What Happens After You Make an Offer in Vancouver: The Complete Timeline

Your offer just got accepted. Now what?

I’ve walked hundreds of buyers through this process over the past 20 years, and the number one thing I hear right after acceptance is: “Okay, so… what happens now?” Fair question. The period between an accepted offer and actually getting your keys involves a specific sequence of steps, legal deadlines, and financial commitments that most buyers only learn about as they’re living through them.

Here’s every step, in order, with realistic timelines for the Vancouver market in 2026.

The Five Dates That Matter

Every BC real estate transaction revolves around five critical dates, and understanding them up front saves a lot of stress later:

1. Acceptance Date — when both parties sign the Contract of Purchase and Sale
2. Subject Removal Date — your deadline to complete due diligence (inspections, financing, etc.)
3. Completion Date — legal ownership transfers and funds change hands
4. Possession Date — you get the keys
5. Adjustment Date — property taxes, strata fees, and utilities get prorated between buyer and seller

These dates are all negotiated in your offer. And here’s the part that catches people off guard: BC contracts include a “time is of the essence” clause. That means every deadline is legally binding. Miss one, and the consequences can be serious.

Day 1-3: The Rescission Period (Your Safety Net)

Since January 2023, BC has a Home Buyer Rescission Period — sometimes called the “cooling-off period.” It gives you three business days after acceptance to back out of the deal for any reason.

The catch: you’ll owe the seller a rescission fee of 0.25% of the purchase price. On an $800,000 home, that’s $2,000. It’s not pocket change, but it’s a fraction of what you’d lose if you committed to a purchase you couldn’t afford.

A few things to know about the rescission period:

• It runs for three business days (weekends and holidays don’t count)
• You don’t need to give the seller a reason
• Neither party can waive it — it applies to every residential transaction
• If you’ve already paid a deposit, the 0.25% fee gets deducted from it and the rest comes back to you

I’ll be honest: most buyers never use the rescission period. But knowing it exists takes some of the white-knuckle anxiety out of those first 48 hours.

Day 1-7: The Subject Removal Period (Your Due Diligence Window)

This is where the real work happens. When you wrote your offer, you likely included conditions — called “subjects” in BC — that must be satisfied before the contract becomes firm. Common subjects include:

• Subject to financing — your mortgage gets approved
• Subject to inspection — a home inspector checks the property
• Subject to title review — your lawyer confirms the title is clean
• Subject to strata documents — for condos and townhomes, reviewing meeting minutes, financials, depreciation reports, and bylaws
• Subject to appraisal — the lender confirms the property’s value supports the mortgage

The subject removal period is negotiated in your offer. In Metro Vancouver, 7 days is standard, though I’ve seen everything from 3 days in a competitive situation to 14 days when a strata has slow document turnaround.

What You Need to Get Done

Here’s what a typical subject removal week looks like:

Days 1-2: Book your home inspection. Most inspectors can get in within a day or two. Budget around $500 for a standard inspection. If the property is older, you may also want a sewer scope ($200-$300) or an oil tank scan.

Days 1-3: Your mortgage broker submits your full application to the lender. If you were pre-approved, this moves faster — but pre-approval isn’t the same as final approval. The lender will review the specific property and may order an appraisal.

Days 2-5: If it’s a strata property, your agent requests the Form B information certificate, meeting minutes, financial statements, bylaws, and the depreciation report. Read these carefully — or better yet, have your agent walk you through them. I’ve written separately about red flags in depreciation reports that every condo buyer should check.

Days 3-5: Your lawyer or notary reviews the title search. They’re looking for encumbrances, easements, rights of way, or anything unusual registered against the property.

Day 5-7: Everything comes together. Your financing is confirmed, the inspection didn’t reveal deal-breakers, and the strata docs check out. Your agent sends a written subject removal notice to the listing agent.

What If Something Goes Wrong?

If your inspection turns up a major issue — foundation problems, say, or an undersized electrical panel — you have a few options:

• Negotiate a price reduction or repair credit with the seller
• Request an extension to get specialist quotes (both parties must agree)
• Walk away — if you don’t remove subjects by the deadline, the contract collapses and your deposit comes back

This is the beauty of subjects: they protect you. Once you remove them, the deal is firm. Don’t let anyone pressure you into removing subjects before you’re ready.

The Deposit: When It’s Due and Where It Goes

In Vancouver, the typical deposit is 5% of the purchase price. On a $900,000 condo, that’s $45,000. On a $1.8 million house, $90,000. It’s real money.

