Important Dates in a BC Real Estate Transaction: What Every Buyer (and Seller) Needs to Know

When you’re buying or selling a home in British Columbia, there are key dates in the real estate transaction that you simply can’t afford to ignore. Getting any of these wrong could lead to delays, unexpected costs—or worse, being stuck between homes.

This guide will walk you through the six primary dates you need to understand when purchasing a home in BC, plus two bonus dates related to BC’s Buyer Rescission Period.

Let’s break it down.

Offer Date, Expiry Date, and Subject Removal

Offer Date

This is the date you officially submit an offer to purchase a property. Even if the contract goes back and forth through negotiations, the original offer date stays the same. This date shows up on future documents like addendums and subject removals.

Offer Expiration Date

The expiry date is a firm deadline set by the buyer. It tells the seller how long they have to respond. If the seller doesn’t accept, reject, or counter before the expiry time, the offer becomes void.

Tip: Don’t set the expiry window too long—it gives other buyers time to swoop in.

Subject Removal Date

Most offers include conditions—financing, inspection, reviewing the title, and insurance approvals. The subject removal date is when all of these must be completed.

Once conditions are met, a subject removal form is signed. If subjects aren’t removed on time, the deal collapses.

Also, in BC’s Fraser Valley and Greater Vancouver markets, the deposit is typically due within 24 hours of subject removal—so have your funds ready.

What is Subject Removal?

Subject removal refers to the process where the buyer confirms that all the conditions (or "subjects") in the purchase contract have been satisfied. Typical subjects might include:

• Securing financing
• Completing a home inspection
• Reviewing strata documents or property title
• Obtaining legal or accounting advice
• Insurance approval

The subject removal date is the firm deadline for fulfilling these conditions. By this date, it’s up to the buyer to make sure everything checks out—get that building inspection, review the documents, confirm your mortgage, and tie up any other loose ends. If you don’t remove the subjects by the deadline, the deal collapses automatically.

Once conditions are met, a subject removal form is signed. If subjects aren’t removed on time, the deal collapses.

After subjects are removed, the contract becomes legally binding—both parties are now fully committed to completing the purchase. Essentially, you’re agreeing to pay the price on the agreed Completion Date, no more “outs” for the buyer.

Can These Dates Be Negotiated?

Absolutely—these key dates aren’t set in stone. Buyers and sellers can negotiate the timeline for each major milestone in the transaction, from the offer date right through to possession. Want more time for moving or a quick closing? It’s all fair game, as long as everyone agrees in writing.

The only real rule is the order: the steps need to follow the proper sequence. For example, you can’t take possession before subjects are removed. Sometimes, dates like possession and adjustment happen on the same day—other times, you’ll want a buffer.

All agreed-upon dates get written directly into the offer, becoming part of the contract once both sides sign. Make sure to highlight any special timing needs during negotiations so the key dates work for your situation.

Completion, Possession, and Adjustment Dates

Completion Date

This is when the property legally changes hands.

On completion day:

• The buyer is registered on title

• Funds are transferred

• Legal paperwork is finalized

Timeframes are typically 60–90 days from accepted offer, but can be shorter or longer depending on your situation.

Important: Avoid scheduling completion on a Friday. If something goes wrong, lawyers and the Land Title Office are closed until Monday, which can delay possession.

Also, make sure you have homeowner’s insurance in place by this date—you become the legal owner as of completion.

Completion Date vs. Closing Date: What’s the Actual Difference?

Here’s where it gets a bit confusing: in many places, “completion date” and “closing date” are tossed around like they mean the same thing. In BC, though, completion date is the one that matters most. That’s the day when you officially become the owner—your name lands on the title, and the money changes hands.

Some folks might refer to the “closing date” as the day all the final paperwork gets signed, but in practice, most BC real estate contracts use “completion date” to mean the true handover of legal ownership. Bottom line: if you’re buying or selling in BC, focus on the completion date—that’s when everything becomes official.

Possession Date

This is when you actually get the keys and can move in. It’s usually 1–5 days after completion.

Possession comes after completion so the seller has time to move out, and the buyer has time to finalize everything.

Tip: Try for a Friday possession, especially if you plan to move over the weekend. It gives you buffer time if anything goes sideways.

The possession date is mutually agreed upon by both buyer and seller during contract negotiations and is clearly stated in your purchase agreement. It’s important to note that the possession date is not always the same as the completion date—the day you legally take ownership—though they’re often just a few days apart to allow for last-minute preparations.

On the possession date, you’re entitled to take physical possession of the property, and the seller should have vacated by the agreed-upon time (commonly noon, unless otherwise specified). This marks the moment you can start moving in, and it’s also the day your responsibilities for utilities, maintenance, and property taxes officially begin. Make sure to confirm the exact time with your lawyer or agent so there’s no confusion on move-in day.

Adjustment Date

The adjustment date ensures that both parties pay only their fair share of things like:

• Property taxes

• Utilities

• Strata fees (if applicable)

These are pro-rated based on possession and calculated by your lawyer. You'll see these adjustments on your final Statement of Adjustments.

Bonus: Buyer’s Right of Rescission Period (3-Day Cooling-Off Period)

Since 2023, all BC buyers have a mandatory 3-day rescission window, even on subject-free offers.

You can back out for any reason during this period—but you’ll pay a penalty of 0.25% of the purchase price (e.g. $2,500 on a $1 million home).

Final Acceptance Date

This is when all parties have agreed and signed off on every term in the contract. Once the subjects are removed, the contract becomes firm, meaning both parties are legally obligated to proceed with the sale. At this point, there’s no more negotiating or shopping around—the deal is binding, and you’re on the path to completion.

Rescission Deadline

The rescission period begins the next business day after the final acceptance date and ends at 11:59pm on the third business day.

For example:

• Final acceptance on Tuesday = rescission ends Friday at 11:59pm

• Final acceptance on Friday = rescission ends Wednesday at 11:59pm (weekend and holidays don’t count)

If your offer includes longer subject conditions (e.g., 5–7 days), the rescission period usually becomes irrelevant—but it's still part of every transaction now.

Final Thoughts & Next Steps

There’s a lot more to a real estate deal than just picking a home and signing a contract. Understanding these key dates ensures you stay in control, avoid legal hiccups, and don’t end up caught between homes.

If you’re considering moving to Surrey and want to explore which neighbourhoods would suit you best, I’d be happy to help!

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