Accepted an Offer? What Happens Next?

You’ve agreed on a price and signed the offer. Before you plan around the proceeds, ask your agent for a written timeline: which conditions are outstanding, when the deposit is due and when the buyer gets the keys.

Here’s how that timeline works for a home seller in New Westminster or Burnaby.

1. Check the Buyer’s Rescission Deadline

An accepted offer is a binding contract, even if it contains conditions. For most BC residential resales, the buyer also has a separate right to cancel by giving proper written notice by the end of the third business day after final acceptance. This right can’t be waived. A buyer who uses it owes the seller 0.25% of the purchase price.

For example, if you accept on Monday and there’s no holiday that week, the rescission period ends Thursday night. If the contract gives the buyer until Friday to remove an inspection condition, that Friday deadline still matters. The two periods run at the same time. BCFSA’s consumer guide explains which sales qualify.

2. Work Through the Conditions in Your Contract

Conditions, often called subjects, might cover financing, a home inspection or a review of strata documents. Your part may be as simple as arranging access for the inspector or supplying records named in the contract.

Ask your agent to confirm in writing when the required subjects have been removed and any applicable rescission period has passed. A firm sale still has to reach completion before ownership changes hands.

3. Confirm the Buyer’s Deposit

Check the contract for the deposit amount, who will hold it and when it’s due. It might be payable on acceptance or after subject removal.

Ask your agent to confirm receipt. If the deposit is held in a brokerage trust account, you can’t use it as the deposit on your next home.

4. Review the Numbers with Your Lawyer or Notary

Send your lawyer or notary the signed contract and any amendments, and arrange a signing appointment. Ask them to walk you through your mortgage payout, any property tax adjustments and the amount you can expect to receive. Our guide to the costs of selling a home in BC can help you prepare for that conversation.

5. Plan the Key Handover

Completion is when ownership transfers to the buyer in exchange for the purchase price. Possession is when the buyer can take control of the home. Check the possession date and time before booking movers. Set aside keys, fobs and garage remotes, and check which appliances and fixtures you agreed to leave.

If you’re buying and selling at the same time, put the possession times from both contracts side by side. That’s how you’ll spot a gap between moving out and getting your next set of keys.

Final Thoughts

Keep your signed contract and timeline together. When a deadline passes, ask your agent what’s been confirmed and what still needs your attention. That way, you’ll know when you can commit to the next part of your move.

At the Adam Lloyd Home Selling Team, we’ll help you explore your options and build a selling plan around your goals.

If you’re thinking about selling in New Westminster, Burnaby, Coquitlam or the surrounding Lower Mainland, the Adam Lloyd Home Selling Team can help you figure out where your home stands—and whether making improvements before selling actually makes sense.

Contact The Adam Lloyd Home Selling Team, we can help you understand what’s currently available, where the best value is and how to compete in this price range. Reach out anytime for a no-pressure conversation.

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