Overview: From Accepted Offer to Keys (30–75 Days)
The BC home closing process is more structured and legally defined than in many other provinces. Understanding each stage helps you anticipate what's coming, avoid surprises, and make sound decisions under time pressure.
Accepted Offer
Both parties sign the Contract of Purchase and Sale. Subject conditions are noted, typically subject to financing, inspection, and (for stratas) document review. The buyer's initial deposit (often $10,000–$20,000) is held in trust.
Subject Period
The buyer completes due diligence: home inspection, financing confirmation, strata document review. Both parties negotiate any issues that arise. This is the most active and sometimes tense phase of the transaction.
Subject Removal
The buyer removes subjects in writing. The contract is now legally firm and binding. The buyer's additional deposit (bringing total deposit to ~5% of purchase price) is typically due within 24–48 hours of subject removal.
Conveyancing Period
The seller's and buyer's notaries/lawyers prepare all documents, conduct title searches, calculate final adjustments (property tax, strata fees), and coordinate the transfer. Both parties sign documents approximately 5–7 days before the completion date.
Funds Transfer & Registration
The buyer's funds are transmitted to the seller's notary. Upon confirmation, the transfer registers at the Land Title Office. The seller's mortgage is discharged, fees are deducted, and net proceeds are released to the seller.
Key Handover
Possession is typically the day after completion (or same day, negotiated). The seller vacates, leaves the property in agreed condition, and keys are released, usually by noon. All utilities are transferred to the buyer's name.
Subject Removal: The Critical Window
Subject removal is the hinge point of every BC real estate transaction. Until subjects are removed, neither party is legally committed. This creates a period of uncertainty for sellers, your home is effectively off the market while the buyer completes their due diligence.
Common Subjects in Victoria Transactions
- Subject to financing: The buyer's mortgage must be formally approved (not just pre-qualified). This typically takes 5–7 business days.
- Subject to home inspection: A licensed home inspector examines the property; typically completed within 3–5 days. Inspections in Victoria often surface older wiring (knob and tube), drainage issues, and deferred maintenance items common in the character housing stock.
- Subject to strata document review: For condo and townhome buyers, a review of the strata's minutes, financial statements, depreciation report, and Form B is required, typically completed within 5–7 business days.
- Subject to sale of buyer's home: Less common in competitive markets, but still appears, particularly in the move-up buyer segment.
Seller's strategy during the subject period: Continue accepting backup offers and, if a stronger offer materializes, your REALTOR® can use a 72-hour clause to pressure the first buyer to remove subjects or step aside. This protects sellers without disadvantaging their accepted offer.
The Home Inspection in BC
In Victoria's typical transaction, the buyer orders and pays for the home inspection, $400–$600 for a standard single-family home. The inspection is conducted by a licensed home inspector (required to be licensed in BC since 2018) and takes 2–4 hours.
Common Victoria Inspection Findings
- Older electrical: Knob-and-tube wiring is common in Fairfield, James Bay, and Oak Bay character homes built before 1950. Not always a deal-breaker, but requires disclosure and often affects insurance.
- Drainage and moisture: Victoria's wet winters mean drainage issues, crawl space moisture, and roof concerns are frequently surfaced.
- Oil tanks: Decommissioned or active oil tanks are common in pre-1970s Saanich and Oak Bay homes. Tank removal costs $2,000–$10,000+; remediation if contaminated can exceed $50,000.
- Roofing: Older asphalt shingles near end of life are a common negotiation point. Expect buyers to raise this in Victoria homes built 1980–2000.
Negotiating after inspection: buyers often request a price reduction or repair credit when the inspection surfaces material issues. A skilled REALTOR® helps you assess the validity of the request and negotiate a fair resolution without losing the deal.
For a full picture of pre-sale costs and potential repair items, see our hidden selling costs guide.
