The Subject Period
Once your offer is accepted, the subject period begins. This is the time you have to satisfy your conditions before the deal becomes firm. In a balanced Victoria market, subject periods typically run five to ten business days.
This is not downtime. It is one of the most active periods in the entire transaction.
Your mortgage broker needs to submit the specific property to your lender for final approval. Your lender will order an appraisal if required. Your home inspector needs to be booked and the inspection completed. If the property is strata, you or your lawyer needs to review the strata documents: minutes, depreciation report, Form B, bylaws, and financial statements. There may also be other conditions specific to the property or your situation that need to be satisfied before the deadline.
The subject period exists to protect you. Use all of it.
The BC Cooling Off Period
BC introduced the Home Buyer Rescission Period in January 2023, giving residential buyers in BC three business days after an accepted offer to walk away from the transaction. This applies regardless of whether the offer has subject conditions.
If you rescind during this window, you pay the seller a fee of 0.25% of the purchase price. On a $900,000 purchase that is $2,250. You do not lose your deposit.
The cooling off period is not a substitute for subject conditions and is rarely used in practice. It is a legal backstop, not a due diligence strategy. What it does mean is that buyers in BC have a brief window after signing to identify a serious problem and exit at a known cost rather than being locked in immediately.
The rescission must be delivered in writing within the three business day window. Your agent and lawyer can advise on the exact mechanics if it ever comes up.
Subject Removal
Subject removal is the moment the deal becomes firm and binding. Once you have completed your due diligence and are satisfied with the results, you deliver a signed subject removal to the listing brokerage in writing by the deadline set out in the contract.
After subjects are removed there is no cooling off period, no exit, and no renegotiation unless both parties agree. This is the commitment.
If something comes up during the subject period that gives you concern, the time to address it is before you remove subjects, not after. Your agent can help you understand what is a legitimate basis for a conversation with the seller and what is not.
The Deposit
Your deposit is typically due within 24 hours of subject removal, though the exact timing is set out in your Contract of Purchase and Sale. Deposits in BC are typically held in trust by the buyer's agent brokerage, though the exact arrangements are also set out in the Contract of Purchase and Sale. They are not transferred to the seller.
If the deal completes normally, the deposit is applied to your purchase price at closing. If the deal falls apart after subject removal and the seller is not at fault, the deposit may be at risk depending on the circumstances. This is another reason subject removal is the critical moment in the transaction.
Between Subject Removal and Completion
With subjects removed and deposit delivered, the transaction moves into the closing phase. Your lawyer or notary takes over most of the activity from here.
They will conduct a title search to confirm there are no liens, encumbrances, or issues that need to be resolved before title transfers to you. They will prepare the Statement of Adjustments, which calculates exactly how much you owe at completion after accounting for the deposit, the mortgage proceeds, PTT, property tax adjustments, and any strata fee adjustments. They will register the mortgage and transfer title on completion day.
You need to arrange property insurance before completion. Your lender will require proof of insurance before releasing mortgage funds. Do not leave this to the last day.
Completion vs Possession in BC
These two dates are not the same and the distinction matters.
Completion is the legal date when funds are transferred through the lawyers, the mortgage is registered, and title officially changes hands. Everything happens between law offices on this date. You will not be at the property.
Possession is when you receive the keys and can occupy the home. In BC, possession is often set one to three days after completion. This gap gives the lawyers time to confirm that everything has closed correctly and the seller time to vacate if needed.
Possession Day
A pre-possession walkthrough is not standard in BC and would need to be written into the contract as a specific term. In most straightforward transactions it is not included. In purchases where there is reason to believe the property may not be delivered in the condition outlined in the contract, a walkthrough term or a pre-negotiated holdback can be added. A holdback keeps a portion of the purchase funds in trust after completion, released to the seller once delivery of the property is confirmed to meet the conditions agreed upon in the contract.
On possession day your lawyer or notary confirms that the transaction has completed and that funds and title have transferred. The listing brokerage releases the keys to your agent, who delivers them to you.
Read the utility meters when you take possession and note the readings. Contact BC Hydro, FortisBC, and your municipality to transfer accounts into your name. Change the locks. You are now the owner.
Transaction timelines, deposit requirements, and legal procedures vary by contract and circumstance. Work with a licensed BC real estate agent and a lawyer or notary before making any decisions.
Find out if you qualify for the Prepared Buyer Program
Buyers who arrive prepared move through the subject period with confidence. The Prepared Buyer Program is built for exactly that. The qualification assessment takes about two minutes.
