Selling Your Home in BC: The Process from Listing to Completion

Selling a home in BC follows a set order, from the first conversation with a REALTOR® to the day the buyer gets the keys. Knowing what comes next makes each decision easier. Here is the process step by step, from a seller's point of view.

The short version

Step 1: Choosing your REALTOR®

Before a licensee provides real estate services to you, they must give you a Disclosure of Representation in Trading Services. It says whether they will represent you as a client, and explains their duties, how to make a complaint and the buyer's rescission period. Since 2018, BC rules have generally prevented the same REALTOR® from representing both the buyer and the seller in one deal, except in some remote areas. If a buyer comes along without their own agent, they receive a separate form explaining the risks of being unrepresented.

Step 2: The listing agreement

The listing agreement sets out the terms of your listing, including the price, how long the listing runs and the commission. Commission is negotiable, and GST is charged on top. Read it carefully and ask questions before you sign.

Step 3: Preparing and pricing your home

This is where most of the work happens: gathering paperwork, small repairs, cleaning and staging, then setting a price based on what similar homes are selling for now. I cover it in detail in my seller's checklist, and explain why your assessment is not your price in BC Assessment vs market value.

Step 4: Reviewing offers

Your REALTOR® must present offers to you promptly, unless you have instructed otherwise. You can accept an offer, counter it or decline it. The terms of one buyer's offer cannot be shared with another buyer without your consent. When an offer is presented, you also receive a form setting out, in dollars, the commission payable and how it is split between the brokerages.

Step 5: The rescission period and subjects

Once you accept an offer, most buyers have a 3-business-day rescission period. If they cancel during it, they must pay you 0.25% of the purchase price, which is paid from their deposit if a brokerage is holding it. At the same time, the buyer works through any subjects, such as financing, an inspection or a review of the strata documents. Expect requests for access for the inspection or an appraisal, and occasionally a request to renegotiate if something turns up.

Step 6: Subject removal

Once the rescission period has ended and the buyer has removed their subjects, the sale is firm, and both sides are committed to completing on the dates in the contract. Now is the time to book movers and give your lawyer or notary your mortgage details so they can order a payout statement.

Step 7: Completion and your proceeds

On the completion date, the buyer's funds are paid and the transfer is registered. Your lawyer or notary makes sure your mortgage is paid off and discharged, pays any other amounts you have authorized, which can include the commission, and delivers the balance to you. Property taxes and any strata fees are adjusted so that you pay your share up to the adjustment date.

Step 8: Possession

The buyer gets vacant possession on the date and at the time set out in the contract. Leave the home in the condition agreed, with any included items in place, and hand over the keys, fobs, remotes and codes through your REALTOR®.

Questions sellers often ask me

What forms do I sign when I list my home in BC?

Your REALTOR® first gives you a Disclosure of Representation in Trading Services, which explains whether they will represent you as a client and what that means. You then sign a listing agreement that sets out the terms of your listing, including the commission.

Can one REALTOR® represent both the buyer and the seller in BC?

Generally, no. Since 2018, BC rules have prevented the same REALTOR® from representing both sides of a sale, except in some remote areas.

What happens if the buyer cancels during the rescission period?

The buyer must pay you 0.25% of the purchase price. If a brokerage is holding their deposit, that amount is paid from the deposit.

Do I have to accept a full-price offer?

No. You are never obliged to accept an offer, even one at your full asking price.

When do I get the money from my sale?

After completion. Your lawyer or notary pays off your mortgage and any other amounts you have authorized, then delivers the balance to you.

Ready for the next step? Request a free home evaluation, or read more about how I help sellers.

This article is general information, not legal advice. For BCFSA's overview, see completing your sale.