Home Buyer Rescission Period
This means a real estate transactions is not firm until the time period lapses. It's been introduced 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 within that period, they must pay a 0.25 per cent rescission fee to the seller. Read more here.
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