General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
An accepted offer occurs when a seller signs the buyer's Contract of Purchase and Sale, agreeing to the stated price and terms, creating a binding contractual agreement under BC contract law. However, most BC contracts include subject clauses — conditions such as financing approval, property inspection, or strata document review under the Strata Property Act, SBC 1998, c. 43 — that must be satisfied before the contract becomes unconditional. Until all subjects are waived or removed in writing by the agreed subject removal date, the contract remains conditional. If a subject condition cannot be satisfied, the affected party may be entitled to void the contract and recover any deposit held in trust. Buyers and sellers should confirm the legal effect of their specific contract terms with a BC lawyer or notary.
Yes. Once the seller signs the buyer's Contract of Purchase and Sale and communicates acceptance, a binding contract exists under BC common law. However, most BC contracts include subject clauses (conditions precedent) such as financing, inspection, or strata document review, allowing either party to walk away if those subjects are not waived in writing by the subject removal date. Verify the enforceability of your specific contract terms with a BC lawyer or notary before acting.
Subject clauses are conditions that must be satisfied (or waived in writing) before the contract becomes firm and unconditional. Common examples include subject to financing approval, subject to satisfactory home inspection, and subject to review of strata documents (for condos governed by the Strata Property Act, SBC 1998, c. 43). If a subject is not removed by the deadline specified in the contract, either party may walk away without penalty. Verify the wording and legal effect of any subject clause with a BC lawyer or notary.
The contract becomes firm when all subject clauses have been removed in writing by the parties, or when the subject removal deadline passes and both parties proceed as if the subjects are waived. Until that point, the deal remains conditional and either party may terminate if their subjects are not satisfied. Verify the exact terms and deadlines in your contract with a BC lawyer or notary before relying on any deadline.
BC law does not mandate a deposit, but most Contracts of Purchase and Sale call for an initial deposit (often held in trust by the buyer's brokerage under the Real Estate Services Act [RESA], SBC 2004, c. 42, and BCFSA Rules). The deposit amount, timing, and trust conditions are set out in the contract. Verify your deposit obligations and the brokerage's trust account procedures with your licensed real estate representative or a BC lawyer or notary.
Legally, once the seller has accepted an offer, they are bound to that contract and cannot accept a competing offer unless the first contract is terminated (for example, by expiry of subject removal deadlines or mutual release). However, some contracts include a 'right to continue marketing' clause permitting the seller to accept backup offers or trigger early subject removal. Verify the specific language in your contract with a BC lawyer or notary before acting.
If the buyer cannot obtain satisfactory financing and does not waive the financing subject in writing by the contract deadline, the buyer may deliver written notice declining to waive the subject, and the contract terminates with the deposit returned. If the buyer fails to give notice or to complete after waiving subjects, the seller may be entitled to forfeit the deposit and/or sue for damages under BC common law. Verify your contract's exact wording and deadlines with a BC lawyer or notary.
BC law does not require a lawyer or notary to draft or sign a Contract of Purchase and Sale; licensed real estate representatives under RESA may use approved standard forms. However, most buyers and sellers retain a BC lawyer or notary to conduct the conveyancing (title search, Land Title Office registration under the Land Title Act, RSBC 1996, c. 250, trust accounting, and closing). It is strongly recommended to engage a BC lawyer or notary early in the process to review contract terms and advise on legal and tax implications.
Under the Property Transfer Tax Act, RSBC 1996, c. 378, PTT is payable when title is registered at the Land Title Office, not when the offer is accepted. The buyer (or their lawyer/notary) must file the PTT return and pay the tax (subject to any exemptions, such as the First-Time Home Buyer Exemption up to $835,000 as of 2026-07-27 — verify current) before or at the time of registration. Verify current PTT rates, thresholds, and exemption eligibility with a BC lawyer, notary, or the BC Ministry of Finance before closing.
If the contract is still subject to conditions and the subject removal deadline has not passed, a party may terminate by delivering written notice that their subjects are not satisfied (no penalty if done properly). Once all subjects are removed and the contract is firm, neither party may unilaterally cancel without breaching the contract, which can result in forfeiture of deposit, litigation, and damages. Verify your specific contractual rights and obligations with a BC lawyer or notary before taking any action.
Yes. Under BC common law and the statute of frauds principles (historically codified but now part of BC common law), contracts for the sale of land must be in writing and signed by the party to be charged. Electronic signatures are generally valid under BC's Electronic Transactions Act, SBC 2001, c. 10, if the parties agree. Verify that your Contract of Purchase and Sale is properly executed and delivered with a BC lawyer or notary to ensure enforceability.
Verify the specific statutory language, thresholds, deadlines and current guidance directly with the governing authority: