How to Submit a Deal in BC: A Realtor's Checklist

Submitting a deal correctly is the difference between a smooth commission payout and weeks of delay (or a compliance complaint). This is the step-by-step checklist a BC realtor follows on every transaction, from accepted offer to payout.

1. The Contract of Purchase and Sale (CPS)

Every accepted offer must be on a complete, signed Contract of Purchase and Sale. Before you send it to the brokerage, verify:

• Legal description and civic address match the title exactly.
• Purchase price, deposits, and completion/possession/adjustment dates are filled in.
• All subjects (financing, inspection, title review, etc.) are clearly worded with removal dates.
• Both buyer and seller signatures are present, including on every counter-offer initialled.
• The brokerage and your name as representing agent appear in the correct fields.

2. FINTRAC individual identification

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, you must identify every buyer and seller in a transaction and keep a record. For individuals, that means verifying government-issued photo ID and recording the method used. For corporations, you need the incorporation documents and a record of who you identified as the authorized signatory. FINTRAC records are not optional — a missing or incomplete record is one of the most common BCFSA findings against agents.

3. Disclosure of Representation

Confirm that the Disclosure of Representation in Trading Services (DORTS) was provided to the client and signed before any offer was written. If the other party is unrepresented, the appropriate disclosure to that unrepresented party must also be on file.

4. Subject removal

When the buyer removes subjects, use the correct subject-removal form and obtain the buyer's signature. Forward the signed removal to the listing agent immediately and to your brokerage. Only after subject removal is the deal firm — until then, the deposit is not necessarily safe and the deal can collapse.

5. Deposit handling

The deposit goes into the brokerage's trust account, never to you personally and never held in your own bank account. Rexara's trust account is regulated and reconciled; submit the deposit with a completed deposit receipt so the brokerage can record it correctly. Note the trust-account deadline — in BC the deposit must be placed in trust within the timeframe set out in the CPS and the Real Estate Services Act.

6. The deal sheet

Submit a completed deal sheet to the brokerage with: the CPS, all addenda, FINTRAC records, DORTS, subject removal, deposit receipt, and the commission-disbursement instructions (where the commission is going, including any referral or co-brokerage splits). A complete deal sheet is what triggers the brokerage to process your commission on completion.

7. Commission payout

On completion, the brokerage receives the commission from the seller's lawyer, deducts the brokerage's split and any applicable fees, and disburses the balance to you. If you have incorporated a Personal Real Estate Corporation (PREC), the payout goes to your PREC. Keep your own record of each deal's expected payout so you can reconcile against the brokerage statement.

8. File retention

BC realtors must retain transaction files for the period required by BCFSA. The brokerage holds the official file, but you should keep your own copies of every signed document — if a complaint is filed years later, your personal records are your defense.

Common mistakes that delay payout

• Missing or incomplete FINTRAC — the brokerage cannot release commission until it is complete.
• Deposit not placed in trust on time.
• Subject-removal form unsigned or not forwarded.
• Commission-disbursement instructions missing from the deal sheet.

Follow this checklist on every deal and your payouts will be predictable. If you are ever unsure about a step, contact your Managing Broker before you submit — a two-minute call prevents a two-week delay.