Presales
Presale deposits & disclosure
Check deposit amounts, payment dates, disclosure documents and contract terms before signing.
The deposit
Confirm amounts, dates, who holds the funds, and payment terms.
The disclosure
Read the documents and amendments with your lawyer.
The commitment
Understand completion, assignment, and cancellation provisions.
The basics
What you are really buying in a presale
BC’s real estate regulator describes a presale this way: you are buying the right to receive a finished unit in the future. You pay an initial deposit when you sign. More deposits may follow on a schedule in the contract. The balance is due once the developer says the home is ready to occupy.
BC’s real estate regulator says all of those deposits are held in trust by a lawyer, notary or real estate brokerage. Trust means the money sits in a protected account, not in the developer’s operating funds, until the contract says it can be released.
Why it matters
The disclosure statement is your map
The developer must give you a disclosure statement before selling you a unit. It includes a Summary of Pre-sale Risks and Buyer Rights form. BC’s real estate regulator points buyers to key sections: estimated construction dates in 5.1, strata fees in 3.8, bylaws in 3.5, parking in 3.6, and your rights and cancellation terms in 7.2. Read any amendments too.
How it works
From first visit to signed contract
Ask for the disclosure first
Get the disclosure statement and every amendment before you sign. You are owed a reasonable chance to read it.
Check the dates
Note the estimated construction dates in section 5.1 and any deadline in the contract for the developer to finish.
Map the deposit schedule
List each deposit, its due date and who holds it in trust. Ask for a receipt for each payment.
Confirm parking
Find out whether parking is included, and whether it is assigned as limited common property or by a lease.
Review with a lawyer
Have your lawyer or notary read the contract before or during the seven-day window, not after.
Diarize the seven days
Write down the date your rescission window starts and ends, and how written notice must be delivered.
Avoid these
Presale missteps to avoid
Signing before reading
The seven-day clock can start when you acknowledge you had the chance to read the disclosure. Read it before you sign that acknowledgement.
Ignoring size and finish changes
BC’s real estate regulator warns developers may change layouts, cut square footage or substitute similar materials. Check what the contract allows.
Assuming you can assign
A developer can refuse an assignment even when you have a buyer. Read our presale assignments guide.
Budgeting on today’s strata fee
BC’s real estate regulator notes strata fees can rise above the developer’s estimate as insurance and labour costs change.
Example
Counting the seven days
A hypothetical buyer signs on one day but acknowledges the disclosure statement two days later. The window runs from the later date.
| Presale contract signed | Monday |
|---|---|
| Disclosure acknowledgement given | Wednesday |
| Seven-day window starts from | Wednesday, the later of the two dates |
| Exact last day to cancel | Confirmed in writing by your lawyer or notary |
BC’s real estate regulator says you can cancel with no penalties within seven days after the later of signing and acknowledging. Serve notice the way your contract and the law require.
Questions to ask
Questions for the presale table
The developer’s sales team
- Who holds my deposits in trust, and how do I get receipts?
- Is this project in BC’s real estate regulator’s extended marketing pilot?
- What happens to my deposit if the project is cancelled?
Your lawyer or notary
- What is my exact rescission deadline and notice method?
- Can the price rise if construction is delayed?
- What do I owe if I cannot complete?
- Is parking a limited common property or a lease?
FAQ
Common questions
What happens to my deposit if the developer never builds?
BC’s real estate regulator says the developer must return your deposit if the development is not completed, but does not have to pay any further compensation.
Can a developer raise the price after I sign?
BC’s real estate regulator says this may happen if prices rise and construction is delayed past a date in the contract. You may be offered a higher price or a cancellation with a refund.
What if I cannot close my presale?
BC’s real estate regulator warns you risk losing your deposit. If the unit then sells for less, the developer may sue for the difference, legal costs and fees. Get legal advice early.
Does the resale cooling-off period apply to presales?
No, presales have their own seven-day rule. The three-business-day resale period is covered in our cooling-off period guide.
Does someone buying my assignment get seven days to cancel?
No. BC’s real estate regulator says the seven-day right does not apply to a person who takes over a presale contract by assignment.
Sources
Reviewed October 6, 2026. General information only, not legal, tax or financial advice. Rules change, so confirm the details for your purchase or sale with the official source and your own professionals.
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Common questions
Your questions, answered
Choose a question for a short answer. Open the full guide for the details.
What is the seven-day cancellation period?
BC’s real estate regulator describes a seven-day period measured from the later of signing the presale contract and acknowledging an opportunity to read the disclosure statement.
Have your lawyer confirm the precise deadline and notice procedure for your transaction.
Can I assign my contract later?
It depends on the contract, required consent, fees, and restrictions. Do not assume an assignment is available or profitable.
Does the cancellation period protect my financing?
It is different from a financing condition or a guaranteed later exit. Discuss your obligations with your lawyer before committing.
Read the full guide & official sources
The documents deserve as much attention as the design.
Presale contracts set out obligations that may last long before the home is ready.
Read the agreement, disclosure statement, and any amendments with your own lawyer. Keep the exact version of every document and a record of when it was received and acknowledged.
The deposit schedule
Identify each instalment, the trigger and due date, where the funds are held, and the consequences of missing a payment.
Ask whether any deposit protection arrangement is involved and have your lawyer explain its terms.
The disclosure statement
BC’s real estate regulator’s consumer guide explains that disclosure materials describe the development and key buyer rights.
Use them to investigate completion estimates, parking, strata arrangements, and other terms that affect what you are buying.
The seven-day cancellation right
BC’s real estate regulator describes a seven-day cancellation period measured from the later of signing the presale contract and acknowledging an opportunity to read the disclosure statement.
Ask your lawyer to confirm the exact deadline, applicable law, and required notice procedure for your transaction. Do not rely on a general web guide to serve a cancellation notice.
Four contract questions to resolve.
- How can the completion date, specifications, or other terms change?
- What are the assignment conditions and costs?
- What amounts could be payable in addition to the advertised price?
- What happens if you cannot obtain financing or complete the purchase?
The ability to cancel within a statutory period is different from financing protection or a guaranteed exit later. Treat the remaining obligation seriously before committing.
Presale and resale cancellation rules are different. This guide is general information, not legal advice; obtain advice for the exact contract and dates involved.
Further reading
Sources checked September 29, 2026. Confirm current rules and your individual eligibility before acting.
BC Financial Services Authority: Consumer guide to pre-sale real estate purchases