them at the lawyer's office before you close.

If you need any help or have any real estate questions, you can always reach out to us at info@chamberlaingroup.ca or call us at our main line, 587-316-5400.