The Home Buyer Rescission Period, or 'cooling off period' was introduced Jan 3, 2023 across BC.
The new option gives buyers the right to rescind their offer up to three (3) clear business days after the offer is accepted (beginning at 12:00 am midnight the day after the accepted date, weekends and holidays are excluded). Business days, and holidays excluded.
If a buyer changes their mind, they must pay a 0.25% rescission fee (0.25% of the accepted offer price) to the seller within 14 days if the rescission is exercised.
The policy will apply to the following types of structures:
- detached homes
- semi-detached homes
- townhouses
- apartments
- residential strata lots
- manufactured homes affixed
All real estate licensees must provide general information on the HBRP to all consumers through a form approved by the Superintendent. Licensees must also provide an additional mandatory disclosure at the time of preparing an offer on behalf of, or presenting an offer to a client, containing all of the following notices:
- that the HBRP cannot be waived,
- the rescission period time length,
- the dollar amount of the rescission fee,
- the deposit handling, and
- exemptions
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