Real Estate Terms Explained

Real estate language can be opaque. This page is a growing collection of terms I regularly explain to clients, written in plain language. I’ll continue adding to it over time.

As-is, Where-is

“As-Is, Where-Is” means the buyer is purchasing the property in its current condition and location, with no guarantees, repairs, or representations from the seller. Whatever issues exist, visible or hidden, become the buyer’s responsibility after completion.

In a court-ordered sale, the seller makes no representations or warranties about the property’s condition, use, compliance, or environmental status, and no Property Condition Disclosure Statement is provided. The seller is not required to maintain the property after viewing, and the buyer relies entirely on their own inspections and investigations. Any information provided is shared without assurance of accuracy or completeness

Conduct of Sale

Conduct of Sale refers to the court-granted authority that allows a specific party to control and carry out the sale of a property.

In a court-ordered sale, the seller is acting under a conduct order issued by the Supreme Court of British Columbia, not as a traditional owner. This limits the seller’s liability and allows the court to oversee the process to ensure fairness and market value. Until a vesting order is granted, the court may consider competing offers or change how the sale proceeds

Court-Ordered Sale

A court-ordered sale is a property sale conducted under the authority of the Supreme Court, usually following foreclosure proceedings, where the court must approve the final transaction.

In British Columbia, these sales are overseen by the Supreme Court of British Columbia, and the seller typically acts under a court order rather than as a traditional owner. The court’s role is to ensure the sale process is fair and achieves market value, not to protect the buyer or seller individually. Final approval occurs through a court-issued vesting order.

Court-Ordered Sale

Schedule A

Schedule A is an addendum to the Contract of Purchase and Sale that overrides the standard terms and sets out the special conditions under which a court-ordered sale is conducted.

In a court-ordered sale, Schedule A typically removes seller representations and warranties, confirms the property is sold As-Is, Where-Is, and limits the seller’s liability. It also sets out court approval requirements, deposit forfeiture risk, and the seller’s right to cancel if a vesting order is not granted. Where there is any conflict, Schedule A prevails over the main contract.

Vesting Order

A Vesting Order is a court order that transfers legal ownership of a property to the buyer, with the same legal effect as if the seller had executed and registered a transfer.

In British Columbia, the sale is not final until the Supreme Court of British Columbia grants a Vesting Order approving the transaction. The order authorizes the Land Title Office to transfer title to the buyer, usually free and clear of most registered charges, subject only to permitted encumbrances. Until the Vesting Order is granted, the court may consider competing offers.