The New Mandatory Cooling Off Period Is Coming in January 2023 for Home Buyers
On January 1, 2023, the B.C. government will implement changes to the Property Law Act to make the Home Buyer Rescission Period (“HBRP”), sometimes referred to as a cooling-off period, mandatory for residential real estate transactions.
This new measure will allow homebuyers to cancel, or rescind, an accepted offer to purchase real estate within three business days, even if the offer does not include conditions. The cooling-off period will begin the next business day after the final acceptance of an offer. It cannot be waived by either the seller, buyer, or their representatives.
Buyers who decide to cancel their offer during the HBRP will be required to pay a modest rescission fee, equivalent to 0.25 per cent of the gross purchase price.
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