A Completion date in real estate law is defined as the date on which the vendee’s solicitor or legal counsel undertakes to the vendor that he will pay the remaining amount of the purchase price owing to the vendor upon the Transfer of Title being accepted for registration. It is important for every vendee to know this date as it is on this particular day that the obligation to pay the balance of the purchase price arises. Furthermore, since the Transfer of Title is registered, ownership over the property purchased transfers in favor of the purchaser. As being the new owner of the property, the purchaser may now possess and enjoy the same to the exclusion of others. Prior to this date, the parties may agree on who shall possess the property but ownership shall reside with the vendor.
Completion date should not be confused with the Turnover Date. Turnover date refers to the estimated date or time the owner of the real estate property will take actual possession of the property they purchased. It can be as far as 6 months to a year from the completion of the building. This will allow the property owner to inspect the unit for defects and cosmetic that are then addressed by the building contractor before the actual turnover.