The BC Home Buyer Offer Process

The Home Offer Process in BC (Kelowna, West Kelowna, Peachland, Penticton)

In British Columbia — including Kelowna, West Kelowna, Peachland, and Penticton — the home offer process usually follows this path:

Write offer → Negotiate → Acceptance → Subject period → Subject removal → Deposit → Completion → Possession

Your subjects (conditions) are your safety net. They give you time to confirm financing, review documents, and make sure the home is right for you before the deal becomes legally binding.

The offer process is also where buyers make their biggest decisions under pressure. Whether you’re buying your first home in Kelowna or investing in a West Kelowna condo, understanding each step (and what can go wrong) makes a big difference.

1) The “Working With a Realtor” Agreement (BC Requirement)

Before any offers are written, buyers typically sign a document that sets the working relationship with a REALTOR®. In BC, this is a legal requirement and it defines how you’re represented.

It helps confirm:

• Whether you’re a client (full loyalty, confidentiality, and fiduciary duty) or an unrepresented party

• That your private info — finances, motivation, timeline — stays confidential

• That any conflicts of interest must be disclosed and managed

Why it matters:
As a client, you get full advocacy. Knowing what this agreement means upfront sets the tone for the whole purchase.

2) Buyer Advisories: Your Due Diligence Checklist

Before writing an offer, your REALTOR® should walk you through buyer advisories. Think of this as the “know before you commit” checklist. A lot of buyer regret comes from skipping these steps when the market feels fast.

Common items include:

• Title review (easements, rights of way, restrictive covenants)

• Zoning confirmation (suites, short-term rentals, renovations)

• Property insurance availability and cost

• Closing costs (there are more than most buyers expect)

• For strata: bylaws, restrictions, financials, depreciation reports

• Rental rules (important in the Okanagan)

Local note for Kelowna & West Kelowna:
Short-term rental rules have changed a lot in BC. If Airbnb income is part of your plan, always verify zoning and strata bylaws before writing an offer.

3) Closing Costs: The Budget Item Buyers Forget

Your offer price is not your all-in cost. In BC, you need to budget separately for closing costs — and they add up quickly.

Typical closing costs include:

• Lawyer or notary fees

• Home inspection fee

• Appraisal (often required by lenders)

• Land title registration fees

• Property Transfer Tax (PTT) (most buyers pay this; some first-time buyers may qualify for exemptions)

• Adjustments (property taxes, strata fees, utilities prorated to possession)

• GST (new construction or substantially renovated homes; your offer should clearly state if GST is included)

Buyer tip:
Build your closing cost estimate before you make your first offer — not after. A common rule of thumb in BC is to set aside 1.5%–2.5% of the purchase price on top of your down payment.

4) The Contract of Purchase and Sale (Your Offer)

This is the main legal document in your transaction. It’s the offer that gets negotiated back and forth between buyer and seller.

Here’s what it covers:

Purchase Price

The price you’re offering — and the starting point for negotiation. You can also negotiate things like included items, repairs or credits, dates, and subjects.

Deposit

Proof of commitment. In many BC deals, the deposit is due after subject removal, but your contract will show the exact amount and timeline.

The Three Key Dates (Most Confusing Part)

• Subject Removal Date: deadline to complete due diligence and decide

• Completion Date: legal transfer of ownership (lawyers/lenders move money)

• Possession Date: when you get the keys and can move in

What’s Included

If it’s not written in the contract, don’t assume it stays. Common inclusions:

• fridge, stove, dishwasher

• washer/dryer

• window coverings
  For condos: parking stall and storage locker (must be written clearly).

5) Subjects (Conditions): Your Legal Safety Net

Subjects are conditions written into your offer that must be satisfied before the deal becomes firm. They protect you and give you time to verify that what you’re buying is actually what you think you’re buying.

