Home Buyer Rescission Period
The provincial government brought in the Home Buyer Rescission Period (HBRP) earlier this year. The BCFSA website has the Mandatory Agency and Disclosure Forms and Frequently Asked Questions.
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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