A Contract of Purchase and Sale is the legal document used in British Columbia to make an offer on real property and, once accepted by both parties, becomes a binding contract. The standard residential form is produced by the BC Real Estate Association (BCREA) and includes purchase price, deposit, completion and possession dates, included and excluded items, and any subject clauses. Once all conditions are removed or waived, the contract is legally enforceable. Verify all terms with a BC lawyer or notary before signing.

The British Columbia Financial Services Authority (BCFSA) regulates real estate licensees under the Real Estate Services Act (RESA), SBC 2004, c. 42, and the RESA Rules. BCFSA replaced the former Real Estate Council of BC (RECBC) on August 1, 2021 (as of 2026-07-27 — verify current). Licensees must comply with professional conduct standards, licensing requirements, and disclosure obligations set out in RESA and the Rules.

Generally, no. Under common law and the Land Title Act, RSBC 1996, c. 250, contracts for the sale of land must be evidenced in writing to be enforceable. A verbal offer or acceptance does not satisfy the requirements for a binding real estate contract in British Columbia. Always ensure the Contract of Purchase and Sale is signed by both parties and consult a BC lawyer or notary to confirm enforceability.

Subject clauses (also called conditions precedent) are terms in the Contract of Purchase and Sale that must be satisfied or waived before the contract becomes firm and binding. Common examples include subjects for financing approval, home inspection, strata document review, or sale of the buyer's current property. The contract specifies a deadline by which each subject must be removed or waived, or the contract may terminate. Verify drafting and legal effect with a BC lawyer or notary.

The deposit is typically held in trust by the listing brokerage or the buyer's brokerage, as agreed in the contract. If the buyer fails to complete without lawful excuse, the seller may claim the deposit as liquidated damages or sue for specific performance or actual damages; if the seller defaults, the buyer may recover the deposit and may also claim damages or specific performance. The outcome depends on the specific contract terms and the circumstances; consult a BC lawyer or notary if a dispute arises.

While BC law does not require a lawyer or notary to review the Contract of Purchase and Sale before you sign it, it is strongly advisable to obtain independent legal advice, especially if there are unusual terms, significant dollar amounts, or complex conditions. A BC lawyer or notary can explain your rights, obligations, and risks before you become legally bound. Real estate licensees cannot provide legal advice under RESA.

The completion date (sometimes called the adjustment date) is the date on which legal title transfers at the Land Title Office and financial adjustments (property taxes, strata fees, etc.) are calculated. The possession date (also called the occupancy date) is the date the buyer is entitled to take physical possession and move into the property. In most residential transactions these are the same date, but they may differ; verify the specific terms in your contract with a BC lawyer or notary.

Assignment depends on whether the contract permits it; many standard BCREA forms include an assignment clause, but sellers may negotiate to prohibit or restrict assignment. For new developments (pre-construction condos), developers often include assignment restrictions or fees, and provincial law requires disclosure. Additionally, the Home Flipping Tax Act, SBC 2024 (effective January 1, 2025 — verify current), may impose tax on certain assignment gains. Consult a BC lawyer or notary and review your specific contract terms before attempting assignment.

Under common law and the Real Estate Services Act (RESA), sellers and their licensees must disclose all known material latent defects—defects that are not visible on reasonable inspection and that significantly affect the property's value or use. The standard BCREA Contract of Purchase and Sale includes a Property Disclosure Statement (Form A in many areas) for residential properties. Failure to disclose material latent defects may give rise to rescission, damages, or regulatory complaints. Verify disclosure obligations with a BC lawyer, notary, or your licensee.

Property Transfer Tax is payable under the Property Transfer Tax Act (PTTA), RSBC 1996, c. 378, when the property is registered at the BC Land Title Office, not when the Contract of Purchase and Sale is signed. The tax is calculated on the fair market value (or purchase price if higher) as of the registration date. First-time and newly built home exemptions may apply up to certain thresholds (as of 2026-07-27 — verify current thresholds). Verify PTT liability, rates, and exemptions with the BC Ministry of Finance, a BC lawyer, or a notary before completion.