A buyer enters into a Contract of Purchase and Sale for a residential property with a completion date of December 1st, 2023, and a possession date of December 2nd, 2023. The seller lives in the property and will be moving out on the possession date. What is the buyer's legal right to the property at 12:01 AM on December 1st?

Question: A buyer enters into a Contract of Purchase and Sale for a residential property with a completion date of December 1st, 2023, and a possession date of December 2nd, 2023. The seller lives in the property and will be moving out on the possession date. What is the buyer's legal right to the property at 12:01 AM on December 1st?

Answer options:

• The buyer has the right to occupy the property immediately, as it is the completion date. ✅ The buyer is entitled to legal title and ownership, but not possession, until December 2nd.
• The buyer can demand keys from the seller at 12:01 AM on December 1st.
• The buyer has no rights to the property until the possession date has passed.

Correct answer: The buyer is entitled to legal title and ownership, but not possession, until December 2nd.

Explanation: On the completion date, the buyer acquires legal title to the property. However, the right to physically occupy the property (possession) is governed by the possession date specified in the Contract of Purchase and Sale, which in this case is December 2nd. The Property Law Act governs the transfer of title.