Buyer's Guide — Value-First Home Team
Writing an Offer: What Buyers Need to Know
A plain-language guide to understanding what goes into an offer, how the process unfolds, and what to expect at each stage — before you're sitting at the table.
Derek Vanderkooy PREC* · 604-379-0616
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David Maitre PREC* · 604-340-9809
info@valuefirstcanada.com · valuefirstcanada.com
info@valuefirstcanada.com · valuefirstcanada.com
The Starting Point
The Moment You're Ready to Make an Offer
You've found a home you want. Your agent calls to walk through the offer. Suddenly you're making decisions that could be worth tens of thousands of dollars — and the process moves quickly.
Understanding the moving parts before that moment arrives helps buyers engage more deliberately. This guide walks through what goes into an offer, what the key terms mean, and how the process commonly unfolds in BC — from first submission through to a firm deal.
Anatomy of an Offer
What's Actually In an Offer
A purchase offer is a formal legal document that sets out the terms under which a buyer proposes to purchase a property. In BC, these terms are negotiated — nothing is a default unless it's written into the contract. Price is what most people focus on first, but it's only one piece of the picture.
Purchase Price
The amount offered. Sellers may accept, counter, or reject — so the opening number is commonly the start of a negotiation, not the end.
Subject Conditions
Conditions that need to be satisfied before the deal becomes firm. Until subjects are removed, the contract remains conditional.
Completion & Adjustment Dates
Completion is when title transfers. The adjustment date is when financial responsibility — property taxes, strata fees — shifts between parties.
Deposit
The amount placed into trust to demonstrate commitment. Timing and amount are negotiated terms — not fixed requirements.
Inclusions & Exclusions
What comes with the property and what the seller takes. Items that appear attached are not automatically included unless the contract says so.
Schedule A / Additional Terms
Many offers include a Schedule A with custom clauses that address circumstances specific to the transaction. These are drafted as part of the offer.
Price vs. Terms
The Full Package Matters
Sellers evaluate more than just price. Terms, conditions, and closing timelines all affect how attractive an offer looks — and which offer a seller is likely to accept. These two hypothetical offers illustrate how a lower price can sometimes be more competitive overall:
Offer A — $980,000
Includes financing and inspection subjects, a 90-day completion, and several inclusions requested. More conditions and a longer timeline for the seller to manage before the deal is firm.
Offer B — $955,000
No subjects, 30-day completion, no extra inclusions. Less money on paper — but certainty from the moment of acceptance.
Which offer a seller prefers depends on their circumstances. From a buyer's side, understanding what sellers typically value in a given market — beyond price alone — can help inform how an offer is structured. Independent professional advice is worth seeking before deciding on terms.
Subject Conditions
Understanding Subject Conditions
Subjects are conditions written into the offer that a buyer needs to satisfy before the deal becomes firm. Until all subjects are removed in writing, the contract is conditional — and either party's position can change. Subject periods, their scope, and the timelines attached to them are all negotiated terms.
Subject to Financing
The buyer has a set period to confirm mortgage approval. Common in most transactions involving a mortgage. Pre-approval is a useful starting point but is not the same as final approval.
Subject to Inspection
A qualified home inspector reviews the property on the buyer's behalf. Common and broadly expected — though what happens with findings is a matter for the parties to navigate, and outcomes vary.
Subject to Sale of Buyer's Property
The buyer must sell their existing home before completing. Introduces timing uncertainty on both sides and is sometimes less attractive to sellers with flexible options.
Subject to Strata Document Review
Common in condo and townhouse purchases. The buyer reviews strata minutes, financial statements, bylaws, depreciation reports, and any special levy information before proceeding.
Subject to Title Review
The buyer's lawyer or notary reviews the title for charges, easements, or other encumbrances before subjects are removed.
Worth noting: Removing subjects is a significant step. Once subjects are removed in writing, the deal is firm and the deposit is typically due. Independent legal advice before removing subjects is consistently worth the time.
The Deposit
What the Deposit Means for Buyers
The deposit is the amount placed into the buyer's brokerage trust account as a sign of commitment. In BC, deposit timing and amount are both negotiated terms — commonly the deposit is due within 24 hours of subjects being removed, though this can vary by transaction.
5%+
Commonly Seen Range
Larger deposits can signal stronger commitment — though amount is negotiated
24h
Common Payment Window
Often due within 24 hours of subject removal — timing is a negotiated term
If a buyer walks away after subjects are removed without legal grounds, the deposit is commonly at risk of forfeiture. Understanding what's at stake — and what constitutes valid grounds for not completing — is worth clarifying with a lawyer or notary before subject removal.
Worth noting: The deposit applies toward the purchase price at completion — it's not an additional cost. But it does need to be liquid and available quickly once subjects come off.
The Rescission Right
BC's Home Buyer Rescission Period
BC has a legislated rescission right that applies to most residential real estate transactions. This is one of the few elements of the process set by legislation rather than negotiation.
3
Three Business Days
After an offer is accepted, buyers have three business days during which they may rescind — cancel the contract. This period is legislated and applies regardless of what the contract says.
$
The Rescission Fee
If a buyer exercises the rescission right, a fee of 0.25% of the purchase price is owed to the seller. On a $900,000 property, that's $2,250. The right to rescind comes at a cost.
