Definition
The possession date is the agreed date between seller and buyer for key handover and enjoyment of the property. In Quebec, it generally coincides with signing the deed of sale at the notary's office.
The first mortgage payment is due on the first day of the month following the possession date (standard convention). If you take possession on March 15, your first payment will be due April 1 (or interest from March 15 to 31 will be charged separately at closing, depending on the lender's policy).
At possession, the buyer must have: home insurance in force (required by the lender), down payment available in their account, and all documents signed. The notary coordinates fund transfers between lender, seller, and buyer on the same day. A bank delay can postpone signing — the AMF broker and seller's lawyer/notary must be notified promptly.