Legal Conveyancing in BC: Notary vs. Lawyer
BC is one of the few provinces where a notary public (not a lawyer) can handle residential property conveyancing. Both notaries and lawyers are qualified for standard residential sales.
Notary Public
Notaries in BC can prepare and register property transfers, mortgage documents, and all standard closing paperwork. They typically charge $1,200–$1,800 for a seller's side of a residential transaction. Notaries cannot provide legal advice or represent you in disputes.
Real Estate Lawyer
A lawyer is preferred (or required) when the transaction involves complex title issues, estate sales, litigation risk, or situations where you need independent legal advice. Legal fees typically range from $1,500–$2,500 for a seller's closing.
Your REALTOR® can refer you to experienced notaries or lawyers in Victoria who handle real estate transactions efficiently. Engage your legal representative as soon as subjects are removed, don't wait until two weeks before closing.
Final Adjustments & Property Tax Proration
On the completion date, your notary calculates and applies financial adjustments between seller and buyer. These adjustments ensure that each party pays their fair share of recurring costs based on the actual possession date.
Common Adjustments
- Property taxes: If you've paid annual property tax for the full year but completion is in July, the buyer owes you a credit for the remaining months of the year.
- Strata fees: Monthly strata fees are prorated to the possession date. If fees were paid for the full month, the buyer credits the seller for the remaining days.
- Prepaid utilities: Oil, propane, or other prepaid services are credited to the seller at closing.
- Rental income: If there's a tenant in place, rental income is prorated to the possession date.
Your notary handles all adjustments and presents a final statement of adjustments prior to closing, showing exactly what you'll receive after mortgage payout and fees.
Moving Day & Key Handover in Victoria
BC contracts specify a "completion date" (when title transfers and funds move) and a "possession date" (when the buyer can physically access the property). In Victoria, these are often the same day, or possession is one day after completion.
Seller Checklist for Moving Day
- Property must be vacant and in the same condition as represented in the contract (unless agreed otherwise)
- All included appliances and fixtures must remain, review your contract carefully
- All keys, garage openers, mailbox keys, and alarm codes must be transferred (typically through your REALTOR®)
- Utility accounts (BC Hydro, FortisBC, municipality water) should be cancelled or transferred effective possession date
- Arrange mail forwarding through Canada Post at least 5 business days before moving
- Notify your building's strata (if applicable) about the possession date and any moving elevator bookings required
Frequently Asked Questions
How long does it take to close on a house in BC?
In BC, the typical timeline from accepted offer to closing is 30–75 days. Short completions of 2–3 weeks are possible but require rapid subject removal and conveyancing coordination. Luxury properties and complex transactions may require 60–90 days. The completion date is negotiated as part of the purchase contract.
What does subject removal mean in BC real estate?
In BC, an offer to purchase typically includes 'subjects', conditions that must be satisfied before the deal becomes firm. Common subjects include financing approval, home inspection, strata document review, and sale of the buyer's existing home. Once satisfied with all conditions, the buyer removes subjects in writing, making the contract legally binding. Typical subject removal periods in Victoria are 7–10 business days.
Do I need a lawyer or notary to sell my home in BC?
Yes. In BC, all property transfers must be registered through the Land Title Office, which requires either a notary public or a real estate lawyer. Both can handle standard residential conveyancing. Lawyers are required for complex transactions. Typical fees range from $1,200–$2,000 for a seller's side.
What happens on closing day in BC?
On the completion date, the buyer's funds are transmitted to the seller's notary. Upon confirmation, the transfer registers at the Land Title Office. The seller's mortgage is discharged, fees deducted, and net proceeds released to the seller. Keys are typically released at noon or upon registration confirmation.
Can a home sale fall through after subject removal in BC?
After subjects are removed in BC, the contract is legally binding. A buyer who fails to complete forfeits their deposit and may be liable for damages. However, in rare cases financing can still collapse, consult your REALTOR® and lawyer immediately if this occurs.
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