Here’s the timeline:

• Within 24 hours of subject removal — your deposit cheque (or bank draft) is due to the listing brokerage
• The brokerage holds the deposit in a trust account until completion
• On completion day, your deposit is applied toward your down payment

In competitive situations — multiple offers, for example — buyers sometimes offer a larger deposit (10% or more) to signal financial strength. But 5% is the norm.

One thing that trips people up: the deposit is not the same as the down payment. Your deposit is one part of your total down payment. The rest gets wired to your lawyer or notary before completion.

The Quiet Period: Subject Removal to Completion

After subjects are removed and your deposit is in, there’s often a stretch of weeks — sometimes months — where it feels like nothing is happening. A standard completion timeline in Vancouver runs anywhere from 30 to 90 days after acceptance, depending on what was negotiated.

During this period, three things are happening behind the scenes:

1. Your Lawyer or Notary Prepares Closing Documents

This is called conveyancing — the legal process of transferring property ownership. Your lawyer or notary will:

• Prepare the transfer documents (Form A) for the Land Title Office
• Coordinate with your lender to register the mortgage
• Calculate the property transfer tax
• Prepare the Statement of Adjustments (a detailed breakdown of every dollar changing hands)
• Arrange title insurance (a one-time cost of roughly $200-$500)

You’ll meet with your lawyer or notary about 2-5 business days before completion to sign documents and provide your closing funds.

2. Your Lender Finalizes the Mortgage

Your mortgage lender sends the mortgage instructions to your lawyer. The lawyer ensures all conditions are met — insurance is in place, the title is clean — and the funds are ready to release on completion day.

3. You Arrange Insurance

Your lender will require proof of home insurance before they release mortgage funds. Don’t leave this to the last minute. Get quotes, pick a policy, and have the binder ready for your lawyer at least a week before completion.

Completion Day: What Actually Happens

Completion day is when ownership officially changes hands. You don’t need to be there — your lawyer handles everything electronically.

Here’s the sequence:

1. Your lawyer confirms all mortgage funding conditions are met
2. Your closing funds (down payment minus deposit, plus closing costs) are verified in the lawyer’s trust account
3. The lawyer files the transfer and mortgage electronically with the BC Land Title Office
4. Once registered, the sale proceeds are released to the seller’s lawyer
5. The seller’s existing mortgage gets discharged

All of this typically happens before noon. If there’s a delay — a late wire transfer, a missing document — it can push into the afternoon. This is why real estate lawyers recommend avoiding Friday completions. If something goes sideways, there’s no next business day until Monday.

Possession Day: You Get the Keys

Possession day is typically 1-2 days after completion. This gap exists because the Land Title Office needs time to process the title transfer, and funds need to clear.

On possession day:

• Keys are usually available by noon (or whatever time is specified in your contract)
• Your agent coordinates the key pickup — sometimes from the listing agent’s office, sometimes from a lockbox at the property
• The property should be in the condition agreed upon (empty, clean, all fixtures in place)
• If you notice damage or items missing that should have stayed, document everything immediately and contact your agent

Walk through the property before you start moving in. Check that appliances work, plumbing runs clear, and the seller hasn’t left behind a garage full of junk (it happens more often than you’d think).

Your Closing Costs: The Full Breakdown

This is where first-time buyers often get a surprise. Beyond your down payment, expect to pay roughly 1.5% to 4% of the purchase price in closing costs. Here’s what that looks like:

Property Transfer Tax (PTT)

BC’s property transfer tax is calculated on a sliding scale, per the BC Government:

• 1% on the first $200,000
• 2% on the portion from $200,001 to $2,000,000
• 3% on the portion above $2,000,000
• Additional 2% on the portion above $3,000,000 (residential properties)

On an $800,000 property, that works out to $14,000. On a $1.5 million home, $28,000.

First-time buyers: You may qualify for a full PTT exemption on the first $500,000 of the purchase price if the property is valued at $835,000 or less. Between $835,000 and $860,000, you get a partial exemption. Above $860,000, no exemption. You’ll also need to have lived in BC for at least a year (or filed two BC tax returns in the last six years) and never owned a principal residence anywhere in the world.

Legal Fees

Budget $1,500 to $2,000 for your lawyer or notary’s conveyancing fees, according to WOWA.ca. This covers document preparation, title searches, registration, and the trust account administration.

Home Inspection

If you haven’t already paid for this during the subject period, budget $400-$600 for a standard home inspection. Add $200-$300 for optional extras like sewer scopes or oil tank sweeps.

Title Insurance

A one-time premium of $200-$500 that protects against title defects, survey issues, and certain hidden problems. Most lenders require it.

Appraisal

Some lenders cover this, some don’t. If you’re paying out of pocket, expect $300-$500.

