Process and paperwork
Possession date
The day the property legally becomes yours and the mortgage funds, usually at noon on the agreed date in Alberta.
In Alberta, possession is typically at noon on the possession date, once the lawyers have exchanged funds and the transfer has gone to Land Titles. The keys are released when the seller's lawyer confirms the money has arrived.
Everything has to come together on this day. The lender funds, your lawyer registers, your down payment and closing costs are already in trust, and your property insurance is in force. A missing insurance binder is a surprisingly common reason possession gets delayed.
Get your cash to close to your lawyer at least 2 business days before. Bank transfers aren't instant, and a certified draft prepared the morning of possession can leave you waiting all afternoon.
Alberta's Land Titles registration queue can fall behind at busy times. Lawyers deal with that routinely, but it's a reason to leave a day of slack and not book the movers for noon on the dot.
Related terms
Closing costs
The cash you need on possession day on top of the down payment, including legal fees, registration fees, adjustments, insurance and inspections.
Statement of adjustments
Your lawyer's closing summary showing what you owe on possession day and what each line is for.
Bridge financing
Short-term borrowing that covers the gap when you take possession of a new home before the sale of your current one closes.
This definition describes how the term is used in Canadian residential mortgage lending. It’s general information, not advice on your file. Rules, thresholds and rates change. Where a figure is quoted, it’s current as of the date shown on the related guide.
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