BC closing process: day-by-day buyer timeline

Common questions about closing in BC

• How long is a typical BC closing timeline?

  Most Lower Mainland resales complete about 30 to 90 days after the offer is accepted. The contract fixes the dates, so the real answer is whatever yours says. Cash deals and resale condos tend to sit at the short end. A detached home with a lender appraisal, a survey or a long subject period sits at the long end. A presale runs on the developer’s completion notice instead. The order never changes: acceptance, subject removal, completion, possession. Source: British Columbia Real Estate Association, standard Contract of Purchase and Sale, which holds the completion, possession and adjustment dates (bcrea.bc.ca).
• What is the Home Buyer Rescission Period (HBRP)?

  It is a right to cancel a purchase within 3 business days after the offer is accepted, for any reason. The buyer must notify the seller in writing and pay a fee of 0.25% of the price. On a $1,000,000 home that is $2,500. If the seller’s side holds a deposit, the fee comes out of it and the rest goes back to the buyer. Auctions, court-ordered sales, leased land and leaseholds are excluded. A presale has its own seven-day right instead. Neither side can waive it, so removing every subject does not remove it. Source: Property Law Act s.42; Home Buyer Rescission Period Regulation, BC Reg 175/2022 (bclaws.gov.bc.ca); BC Financial Services Authority, Home Buyer Rescission Period (bcfsa.ca).

  Counting starts the day after the acceptance was signed. Weekends and holidays under section 29 of the Interpretation Act are skipped, and that list includes Easter Monday and December 26. The period ends at 11:59 p.m. on the last business day. A notice sent by registered mail, fax or email with a read receipt requested is served when it is sent. On a $1,500,000 Fort Langley townhouse the fee is $3,750, against a typical 5% deposit of $75,000. The rescission calculator on this site counts the days for you. Source: BC Financial Services Authority, Home Buyer Rescission Period frequently asked questions (bcfsa.ca).
• What is the difference between completion and possession?

  Completion is the legal date. The balance is paid and the transfer is registered at the land title office, so ownership passes to you. Possession is the date and time you get the keys. They are separate fields on the standard contract, often the same day or a day apart. The adjustment date is a third field. It is the day property tax, strata fees and utilities are split between buyer and seller. Your contract fixes all three, and the contract decides which date carries which duty. Source: British Columbia Real Estate Association standard Contract of Purchase and Sale; Land Title and Survey Authority of BC, Property Owners (ltsa.ca).
• What does subject removal mean and what subjects are typical?

  A subject is a condition that must be met before the deal is firm. Buyers commonly write in financing, a home inspection, strata documents on a strata home, and a review of the title search and any property disclosure statement. The contract names a subject-removal date. By then the buyer signs a waiver to firm the deal, or lets the date pass and the deal ends. Once subjects are off, the deposit is at risk if you do not complete. Do not remove the financing subject on a pre-approval alone. Wait for the lender’s final commitment after it has seen the appraisal. Source: British Columbia Real Estate Association standard Contract of Purchase and Sale, subject clauses; BC Financial Services Authority, Home Buyer Rescission Period (bcfsa.ca).
• When is the deposit due and how much should it be?

  The contract sets both. A deposit of about 5% is common on Lower Mainland resales, and the standard form has a blank for the amount, the due date and the brokerage that holds it. A common term is payment when the final subject comes off. A brokerage holds the deposit in trust as a stakeholder, not for either side, until completion. It then goes toward the price. If a buyer does not complete, the deposit is at risk and the seller may have more remedies. The default clause in your contract and a lawyer’s advice decide the outcome. Source: Real Estate Services Act s.28; British Columbia Real Estate Association standard Contract of Purchase and Sale (bclaws.gov.bc.ca; bcrea.bc.ca).
• What does the buyer’s lawyer do during closing?

  Your lawyer or notary does four jobs. They prepare the Statement of Adjustments, a line-by-line total of what you owe at completion: price, Property Transfer Tax, fees, title insurance, adjustments and GST where it applies, less your deposit and the mortgage. They search title for charges and liens. They register your transfer with the land title office. They release funds to the seller’s lawyer. You sign a few days before completion, in person or by secure video. Your own cash must be in the trust account before completion, often the day before. Ask for the exact figure and deadline when you book the signing. Fees run $1,500–$2,000 plus disbursements. Source: Land Title and Survey Authority of BC, Property Owners (ltsa.ca).
• What is a builders lien and why should I care at closing?

  A builders lien is a claim that a contractor or supplier registers against the land for unpaid work. A claim can be filed up to 45 days after the work is finished or the certificate of completion is issued. It takes effect from the day the work began. So a home renovated shortly before the sale can carry a claim that appears after completion. A lawyer searches title just before funds move. For recent work, the lawyer may ask the seller to leave money in trust. The amount is negotiated; no statute sets it. The Act’s 10% holdback and 55 days apply to payments from an owner to a contractor. Source: Builders Lien Act ss.4, 8, 20 and 21 (bclaws.gov.bc.ca).
• Should I do a final walk-through before completion?

  Yes, ask your agent to book one. It is your last look to confirm that nothing was damaged or removed since you signed. Whether the contract gives you a right to a walk-through, and when, depends on its wording, so ask before you remove subjects. Take photos. If something has changed, tell your agent and lawyer before funds are released. A holdback or repair credit is far easier to agree before the money moves. Source: British Columbia Real Estate Association standard Contract of Purchase and Sale (bcrea.bc.ca).