Property Tax and Strata Fee Adjustments

Your lawyer calculates the prorated share of property taxes and strata fees based on your possession date. If the seller has pre-paid property taxes for the year, you reimburse them for the remaining months. This shows up on your Statement of Adjustments.

Move-In Costs

Not a “closing cost” per se, but budget for movers ($500-$2,000 depending on the size of your move), utility connections, and any immediate repairs or changes you want to make.

A Realistic Timeline Example

Here’s how this looks in practice for a typical Vancouver condo purchase:

Milestone	Timeline	What Happens
Offer accepted	Day 0	Contract of Purchase and Sale signed
Rescission period	Days 1-3	3 business days to back out (0.25% fee)
Subject removal	Days 1-7	Inspections, financing approval, strata review
Deposit due	Within 24 hrs of subject removal	5% to brokerage trust account
Meet with lawyer/notary	2-5 business days before completion	Sign documents, provide closing funds
Completion	Day 30-90 (negotiated)	Title transfers, funds released
Possession	1-2 days after completion	Keys handed over, you move in

Timelines are negotiable and vary by transaction. This represents a typical Metro Vancouver purchase.

Key Takeaways

• Five dates drive the transaction: acceptance, subject removal, completion, possession, and adjustment. Know them all before you sign.
• The subject removal period is your protection. Use every day of it. Don’t remove subjects until financing is confirmed and the inspection is clean.
• Budget 1.5-4% of the purchase price for closing costs beyond your down payment. Property transfer tax is the biggest line item.
• Avoid Friday completions. If a wire transfer or document delays things, you’ll be stuck until Monday.

Frequently Asked Questions

How long does it take to close on a house in Vancouver?

From accepted offer to possession, most Vancouver transactions take 30 to 90 days. The exact timeline depends on what the buyer and seller negotiate in the contract. A typical condo purchase with standard financing might close in 30-45 days, while a detached home with a longer subject removal period or a seller who needs time to move could take 60-90 days.

Can I back out after my offer is accepted in BC?

Yes, in two ways. During the first three business days, you can use the Home Buyer Rescission Period for any reason — you’ll pay a 0.25% fee. During the subject removal period, you can walk away if your conditions aren’t met (financing falls through, inspection reveals problems) and your deposit is returned. After subject removal, backing out is a breach of contract with serious financial consequences.

What is subject removal in BC real estate?

Subject removal is the deadline by which you must either fulfill your conditions (financing, inspection, title review) and commit to the purchase, or let the contract expire. In Metro Vancouver, subject removal periods typically range from 5 to 10 days. Once you remove subjects, the deal is firm — your deposit is at risk and both parties are legally bound to complete.

How much are closing costs for a buyer in Vancouver?

Expect roughly 1.5% to 4% of the purchase price. The biggest cost is Property Transfer Tax: on an $800,000 home, that’s $14,000 (first-time buyers may qualify for a full or partial exemption up to $835,000). Add $1,500-$2,000 for legal fees, $200-$500 for title insurance, and $400-$600 for a home inspection. The total on an $800,000 purchase typically runs $16,000-$18,000 for a repeat buyer, or as low as $3,000-$5,000 for an exempt first-time buyer.

What’s the difference between completion and possession date?

Completion is when legal ownership transfers — funds move between lawyers, the title registers at the Land Title Office, and the seller’s mortgage gets discharged. Possession is when you get the keys and physically take over the property. Possession typically falls 1-2 days after completion to allow time for title registration and fund clearing.

Sources

• Key Dates in a BC Real Estate Transaction — Mike Stewart
• Home Buyer Rescission Period — BC Financial Services Authority (BCFSA)
• Subject Removals Guide for BC Home Buyers — Metro Vancouver Life
• Deposit on a Home in BC — Metro Vancouver Life
• Understanding the Conveyancing Process — BCREA Legally Speaking
• First Time Home Buyers’ Program — Province of British Columbia
• Key Dates in Your Real Estate Transaction — Race and Company LLP
• Home Closing Cost Calculator 2026 — WOWA.ca

Data sourced March 2026. Market conditions, fees, and regulations change. Verify current figures with your lawyer and mortgage broker before making financial decisions.

Next Steps: Work with Rain City Properties

Buying a home in Vancouver involves a lot of moving parts, and the timeline can feel overwhelming — especially if it’s your first time. I’ve guided buyers through this exact process hundreds of times, from writing competitive offers to coordinating subject removal and making sure nothing falls through the cracks on completion day.

If you’re getting ready to make an offer — or you just had one accepted and you’re wondering what comes next — I’m happy to walk you through it.

Contact Greyden Douglas directly at (604) 218-2289 or book a call to discuss your Vancouver real estate goals.