From pre-approval to subject removal: a buyer’s timeline
Buying a home in Greater Vancouver follows a predictable sequence. Here is every stage in order — and the B.C.-specific words you will actually hear along the way.
Most of the stress in a first purchase comes from not knowing what happens next. The good news: a B.C. transaction follows a well-worn path, and the vocabulary — subjects, completion, possession — is simpler than it sounds once you map it out. Here is the whole journey, from the day you talk to a lender to the day you get the keys.
A note on B.C. wording
British Columbia has its own vocabulary. Conditions are called subjects; the contract is the Contract of Purchase and Sale; and the U.S. word "escrow" does not apply here — deposits are held in trust. We use the B.C. terms throughout.
The journey at a glance
- 1
Mortgage pre-approval
A lender reviews your income, down payment and credit and tells you the maximum it is likely to lend, usually holding a rate for up to 120 days. A pre-approval is a strong starting point — but it is not final approval, which only comes once you have an actual property.
- 2
House hunting and the offer
When you find the home, you submit a Contract of Purchase and Sale. In most cases the offer is written subject to a few conditions — commonly financing, a home inspection, review of title, and (for strata) review of the strata documents.
- 3
The Home Buyer Rescission Period
For most resale homes, B.C. law gives the buyer 3 business days after an accepted offer to change their mind for any reason. Backing out in this window costs a rescission fee of 0.25% of the purchase price — about $2,500 on a $1,000,000 home.
- 4
Subject removal
Over a negotiated window — around 7 days is typical in Metro Vancouver — you do your due diligence: confirm financing in writing, complete the inspection, and review title and strata documents. When you are satisfied, you remove your subjects in writing, and the deal becomes firm and binding.
- 5
The deposit
Usually due within 24 hours of subject removal, the deposit (commonly around 5% of the price) is paid into your brokerage’s trust account. It is later credited toward your down payment at completion.
- 6
Completion day
Your lawyer or notary registers the title transfer at the Land Title Office and the money changes hands. You are now the legal owner. Completion happens on a business day.
- 7
Possession day
This is when you actually get the keys — typically the day after completion, at a time set in the contract (often noon), once funds and registration have cleared.
- 8
Adjustment day
Your lawyer or notary prorates ongoing costs — property taxes, strata fees, utilities — so you only pay for the days you own the home. It is usually the same day as possession.
Why “subjects” matter so much
Subjects are the conditions that protect you while you do your homework. A typical offer might be subject to financing and subject to inspection: if your lender declines or the inspection turns up something you cannot live with, you can walk away and your deposit is returned. The moment you remove subjects, that protection ends — the contract is firm, and failing to complete can put your deposit, and potentially more, at risk.
Subject-free offers carry real risk
In competitive situations some buyers write subject-free (no-condition) offers to look stronger. BCFSA warns consumers that this removes every safety net — financing can still fall through even with a pre-approval, and there is no inspection or document review to fall back on. Understand the exposure before you consider one, and talk to your mortgage broker and REALTOR®.
The three dates at the end
Unlike provinces that lump everything into one “closing,” B.C. splits the finish line into three distinct dates, and they are often a day or two apart:
Completion, possession, adjustment
- Completion — legal ownership transfers and funds are exchanged through your lawyer or notary; title is registered at the Land Title Office.
- Possession — you receive the keys and can move in, usually the day after completion.
- Adjustment — prepaid costs like property taxes and strata fees are split between you and the seller; typically the same day as possession.
Knowing these are separate helps you line up movers, utilities and insurance — your home insurance generally needs to be in place for the completion date, not possession.
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.