Congratulations! Having your offer accepted is an exciting step in the home buying process. But the sale isn’t final just yet. There are still a few important steps to work through before the home officially becomes yours.
While your real estate professional, mortgage broker, and legal representative will support you through the process, many of the next steps will involve your decisions, timelines, and preparation. Understanding what comes next can help you stay organized and avoid surprises along the way.
Here’s what to expect after your offer is accepted:
Who’s Involved?
- You – reviewing documents, making timely decisions, arranging home insurance, and preparing for your move
- Real Estate Professional – managing paperwork, coordinating timelines, and communicating with all parties to keep the process on track
- Mortgage Broker or Lender – helps arrange your mortgage and works with your lender to ensure the necessary documents are provided to your lawyer or notary for closing
- Lawyer or Notary – reviewing the contract, preparing closing documents, transferring title, and managing the exchange of funds
- Home Inspector – providing a detailed report on the property’s condition to help inform your decision
- Appraiser – providing an independent property valuation (often required by the lender as part of final mortgage approval)
- Insurance Provider – setting up home insurance coverage that meets your lender’s requirements
1. Subject Removal
Most accepted offers in BC include subjects (also called conditions) that must be satisfied before the sale becomes final. These are built-in safeguards designed to protect both the buyer and the seller. Common subjects include:
- Obtaining financing approval
- Completing a home inspection
- Reviewing the title search
- Reviewing the Property Disclosure Statement
- Reviewing strata documents (if applicable)
The subject removal period is typically 5 to 10 business days, but it may vary depending on what’s negotiated in the contract. During this time, you’ll work with your real estate professional, mortgage broker or lender, inspector, and legal representative to complete due diligence and ensure you’re comfortable moving forward.
If you’re satisfied with all conditions, you’ll sign a subject removal form. This step must be completed in writing by the deadline stated in your contract. Once subjects are removed, the contract becomes firm and binding.
Note: The standard contract includes a “time is of the essence” clause. This means that all dates and deadlines are legally binding and must be met exactly as written. If a deadline is missed, such as subject removal or payment of the deposit, it could allow the other party to terminate the contract or pursue legal remedies. There is no grace period, so staying on top of timelines is essential.
Home Buyer Rescission Period
In British Columbia, home buyers have additional protection known as the Home Buyer Rescission Period (HBRP), or “cooling-off period.” This allows you, as the buyer, to rescind (cancel) an accepted offer within three business days after acceptance for any reason. If you choose to exercise this right, you must notify the seller in writing before the rescission period ends and pay a fee equal to 0.25% of the agreed-upon purchase price.
The HBRP does not apply to:
- Residential property located on leased land
- A leasehold interest in residential property
- Residential property sold at auction
- Residential property sold under a court order or under court supervision
- Buyers purchasing assignments of contracts
2. Deposit
The deposit is typically paid after subjects are removed, unless otherwise agreed in the contract. In some cases, it may be required within a set number of days after acceptance of the offer.
This amount is often around 5% of the purchase price. It is held in trust by the buyer’s brokerage or by the buyer’s lawyer or notary, depending on what is outlined in the contract. The deposit forms part of your total down payment and is not an additional cost.
It is usually paid by bank draft or wire transfer and remains in trust until completion, when it is applied toward the purchase of the home.
3. Preparing for Closing
Once subjects are removed and the deposit is in, it’s time to prepare for closing.
As the Buyer, you’ll typically:
- Finalize mortgage documents with your lender or mortgage broker
- Hire a lawyer or notary to handle the conveyancing process
- Arrange home insurance (effective on completion day and required by most lenders)
- Set up utilities (electricity, gas, internet, etc.) and plan your move
- Review and sign closing documents provided by your legal representative
- Transfer remaining funds (down payment and closing costs) to your lawyer or notary before completion
The Seller is responsible for:
- Hiring a lawyer or notary to handle discharge of title and closing documentation
- Preparing the home for move-out (including removing all personal belongings)
- Coordinating cleaning and completing any agreed-upon repairs
- Leaving behind any agreed-upon inclusions (like appliances or window coverings)
- Providing vacant possession on the date and time specified in the contract
- Cancelling home insurance, utilities, and any service contracts (like alarm systems) effective on or after possession
4. Final Walkthrough (If Included)
A final walkthrough is not automatically included in BC real estate contracts, but it can be added as a term during negotiations. If it’s something you’d like, your real estate professional can help ensure it’s written into the agreement.
The walkthrough typically takes place shortly before possession and allows the buyer to confirm the property is in the same condition as when the offer was made, and that any agreed-upon inclusions (like appliances or window coverings) are still in place.
5. Completion and Possession
Completion Day: This is when legal ownership of the property transfers from the seller to the buyer. The buyer’s lawyer or notary sends the purchase funds, registers the transfer of title with the Land Title Office, and ensures all legal documents are finalized. This step is typically handled behind the scenes.
Possession Day: Usually one day after completion, this is when the buyer receives the keys and can officially move in. The specific date and time are set out in the contract.
In BC, possession typically follows completion by one business day. This short gap gives the lawyers or notaries time to confirm that all funds have cleared and that the title transfer has been successfully registered. It helps ensure a smooth and secure handover for both parties.
Your legal representative will also prepare a statement of adjustments, which outlines any amounts prepaid or owing (such as property taxes, strata fees, or utilities). These amounts are calculated based on the possession date to ensure each party pays their fair share. For example, if the seller prepaid the property taxes for the year, the buyer would reimburse them for the portion covering the time after possession.
What If Something Goes Sideways?
It’s completely normal to feel a little nervous during this part of the process. While most transactions proceed smoothly, unexpected issues can occasionally come up, and in many cases, they can be resolved with clear communication and the right guidance.
- If financing takes longer than expected, your real estate professional can help request an extension to the subject removal date. This must be agreed to in writing by both parties before the original deadline.
- If the inspection reveals concerns, you may choose to renegotiate, request repairs, or walk away, depending on the terms of your contract.
- If important documents or funds are delayed, an extension to the completion date can sometimes be negotiated, provided both parties agree in writing.
Occasionally, there may also be last-minute challenges, such as funding delays or unexpected move-out issues. While rare, these situations are usually handled through coordination between the real estate professionals, legal representatives, and lenders involved.
Everyone’s situation is a little different, but having the right people in your corner can make all the difference.
Looking for more resources on buying a home in BC? I regularly share tips, updates, and insights to help you feel informed and prepared. Feel free to explore more here.
Disclaimer: This blog post outlines a general overview of the process and may not reflect the details of every transaction.
