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What Happens After Your Offer Is Accepted in BC
By Sonia Felix, REALTOR® | byfelix.
Oakwyn Realty Downtown
The quiet weeks nobody explains
The offer is accepted. You celebrate. Then there is a stretch of weeks where you are not sure what is supposed to be happening, and nobody walks you through it.
Here is what is going on, and where deals go sideways.
Subject period
Usually about a week. Your financing is finalized, the inspection happens and documents are reviewed. This is the most fragile stretch of the deal.
Where it breaks: the lender's appraisal comes in below the price, and you have to cover the difference in cash. The inspection finds something significant and you are renegotiating under time pressure. Your own finances shift, a job change or a new credit application, and your approval stops being an approval.
Subject removal and the deposit
Once subjects are removed, the deal is firm. The deposit is commonly due within 24 hours, depending on how the contract is written. Deals occasionally stall here simply because funds were not liquid and accessible in time.
In BC, the three business day rescission period also runs from final acceptance.
Between subject removal and completion
A quiet stretch, often several weeks. Your lawyer or notary prepares documents, your lender finalizes the mortgage and title is searched again.
Where it breaks: something unexpected on title. A lender asking for more documents at the last moment. A signature that does not happen on time because someone is travelling.
Completion and possession
Completion is the day the money and title change hands. Possession is when you get the keys, usually the day after. A final walkthrough before possession is your last chance to confirm the home is in the condition you agreed to.
The hard part starts at acceptance
Most people think the hard part ends when the offer is accepted. That is when the timeline starts. Nothing here is difficult if someone is tracking it. All of it is difficult if nobody is.
Someone tracking every date
My clients get a clear timeline from acceptance to keys, and I track every date on it. Let's talk.
Common questions
- What happens after subjects are removed in BC?
The deal is firm, the deposit is paid, and your lawyer and lender prepare for completion.
- What happens if the appraisal is lower than the purchase price?
The lender bases the mortgage on the appraised value, so you cover the gap in cash or renegotiate if subjects are still in place.
- What is the difference between completion and possession?
Completion is when funds and title transfer. Possession is when you receive the keys, usually the following day.