Offer FAQs for Home Sellers

Overview

You listed, marketed, and showed your home—now the real work begins.  An offer (or several) is a legally binding proposal that sets price, dates, and an alphabet soup of terms.  British Columbia’s consumer-protection regime continues to evolve, so even experienced sellers are grappling with new rules like the Home Buyer Rescission Period and the Disclosure of Multiple Offers Presented (DMOP) form.  This FAQ pulls together the latest provincial guidance and best practices so you can choose the right offer with confidence.

Key Takeaways

• The contract of purchase and sale becomes binding the moment both parties sign—even if subjects remain.
• Buyers now have three business days to rescind and must pay you 0.25 % of the purchase price if they walk away.
• In multiple-offer situations your agent must complete the DMOP form to confirm every offer was presented.
• Subject-free offers can fetch a premium but increase your legal exposure; weigh speed versus certainty.

Offer Basics in British Columbia

Most residential transactions use the standard Contract of Purchase and Sale drafted by the British Columbia Real Estate Association (BCREA).  Your REALTOR® will walk you through each clause—price, completion dates, chattels, deposit instructions, and any buyer subjects.  Once both sides sign, the document is legally enforceable, and either party can seek specific performance in court if the other defaults.  The only way to alter an accepted contract is via a written amendment or a new counter-offer.  For a full breakdown, see the BCFSA guide to offers.

The Three-Day Home Buyer Rescission Period

Since January 3 2023, buyers of most residential property types have an automatic three-business-day “cooling-off period.”  If they cancel, they owe the seller 0.25 % of the agreed price (e.g., $2 500 on a $1 million sale).  The right cannot be waived and applies whether or not licensees are involved.  Your brokerage will release the rescission fee to you directly from the deposit.  For statutory wording, consult BCFSA (2025).

Managing Multiple Offers & Transparency

Metro Vancouver’s supply-demand imbalance frequently creates bidding wars.  You are under no obligation to divulge competing prices or ask every buyer for a “best and final.”  That said, provincial rules introduced in July 2023 require listing agents to complete the DMOP form after you review competing offers, then distribute a signed copy to every unsuccessful bidder within one calendar day.  The form records offer timestamps and brokerage names but not prices or terms, safeguarding privacy while proving due process.  Learn more from the Greater Vancouver REALTORS® FAQ.

Subject Clauses vs. Subject-Free Offers

A subject clause (financing, inspection, strata review, etc.) lets the buyer walk away if the condition is unmet by the removal date, yet the contract is still binding on both parties until then.  From your perspective, more subjects mean greater fall-through risk and longer time off market.  Conversely, a subject-free offer signals certainty but comes with its own pitfalls.  If a buyer discovers an issue post-acceptance—or fails to fund—the litigation risk often lands on the seller first.  BCFSA advises licensees to ensure buyers understand these risks before waiving protection clauses (BCFSA, 2024).

Negotiation & Counter-Offer Strategies

If an offer needs tweaks—price, dates, or terms—strike through the relevant lines, initial the changes, and send it back as a counter-offer.  Legally, this reject-and-replace mechanism voids the buyer’s original offer; they cannot revert later unless you mutually draft a new contract.  Always time-stamp response deadlines to maintain leverage and prevent your home from sitting in limbo.  For guidance on setting fair expiry times and handling serial counters, refer to BCFSA’s seller options.

FAQs

Q: Do I have to accept the highest price?
A: No.  You may choose any offer—or none—based on net proceeds, dates, subjects, or personal preference.  Just ensure every offer is properly presented and documented via the DMOP form.

Q: Can I negotiate after accepting a subject-free offer?
A: Once signed, the contract is firm.  Any change requires written consent from both parties, typically in an addendum.  Trying to renegotiate unilaterally may constitute breach.

Q: What happens if a buyer rescinds on day three?
A: Your brokerage releases 0.25 % of the price to you and returns the balance of the deposit (if any) to the buyer.  You may relist immediately without waiting for additional paperwork.

Q: How long should I give buyers to remove subjects?
A: Seven days is common, but in hot markets some sellers insist on 3–5 days.  Shorter windows force buyers to complete due diligence early—often at their own cost—reducing the odds of last-minute surprises.

Q: Where can I read more about pricing strategy?
A: Check out  for data-driven tips on setting list price and navigating changing market conditions.

Ready to discuss your unique situation?  Reach out any time.

This guide provides general information only and may not reflect the latest regulations or market conditions. It is not legal or financial advice. Always verify details and consult qualified real-estate, mortgage, and legal professionals before making decisions.