Effective January 3, 2023 a Home Buyer Rescission Period starts in B.C. This new regulation gives homebuyers a "cooling off period" with the right to rescind an accepted offer within 3 clear business days. This right, if exercised by a home buyer, comes with a fee of 0.25% of the contract purchase price. For example, the fee to cancel a contract works out to $250 for every $100,000 of the purchase price.
After a frenzied period of market activity in early 2022, this new measure is intended to give buyers adequate time to conduct their due diligence. This is not a bad thing considering home purchases are typically the largest single transaction a person or family will ever make in their lifetime. Taking time for careful review and reflection will aid consumers in making an informed and thoughtful major financial decision.
Please see the video below for an overview of this consumer protection regulatory change. The video is geared towards the general public, including buyers and sellers of residential real estate.
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