Home buying & selling guides.

Plain-English glossary

Real estate words, explained.

New to buying or selling in BC?

These are the terms you will hear most often between your first viewing and the day you get the keys. Each one links to a guide with the full explanation.

Subjects (conditions)

Terms in an offer that must be satisfied or removed before the deal is firm, such as financing or an inspection. Once every subject is removed, the contract is firm. Read the guide

Deposit

Money paid after an offer is accepted, usually held in trust. Your contract sets the amount, the deadline and what happens to it if the deal does not complete. Read the guide

Completion date

The day the money and documents change hands and the property is registered in the buyer’s name. Read the guide

Possession date

The day the buyer receives the keys. It is set in the contract and can be a different day from completion. Read the guide

Conveyancing

The legal work of transferring ownership and registering a mortgage, handled in BC by a lawyer or notary public. Read the guide

Pre-approval

A lender’s early review of your income, debts and savings. It is not final approval for a specific home. Read the guide

Amortization and term

Amortization is the total time to repay the mortgage. The term is the shorter period your current rate and contract last before renewal. Read the guide

Property transfer tax

A provincial tax most buyers pay when a property is registered in their name. Some buyers qualify for full or partial exemptions. Read the guide

Strata lot and common property

In a strata, you own your strata lot; the hallways, roof and grounds are typically common property shared through the strata corporation. Read the guide

Form B information certificate

A strata document that summarizes fees, special levies, the contingency reserve fund and other key details for a specific strata lot. Read the guide

Special levy

A one-time charge a strata approves for a specific purpose, on top of the regular monthly strata fees. Read the guide

Depreciation report

A planning study of a strata building’s major parts and the money needed to repair or replace them over time. Read the guide

Disclosure statement

The developer’s document for a presale project, describing the project, the deposit terms and key risks. Read it before relying on any brochure. Read the guide

Assignment

Transferring your rights under a presale contract to another buyer before completion, if the developer and contract allow it. Read the guide

Home buyer rescission period

A short cooling-off window that lets buyers cancel many accepted residential offers in BC, for a fee and with exceptions. Read the guide