It's important that you don't miss the big Possession day appointment as it can result in missing your contractual Possession Date resulting in a late closing.
At the conclusion of the Possession day appointment, we will release your keys, providing our solicitors advise us that all necessary steps have been taken. To conclude the purchase transaction, all monies owing have been paid in full, and the Alberta New Home Warranty Program "Certificate of Possession" is signed. Any delay in payment of monies due by the scheduled Possession Date will result in interest being charged to you in accordance with the terms of your Purchase Agreement, and the keys withheld until payment is made.
If you close late after the contractual Possession Date, you will meet with your Area Sales Team at the sales centre to complete any outstanding documentation and have your keys released to you.
Communication is Key! If you foresee issues with closing on Possession day, please reach out to your trusted Legal Advisor (Boyce Law or Ogilvie) and Area Sales Team as soon as possible.
Your Purchase Agreement holds further details on legal obligations to be upheld by the builder and purchaser for possession. You can find an example of this verbiage below:
Purchase Agreement Example:
- A.4) DEFAULT BY PURCHASER If the Purchaser shall default in payment of the Total Price or interest at the rate of Twenty Four percent (24%) per annum, or any part of the payables agreed to be paid by the Purchaser, or should the Purchaser default in the observance or performance of any of the covenants, conditions or provisions of this Agreement, then the Builder may at its sole discretion and option after the happening of any such event declare this Agreement null and void by providing seven (7) days written notice to that effect either delivered to the Purchaser, or emailed to the Purchaser, or mailed by registered letter addressed to the Purchaser at his/her address shown on this Agreement. On the expiration of the time limit in the notice, the rights and interests hereby created or then existing in favour of the Purchaser or derived under the provisions of this Agreement shall cease and terminate without any legal proceedings being taken or other act being performed by or on behalf of the Builder, and any interest that the Purchaser may have in the Land and Home under the provisions of this Agreement shall revert to and be transferred to the Builder and the Purchaser shall have no right to reclaim any monies paid with respect to this Agreement and the same may be retained by the Builder as liquidated damages. In addition to forfeiture of any monies paid by the Purchaser to the Builder, the Builder shall have the right to recover any loss incurred by the Builder as a result of the Builder having to resell the Home and Land, including any loss in the market value of the Home and Land and all additional carrying costs, property taxes and insurance, real estate commissions and legal fees and disbursements.
Related articles: What Happens at Possession? • What Should I Do to Get Prepared for Possession Day?
Last updated on May. 18, 2025