That difference changes who you actually deal with during the transaction. Instead of an outside stakeholder holding funds until conditions clear, both sides work through their own lawyers, typically $800 to $1,500 each, who handle the trust accounting and the paperwork directly with each other.
Possession date, not a closing date set by a third-party funds timeline, is the term that controls when keys change hands, and it is negotiated as part of the offer itself rather than fixed by an outside process.
Joel Dyck negotiates that possession date as part of the offer, not as an afterthought once conditions are removed. Get your hand-reviewed valuation from Joel Dyck.