Home Buyer Rescission Period
Mike Dirks • October 4, 2022
Key Facts On How The Home Buyer Rescission Period Effects Buyers And Sellers in British Columbia starting January 1, 2023
Key Facts
- Effective January 1, 2023
- Created in response to subject free multiple offer situations
- Buyers will have three days to back out of an accepted offer
- Applies to all contracts regardless of subjects
- Mandatory and can’t be waived
- Buyers who back out of a contract within this three-day period will have to pay a rescission fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500.
Deposits
- May be requested upon acceptance of offer
- Still held in trust but balance released to the buyer when HBRP is triggered
Exemptions
- Leased land
- Leasehold properties
- Court Ordered Sales
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