Home Buyer Rescission Period began January 3, 2023
The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province.
The B.C. government introduced the HBRP, also known as the “cooling-off period,” as a consumer protection measure to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind, they must pay a 0.25% rescission fee to the seller.
Often contracts of purchase and sale contain subject clauses that provide buyers and sellers with an opportunity to perform their due diligence. The right of rescission is separate from any subject…
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