{"id":928,"date":"2023-03-24T08:00:58","date_gmt":"2023-03-24T12:00:58","guid":{"rendered":"https:\/\/www.juliafreeman.ca\/blog\/?p=928"},"modified":"2023-03-28T14:10:43","modified_gmt":"2023-03-28T18:10:43","slug":"bcs-home-buyer-rescission-period","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2023\/03\/bcs-home-buyer-rescission-period\/","title":{"rendered":"BC’s Home Buyer Rescission Period"},"content":{"rendered":"

\"\"<\/a><\/p>\n

The Home Buyer Rescission Period has been implemented province-wide on January 3, 2023.<\/p>\n

What is the Home Buyer Rescission Period (HBRP)?\u00a0<\/strong>
\nThe HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement within 3 business days after an offer is accepted. Without it, buyers would need to negotiate with the seller and face significant financial penalties or legal ramifications.<\/p>\n

What properties are subject to the HBRP?<\/strong>
\nThe policy applies to the following types of structures: detached homes, semi-detached homes, townhouses, apartments in a duplex or other multi-unit dwellings, residential strata lots, manufactured homes that are affixed to land, and cooperative interests that include a right of use or occupation of a dwelling.<\/p>\n

How much is the rescission fee?<\/strong>
\nBuyers who exercise their right to rescind will have to pay a fee to the seller of 0.25% of the purchase price. For a $1,000,000 home, this would result in a $2,500 fee paid to the seller.<\/p>\n

What is meant by \u201cthree business days?\u201d<\/strong>
\nBuyer must exercise rescission rights before 11:59pm on the 3rd business day, excluding Saturdays, Sundays and holidays.<\/p>\n

Are there any exemptions?<\/strong>
\nThere are narrow exemptions, including: sales of residential real property located on leased land, sales of leasehold interest in residential real estate, sales at auction, sales by way of an Assignment of Contract, pre-construction sales of multi-unit development properties, which are already subject to a seven-day rescission period, and sales under a court order of supervision of a court.<\/p>\n

What if there are subjects?<\/strong>
\nIf a buyer writes an offer that has subjects, subjects proceed independently of the HBRP. Ie if there is a 2 day subject period, subjects still must be removed in 2 days to keep the contract valid. If the subject removal period is longer than 3 business days the effect of the HBRP will be limited.<\/p>\n

CREDIT:\u00a0BCREA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Home Buyer Rescission Period has been implemented province-wide on January 3, 2023. What is the Home Buyer Rescission Period (HBRP)?\u00a0 The HBRP, commonly known as a “rescission period,” gives … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/928"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=928"}],"version-history":[{"count":2,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/928\/revisions"}],"predecessor-version":[{"id":931,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/928\/revisions\/931"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}