≠
Not a Free Exit
The rescission right is distinct from subject conditions. It applies after acceptance — but using it triggers the fee. It is not a substitute for due diligence during a subject period.
Worth noting: The rescission right, the three business day period, and the 0.25% fee are legislated terms — they are not negotiable between parties. A lawyer or notary can explain how the right applies to a specific transaction.
Counter Offers
How the Back-and-Forth Typically Works
It's common for an offer to go through more than one round before both parties reach agreement — or don't. When a seller counters, they've formally modified the original terms. At that point, the original offer is voided and the buyer is no longer bound by their original submission. Some things worth understanding about the countering process:
1
A Counter Voids the Original
Once a seller issues a counter offer, the buyer's original offer no longer stands. The buyer can accept the counter, issue their own counter back, or walk away.
2
Expiry Times Are Real
Every offer and counter offer has a deadline. Missing an expiry time means the offer lapses. Both parties set their own timelines — these are negotiated terms.
3
Multiple Rounds Are Common
Offers frequently go back and forth more than once before reaching agreement. That's a normal part of the process in many transactions.
4
Price Isn't the Only Lever
Completion dates, subject periods, inclusions, and deposit timing are all terms that can be adjusted through countering — not just the purchase price.
Multiple Offers
When Other Buyers Are at the Table
In active markets, it's possible for a seller to receive more than one offer at the same time. In BC, how a seller handles competing offers affects every buyer in the process — and the outcome can be unpredictable regardless of approach. Buyers in a multiple offer situation commonly have limited visibility into what others have offered.
Seller Accepts One Offer
If one offer is clearly preferable on price and terms, the seller may accept it directly without engaging other buyers.
Seller Counters One Offer
A seller can formally counter only one offer at a time. Other offers typically wait — without any guarantee of a second chance.
Call for Best & Final
All buyers are invited to submit their strongest offer by a set deadline. Participation isn't guaranteed, and there's no obligation to disclose what others submitted.
Multiple offer situations carry real risks for buyers — including the risk of paying more than necessary or losing a property entirely. Understanding the process and having independent professional advice before entering a competing offer situation is worth the time.
Worth noting: In BC, sellers and their agents are governed by rules about how competing offers are handled. If you're in a multiple offer situation, understanding your rights and the seller's obligations is worth clarifying with your own representative before responding.
After Subject Removal
Once the Deal Is Firm
When a buyer removes subjects in writing, the deal becomes firm. Several practical steps follow before the completion date:
01
Deposit Is Due
The deposit is typically due within the agreed timeframe — commonly 24 hours after subject removal. It's paid into the buyer's brokerage trust account and applied toward the purchase price at completion.
02
Retain a Copy of the Signed Contract
Both parties should have a fully executed copy of the contract including all schedules and subject removal documentation.
03
Engage a Lawyer or Notary
A lawyer or notary handles title transfer, financial adjustments, and closing documentation. Engaging one early in the process — ideally before subject removal — is a common approach.
04
Pre-Completion Walkthrough
It's common to conduct a walkthrough of the property before completion to confirm condition. What's expected at completion is worth clarifying in the contract — and with independent legal advice — before subjects come off.
05
Balance of Funds Due on Completion
The remaining purchase funds — purchase price less deposit — are typically transferred through your lawyer or notary on the completion date. Confirming the exact amount and process in advance is important.
Common Phrases
Language Buyers Commonly Hear
The offer process involves a lot of spoken communication — between agents, between parties, and in real time. Some phrases are straightforward. Others carry more ambiguity or are commonly used as part of negotiation. Understanding what's being said — and what it may or may not mean — can help buyers engage more clearly.
"There are other offers coming in."
This may be accurate or may be intended to create urgency. In BC, agents have disclosure obligations around competing offers — but buyers have limited independent visibility into the situation. It's worth understanding your position before responding to urgency framing.
"The seller won't go below this number."
Price floor statements are common in negotiations and may or may not reflect the seller's actual position. Evaluating the full offer — including terms, timeline, and conditions — is generally more useful than responding to a single number.
"You need to remove subjects to be competitive."
In some market conditions, subject-free offers are common. In others, they're not. The decision to remove protections — like a financing or inspection subject — is significant and worth discussing with independent professional advisors before acting on urgency framing.
"The inspection came back clean."
A home inspection is the buyer's due diligence tool — not the seller's. Reviewing the full inspection report directly, rather than relying on a summary from any party, is the more informed approach.
"If we don't respond by tonight, we lose it."
Offer expiry times are real constraints and worth tracking carefully. However, urgency framing is also a common feature of negotiations. Understanding the actual expiry time in writing — versus the urgency being communicated — is a useful distinction.
"The seller is very motivated."
This framing may be genuine or may be intended to encourage a lower offer. What sellers are motivated by — price, speed, certainty, terms — varies. Exploring what matters to the seller through the offer structure can sometimes be as effective as adjusting price alone.
The offer process moves quickly and involves real financial stakes.
Understanding the structure before you're in the middle of it — what goes into an offer, what subjects protect, what subject removal means, and what the rescission right does and doesn't cover — puts buyers in a more informed position when decisions have to be made.
Every transaction is different, and the terms that matter most vary by property, market, and personal circumstance. Seeking independent legal and professional advice before key steps — particularly before removing subjects or responding to a counter in a multiple offer situation — is consistently worth the time.
Derek and David are available to walk through the offer process for a specific property — before you're ready to submit.
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