A Seller's Guide to the Time Between Accepting an Offer and Handing Over the Keys

Congratulations! 🎉 Receiving an accepted offer on your home is an exciting milestone, but contrary to what many people think, it's not quite the finish line. There are still several important steps between accepting an offer and handing over the keys on possession day.

One of my biggest goals as your REALTOR® is to make sure you always know what's happening next. When you understand the process, it takes away so much of the uncertainty and stress.

Here's what you can expect after your offer has been accepted.

🏡 Step 1: Your Home is Conditionally Sold

Most accepted offers in BC include a period of "subjects" (also called conditions). During this time, the buyer completes their due diligence before making the purchase firm.

Common buyer subjects include:

• Financing approval

• Home inspection

• Reviewing strata documents (if applicable)

• Insurance approval

• Reviewing title or other property documents

While everyone is working toward a successful sale, it's important to remember that the transaction isn't firm just yet.

In most cases, I'll continue to market your property and arrange showings during the subject period. Although it doesn't happen often, another buyer may submit a backup offer, giving you options if the first transaction doesn't proceed.

Good communication is especially important during this stage, and I'll keep you updated every step of the way.

💰 Step 2: Subject Removal and the Deposit

Once the buyer has completed their due diligence and is satisfied with the results, they will remove their subjects in writing.

The deposit is then typically delivered to the buyer's brokerage, where it is held securely in a trust account until completion. The timing and amount of the deposit will be set out in the Contract of Purchase and Sale.

Before I update the property's MLS® status from Active to Pending, I confirm that the subjects have been formally removed and that the deposit has been received as required by the contract.

At that point, the sale is officially firm and we can celebrate! 🎉

The property will remain shown as Pending in our MLS® system until completion day, when ownership is legally transferred to the buyer.

⚖️ Step 3: Choose Your Lawyer or Notary

Once the sale is firm, it's time to choose the lawyer or notary who will handle the legal transfer of your property.

They will:

• Prepare the transfer documents

• Pay out any mortgage registered against your property

• Calculate adjustments for property taxes, utilities and other items

• Arrange for your sale proceeds to be deposited into your bank account

If you don't already have a lawyer or notary, I'm always happy to recommend several excellent professionals that my clients have had great experiences with over the years.

📦 Step 4: Start Preparing for Moving Day

With the sale now firm, it's time to start planning your move.

Some things to think about include:

• Booking movers

• Arranging utility transfers

• Forwarding your mail

• Updating your address with banks, insurance providers and subscriptions

• Packing room by room

• Arranging cleaning for your home

💡 Meghan's Tip: Summer is one of the busiest moving seasons of the year. If you're moving between May and September, it's worth booking movers well in advance.

I also provide my clients with moving checklists, helpful resources, and trusted local referrals to make this stage as smooth as possible.

📑 Step 5: Completion Day

Completion Day is when the legal side of the transaction takes place.

Your lawyer or notary and the buyer's lawyer exchange funds and complete the transfer of ownership.

Most of the work happens behind the scenes, so don't worry if it feels quiet that day!

Once everything has been finalized, your lawyer will contact you to confirm the sale has completed and arrange for your sale proceeds.

🔑 Step 6: Possession Day

Possession Day is when the buyer officially receives the keys and takes ownership of their new home.

Before then, you'll want to ensure the property is:

• Vacant (unless otherwise agreed)

• Left in reasonably clean condition

• Free of all personal belongings that aren't included in the contract

• Stocked with any keys, garage remotes, gate fobs, alarm codes, appliance manuals or other items that belong with the home

This is the moment you've been working toward—and the beginning of someone else's next chapter.

🤝 I'm Here to Help

Selling a home involves many moving parts, and it's completely normal to have questions along the way.

One of the most important parts of my role is making sure you understand what's happening at every stage of the process so you can make informed decisions and move forward with confidence.

Whether you're preparing to sell your current home or simply planning for the future, I'm always happy to answer your questions and help you understand your options.

Looking for even more information? I also have a comprehensive Seller's Guide and a practical Seller Preparation Checklist filled with tips to help you get ready before your home goes on the market. If you'd like a copy of either resource, I'd be happy to send it to you.

📚 Looking for More Client Guides?

This guide is part of my growing Client Guide series, designed to help buyers and sellers better understand the real estate process.

You may also find these guides helpful:

🏡 Your Offer Was Accepted... Now What Happens? (Buyer's Guide)

🔜 Understanding Subject Removal

🔜 Completion Day vs. Possession Day

🔜 BC Assessment vs. Market Value

I'll continue adding new Client Guides over time, so be sure to check back for more helpful resources designed to make your real estate journey a little easier.

Questions about buying or selling on Vancouver Island? I'm always happy to help.