New Home Buyer Cooling Off Period January 3
The new home buyer cooling off period starts in January. That means more responsibility on you to keep accurate records.
You must now disclose general information about the rescission period in the Disclosure of Representation in Trading Services Form. You are also required to disclose more detailed information to your clients when an offer is prepared or presented.
You are protecting yourself with REALTYnuance© - it is the ideal tool for keeping track of these documents.
Did you know that if a buyer chooses to invoke their right of rescission within the rescission period, the buyer must pay to the seller 0.25% of the purchase price in compensation?
Original Article: https://www.bcrea.bc.ca/legally-speaking/stay-cool-new-home-buyer-recission-period-for-residential-real-properties-coming-january-3-2023/
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