Common subjects in Kelowna and the Okanagan:

• Financing approval (formal lender approval)

• Home inspection

• Title review (no unexpected encumbrances)

• Property Disclosure Statement review

• Strata document review (condos/townhomes)

• Strata insurance review (deductibles can be large)

• Home warranty review (newer homes)

• Professional advice (legal, tax, zoning, rental confirmation)

Important:
If a subject isn’t satisfied, you may be able to cancel — but only if you follow the contract wording and deadlines. Don’t guess. Get advice from your REALTOR® and lawyer.

6) Condo & Townhome Buyers: Strata Due Diligence

Buying a strata in Kelowna, West Kelowna, or Peachland adds an extra layer of due diligence. Strata documents tell you what you’re actually buying into — and what surprises might be waiting.

What to review:

• Meeting minutes (roof issues? plumbing? disputes?)

• Financial statements (is the contingency reserve healthy?)

• Bylaws (pets, rentals, age limits, renos)

• Depreciation report (future repair plans and costs)

• Strata insurance (what’s the deductible?)

• Parking and storage (confirm they’re included and usable)

Why it matters in the Okanagan:
Strata rules can affect your lifestyle, your ability to rent, and your resale value. Underfunded reserves or ongoing problems can become a real money risk.

7) Completion vs. Possession (Easy Way to Remember)

These get mixed up all the time. Here’s the simple version:

• Completion Day: money moves, title transfers (you might not have keys yet)

• Possession Day: you get the keys and can move in

A gap between completion and possession is normal and planned. Your contract will state both dates, and it matters for movers, storage, and temporary housing.

Key Terms Every Okanagan Buyer Should Know

Subject Period
Usually 5–10 business days in BC to complete due diligence.

Subject Removal
When you waive conditions and the deal becomes legally binding.

Property Transfer Tax (PTT)
Provincial tax paid by buyers at completion (some first-time buyers may qualify for exemptions).

Depreciation Report
A long-term strata maintenance plan that helps you spot future special levies.

Completion Date
The date legal ownership transfers and mortgage funds are released.

Possession Date
The date you receive keys and can access the home.

The Offer Process at a Glance (BC Real Estate)

1. Write Offer

2. Negotiate

3. Accepted

4. Subject Period

5. Subjects Removed

6. Deposit Due

7. Completion

8. Possession 🔑

Subject Removal Checklist (Before You Commit)

Before you remove subjects, make sure:

• Financing approval is confirmed in writing

• Property insurance is available at a cost you can live with

• Home inspection is complete and you understand the findings

• Title has been reviewed (no surprises)

• Property Disclosure Statement is reviewed

• If strata: minutes, bylaws, financials, insurance, depreciation report are reviewed

• Closing costs and adjustments are understood and budgeted for

• Any professional advice needed (legal, tax, zoning) is received

Frequently Asked Questions

1. How long is the subject period when buying in Kelowna or the Okanagan?

Often 5–10 business days, but it depends on the property and negotiation.

2. Do I need a home inspection on a newer home in Kelowna?

Usually yes. Newer doesn’t always mean perfect, and inspections can catch important issues early.

3. Are short-term rentals (Airbnb) allowed in Kelowna condos?

Sometimes — but it depends on zoning and strata bylaws. Always verify before writing an offer.

4. What happens if something goes wrong during the subject period?

If a subject can’t be satisfied, you may be able to cancel or renegotiate — but timelines and wording matter.

5. What’s the difference between completion and possession?

Completion is legal transfer. Possession is when you get the keys.

6. Does the Property Transfer Tax apply to all buyers in BC?

Most buyers pay it. Some first-time buyers may qualify for exemptions depending on price and rules.

Ready to Write a Strong Offer?

Whether you’re buying in Kelowna, West Kelowna, Peachland, or Penticton — let’s talk through the process before the pressure is on.

Book a Call: 778-946-6454
Email: [email protected] 

Mark Coons · Personal Real Estate Corporation · BBA · CE
Team Lead, Selling Okanagan Group | eXp Realty Kelowna
Serving the Central Okanagan since 2018