Making an Offer in Vernon: Subjects, Deposits and Completion Dates

Quick answer: In BC, an offer sets the price, deposit, subjects (conditions like financing and inspection) and the completion, possession and adjustment dates. Once it’s accepted, you have up to three business days to rescind for a 0.25% fee, then time to remove your subjects before the deal is firm.

Writing your first offer can feel like a lot of paperwork at once. It’s easier when you know what each part does. Here’s how an offer usually works when you buy in Vernon, including East Hill.

This is general information, not legal advice. Your agent will explain your contract, and your lawyer or notary can answer legal questions.

The main parts of an offer

In BC, most residential offers are written on a standard Contract of Purchase and Sale. The key terms are:

Price: what you’re offering to pay.
Deposit: money you put down to show you’re serious.
Subjects: conditions that must be met or removed before the deal is firm.
Dates: completion, possession and adjustment.
Included items: appliances, window coverings and anything else that stays or goes.

Subjects: your time to do homework

Subjects (also called conditions) protect you while you check the home and your financing. Common ones include:

Financing: your lender confirms your mortgage.
Inspection: a licensed home inspector looks at the property. In BC, inspectors are licensed through Consumer Protection BC.
Insurance: you confirm you can insure the home. This matters with older East Hill homes that may have older wiring or a past oil tank.
Documents: a title search, the Property Disclosure Statement if there is one, and strata documents for a strata home.
Sale of your home: if you need to sell first.

The BC Financial Services Authority (BCFSA) points out that subjects aren’t “escape clauses.” You’re expected to make a real effort to satisfy them. When they’re met, you remove them in writing, and the deal becomes firm.

Deposits

The deposit shows the seller you’re committed. It’s usually held in trust, often by a brokerage, until completion, and then goes toward your purchase price.

The amount and timing are set in your offer, so talk them through with your agent.
If the brokerage holds your deposit and the deal doesn’t go ahead, BCFSA says both buyer and seller must sign a release before the money is released.
After subjects are removed, walking away can put your deposit at risk and expose you to more. Get legal advice if something goes wrong.

The three-day rescission period

Since January 3, 2023, BC’s Home Buyer Rescission Period has given buyers of most residential properties up to three business days after acceptance to cancel. According to BCFSA:

the fee to rescind is 0.25% of the offer price;
weekends and holidays don’t count as business days;
the right can’t be waived by the buyer or the seller;
it doesn’t apply to properties on leased land, leasehold interests, auction sales or court-ordered sales.

It’s a safety valve, not a strategy. Do as much homework as you can before you write the offer.

Completion, possession and adjustment dates

Completion date

The day the money is paid and the ownership transfer is registered at the Land Title Office. Your lawyer or notary handles this, including property transfer tax.

Possession date

The day you get the keys, usually on or shortly after completion.

Adjustment date

The date from which you take over costs like property taxes and utilities. It’s often the same as the possession date.

Leave yourself some breathing room. Lenders, lawyers and movers all need time, and older homes may need insurance or repair questions answered first.

Counter-offers

If the seller changes anything in your offer, it becomes a counter-offer. You can accept it, reject it or counter again. As BCFSA notes, once the seller counters, your original offer is rejected, and the seller can’t go back and accept it later.

Putting it together in East Hill

With East Hill’s older homes, the inspection and insurance subjects deserve extra attention. My local’s checklist for buying an older home in East Hill lists what to look into during your subject period. Market conditions change, so the right price, deposit and timeline depend on the home and the moment. You’ll find more common questions on my East Hill FAQ page.

FAQ

How long are subjects usually?

It depends on the home, your lender and the market. Make sure it’s long enough to get your inspection, insurance quote and financing done.

Can I make an offer without subjects?

You can, but BCFSA warns that subject-free offers remove your ability to do due diligence before you’re committed. It’s a big risk on an older home.

When do I pay property transfer tax?

It’s paid on completion, when your purchase is registered. First-time buyers may qualify for an exemption.

Ready to write an offer, or just want to understand the process first? Call or text me at (250) 550-6979, or browse East Hill homes for sale.