In British Columbia’s fast-paced real estate market, knowing how contract timelines work can save you stress, time, and money. Every stage—from offer to completion—follows a strict schedule designed to protect both buyer and seller.

1. The Offer Date

Once an offer is accepted, the clock starts ticking. The date of acceptance marks “Day 0” for all deadlines in your contract. From this point, each subject condition (financing, inspection, etc.) must be met by its specific due date.

2. Subject Removal Period

This is the buyer’s opportunity to complete due diligence. Typical subjects include financing, home inspection, and property disclosure review. In most BC transactions, this period lasts 5–10 business days, though it can be shorter in competitive markets.
When satisfied, the buyer removes subjects in writing, making the contract legally binding.

3. Deposit Deadline

After subjects are removed, the deposit—often 5% of the purchase price—is due by a specified date. It’s held in trust, usually by the buyer’s brokerage, until completion. Missing this deadline can nullify the contract.

4. Completion Date

This is the day the purchase funds are transferred, and ownership officially changes hands. Lawyers or notaries coordinate payment, title transfer, and registration. Completion often occurs 1–3 days before possession.

5. Possession Date

On possession day, the buyer receives keys and can move in—typically noon or later, unless otherwise agreed. Sellers must have vacated the property by that time.

Understanding these timelines ensures a smooth transaction and helps you avoid costly delays. Always review your contract with your Realtor and legal professional to confirm dates, responsibilities, and next steps.