How Do Multiple Offers Work When Buying a Home in British Columbia?
This answer covers the law of British Columbia.
When more than one buyer offers on the same home, the seller can accept one, decline them, or counter. BCFSA's offers guidance sets minimum requirements for licensees and recommends that only one offer be countered at a time.
What the agents can tell you is shaped by disclosure rules. BCFSA may make rules on licensees' disclosures and standard forms, and may require disclosures to parties who are not represented by a licensee. Whether the number of competing offers must be disclosed can depend on local real estate board rules and on any new BCFSA rule, so ask your agent what applies where the home is located.
To keep your offer fair without giving up protection, think about which terms you can strengthen rather than drop. A seller may counter to increase a deposit or to require it before subjects are removed. If you are buying a strata lot, the strata corporation must give an Information Certificate within one week of a request, and buyers commonly make it a subject condition. Waiving that kind of review to look more attractive can leave you exposed to problems you cannot see yet. Before you shorten or remove any subject, have a lawyer review the terms.
Key takeaways
- BCFSA's offers guidance sets minimum requirements for licensees and recommends that only one offer be countered at a time.
- BCFSA may make rules on licensee disclosures and standard forms, and may require disclosures to parties not represented by a licensee.
- A seller can counter to increase the deposit or to require it before subjects are removed.
- Strata buyers can ask for an Information Certificate, which the strata corporation must provide within one week of a request.