Updated September 2026
1. The offer
A buyer's offer sets out the price, deposit, any subject clauses, and the completion, possession and adjustment dates. You can accept it, reject it, or counter. Once you counter, the original offer is gone; you can't go back and accept it later.
2. Subject clauses
Subjects are conditions the buyer needs satisfied before the deal is firm, such as financing, an inspection, a strata document review or insurance. They're meant to be real conditions, not an easy way out. The buyer removes them in writing by the dates in the contract.
A subject-to-sale offer depends on the buyer selling their own home. It can work, but ask for a time clause. That lets you keep marketing your home, and if another good offer comes in, the first buyer has a set time to remove their subject or step aside.
3. The buyer's three-day rescission period
Since January 2023, buyers of most homes in BC have a three business day rescission period after the offer is accepted. During that time the buyer can back out for any reason by paying you 0.25% of the price. That's $2,000 on an $800,000 home. Neither side can waive it. It doesn't apply to leasehold properties or court-ordered sales.
4. The deposit
The deposit is usually paid once subjects are removed and is held in trust by the buyer's brokerage. It can only be released with both parties' signatures or a court order.
5. Completion, possession and adjustments
- Completion is when the money changes hands and the buyer's name goes on title. Your lawyer or notary pays out your mortgage and sends you the balance.
- Possession is when the buyer gets the keys. It's often the day after completion.
- Adjustments split property taxes and other costs between you and the buyer as of the adjustment date.
Frequently asked questions
Can a buyer back out after I accept their offer in BC?
Yes, within three business days, by paying you 0.25% of the purchase price. After that, and once subjects are removed, the contract is firm.
Should I accept an offer that's subject to the sale of the buyer's home?
It can make sense, especially if their home is priced well and already listed. Protect yourself with a time clause so you can keep accepting other offers.
When do I have to move out?
By the possession date in the contract, usually the day after completion. Leave the home clean and include everything the contract says stays.
Sources: BCFSA, home buyer rescission period; BCFSA, offers from buyers; BCFSA, deposits; BCFSA, completing your sale.