Possession Date vs Closing Date in Ontario: When Do You Actually Get the Keys?
Ontario’s standard contract has no "closing date" or "possession date" at all — only a "Completion Date." That vocabulary gap is the root of most buyer confusion.
In Ontario, do you get the keys the moment you "close"?
The same day — but not the moment. OREA Form 100’s operative term is the “Completion Date”: it’s completed by 6:00 p.m. that day, when the buyer’s lawyer sends funds, the Transfer/Deed registers electronically, and the seller is paid. On a normal resale, the keys are handed over on the Completion Date — but typically later in the afternoon, once registration completes and funds flow. The contract’s default is “upon completion, vacant possession.” But buying a tenanted home isn’t the same as getting keys, and pre-construction condos have a separate interim occupancy period. Source: OREA Form 100 (Revised 2026).
Sources: OREA Form 100 Agreement of Purchase and Sale (Revised 2026, clauses 2 & 11); Tarion (interim occupancy); SorbaraLaw (2023)
I’m Arthur Zhao. “What day do we close / when do I get the keys” sounds simple, but it’s where buyers get confused most — because Ontario’s standard contract doesn’t use the words “closing date” or “possession date” at all; it has one “Completion Date.” That vocabulary mismatch is the root of the confusion. Here it is along four lines: what actually happens on the Completion Date, when the keys arrive, how a tenanted purchase works, and the pre-construction interim occupancy period with its non-refundable occupancy fee.
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What actually happens on the Completion Date
Keys usually come in the afternoon, not the morning
💡 “Vacant possession” is the default and a seller promise. OREA’s annotation on clause 2: unless the Agreement provides otherwise, the property is to be vacant — a seller not fully moved out is in breach. But the reverse also holds: if the Agreement says “possession subject to existing tenancies,” the buyer takes title plus the tenant/lease — and there are no keys to an empty unit. Source: OREA Form 100 clause 2 (Revised 2026).
⚠️Two of the most common mistakes: first, booking movers for the morning of closing — keys usually come in the afternoon, occasionally the next business day (once all funds clear), and closings are always business days (clause 2 bars weekends/holidays). Second, assuming a tenanted purchase comes empty — without “vacant possession” wording you inherit the tenant and must use the RTA/LTB.
Buying a tenanted home ≠ getting the keys
Pre-construction: two dates and a fee you don’t get back
A pre-construction condo splits into two dates: first interim occupancy — you move in and start paying, but the condo corporation isn’t registered yet and you own nothing; title transfers only at final closing. During interim occupancy you pay an occupancy fee set by the Condominium Act (interest on the unpaid balance + estimated municipal taxes + projected common-expense fees) — essentially rent to the builder, and it’s not credited toward the purchase price. So a pre-con buyer can live in the unit for a year owning nothing and unable to sell/mortgage normally. Sources: Tarion / SorbaraLaw (2023).
Frequently Asked Questions
Do I get the keys the moment we "close"?
Same day, not the moment — title must register and money must move first, usually done by the afternoon (Form 100 clauses 2 & 11). Book your move for the afternoon to be safe. Source: OREA Form 100 (Revised 2026).
Can I move in the morning of closing?
Usually not — keys typically come in the afternoon, occasionally the next business day, so all funds clear first. Source: Toronto Realty Group (2026).
If I buy a house with a tenant, do I get vacant possession?
Only if the Agreement says so. The default is vacant (“unless otherwise provided”), but if it’s subject to existing tenancies you inherit the tenant and recovery runs through Ontario’s RTA and the LTB. Source: OREA Form 100 clause 2 (Revised 2026).
What’s interim occupancy, and why pay a fee before I own it?
The pre-construction unit is ready but the condo isn’t registered, so title can’t transfer yet — you move in and pay an occupancy fee (interest + taxes + maintenance) that isn’t credited to the purchase price. Sources: Tarion / SorbaraLaw (2023).
Occupancy date vs final closing on a new condo?
Occupancy = you move in and pay fees but own nothing; final closing = the condo is registered, title transfers, occupancy fees stop, and your mortgage and property taxes begin. They can be months apart. Sources: Tarion / SorbaraLaw (2023).
Arthur Zhao
Real Estate Broker · FRI · ABR · SRS · PSA · MCNE · E-PRO · CLHMS & GUILD Elite · REAIS
VP & Branch Manager, Bay Street Group Inc.
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