A plain-language glossary of home-selling terms

• List price — the price a home is offered at; not necessarily what it sells for
• Sale price — the price agreed in an accepted offer
• Comparable sales (comps) — recent sales of similar nearby homes
• Assessed value — BC Assessment’s value for property tax purposes

• Offer — a written proposal from a buyer, setting out price, dates, deposit, and any conditions
• Counter-offer — a reply that changes some terms; it replaces the earlier offer rather than accepting it
• Conditions or subjects — terms that must be satisfied or removed by a stated date, such as financing, inspection, or document review
• Subject removal — the process of formally removing or satisfying a condition in accordance with the contract’s terms. What is required, and when, depends on the contract
• Deposit — money paid by the buyer toward the purchase price, usually held in trust. The contract specifies when it is due
• Accepted offer — an offer both sides have agreed to. If conditions remain, the sale is not yet firm, and it is not a completed sale until completion

For how these terms fit together in a real offer, see understanding an offer beyond the price.

• Completion — the date set in the contract when ownership transfers and the purchase money is paid
• Possession — the date the buyer is entitled to move in and receive the keys; a separate date in the contract, often but not always after completion
• Adjustment date — the date from which costs such as property taxes and strata fees are divided between buyer and seller
• Mortgage payout — paying the lender the balance owing on the existing mortgage, usually from the sale proceeds
• Mortgage discharge — the separate step of removing the paid mortgage from the property’s title
• Holdback — money held back until something is resolved; ask your lawyer or notary whether it applies

Your real estate professional can explain how these terms show up in a sale. Your lawyer or notary explains what they mean for you legally. See who helps with which decisions.

The BC Financial Services Authority, which regulates real estate in BC, publishes consumer information on buying and selling (opens in a new tab).