Glossary
BC Real Estate Seller Glossary
Searchable, plain-language definitions. Original explanations — not regulatory text. Links to authoritative resources where appropriate.
Agency
The legal relationship between a real estate professional and a client, in which the professional is authorized to represent the client in a real estate transaction. The nature of agency and the duties owed should be disclosed and explained in writing.
BCFSA – Agency ↗Appraisal
An independent professional estimate of a property's value, typically prepared by a licensed appraiser. An appraisal is one opinion of value and may differ from an asking price or assessed value.
Adjustment Date
The date used to calculate the division of property taxes, utilities, and other costs between the buyer and seller. It is often, but not always, the same as the completion or possession date.
Completion Date
The date the transfer of title is registered at the Land Title Office and the sale legally completes. Money and documents are typically exchanged through lawyers or notaries on this date.
Comparative Market Analysis
An analysis prepared by a real estate professional that reviews recent comparable sales, current listings, and other market data to help inform pricing discussions. It is an opinion, not an appraisal or a guarantee of sale price.
Condition
A requirement that must be satisfied for a contract to become firm. Also called a subject clause. Common conditions include financing, inspection, and the sale of another property.
Contract of Purchase and Sale
The written agreement between buyer and seller that sets out the terms of the transaction, including price, dates, conditions, and included items. Once conditions are removed, it becomes a binding contract.
Deposit
A sum of money provided by the buyer, usually held in trust, as evidence of their commitment to the contract. The amount and timing are negotiable terms within the offer.
Disclosure
The seller's obligation to disclose known material information about the property. In BC, sellers commonly complete a Property Disclosure Statement. Disclosure obligations should be discussed with a real estate professional and a lawyer.
Listing Agreement
The contract between a seller and a real estate brokerage that authorizes the brokerage to market the property. It sets out the term, remuneration, and the services to be provided.
Market Value
An estimate of what a property might sell for in the current market, based on factors such as comparable sales, condition, location, and market conditions. It is an opinion that may change over time and is not a guarantee.
Possession Date
The date the buyer takes possession of the property and receives the keys. It is often the same as or shortly after the completion date, but the dates are negotiated separately.
Property Disclosure Statement
A standard form on which a seller discloses known information about the property's condition. It is not a warranty, but it can help inform buyers and reduce disputes.
Strata
A form of property ownership in which individuals own their unit and share ownership of common property. Strata properties are governed by a strata corporation and have specific documents and rules.
Subject Clause
A condition written into an offer that must be satisfied or removed by a specified date for the contract to become firm. Also referred to as a condition.
Title
The legal record of ownership of a property, registered at the Land Title and Survey Authority of British Columbia. Title transfers to the buyer on the completion date.