After you accept an offer: subjects, completion, and possession
An accepted offer is not the finish line — it is the start of a few important weeks. Here is what happens between “yes” and possession day in B.C.
When buyer and seller agree on terms, the Contract of Purchase and Sale becomes an accepted offer — but in B.C. it usually still carries subjects, so the deal is not yet firm. Here is the sequence that turns an accepted offer into a completed sale.
- 1
Subject removal period
Typically about 5–7 business days. The buyer does due diligence — financing, inspection, and review of title and strata documents — and can still walk away if a subject is not met.
- 2
Subjects removed — the deal firms up
Subjects are removed in writing. The contract converts from conditional to firm and binding, and the deposit is delivered into the brokerage’s trust account.
- 3
Conveyancing begins
The buyer retains a lawyer or notary, who runs the title search, prepares the transfer (Form A) and mortgage documents, and draws up the Statement of Adjustments — the itemized split of costs.
- 4
Sign and fund
A few business days before completion, the buyer meets the lawyer or notary to sign documents and provide the balance of funds.
- 5
Completion Date
Funds are exchanged, title is registered at the Land Title Office, and the seller’s existing mortgage is discharged. The buyer is now the legal owner.
- 6
Possession Date
The keys change hands — usually a day or so after completion, often after a final walkthrough.
- 7
Adjustment Date
Property taxes, strata fees and utilities are prorated so each side pays only for the days they owned the home.
“Time is of the essence”
This standard clause means the dates in the contract are strict legal deadlines, not suggestions. Missing one can carry real financial and legal consequences, which is why the lawyer/notary and your lender coordinate carefully in the final days.
For how this stage fits the whole purchase — and what each of the three dates means — see the full buyer timeline and subjects explained.
Sources
GeoHouse is a technology company — not a licensed real estate brokerage, REALTOR®, lawyer, or financial advisor. This article is general education about how the process works in British Columbia, not advice for your specific transaction. Rules and figures change; confirm current details through the official sources linked above and consult a licensed REALTOR®, mortgage broker, lawyer, or notary before making decisions.