Buyer's Rescission Period Now in Effect

The B.C. government has commenced the start of the "Buyer's Rescission Period" as of January 3, 2023. Here are some of the important details;

• Buyer's now have a 3 business day grace period after an offer is accepted to rescind their offer. Meaning that if an offer is deemed "accepted" on a Monday, the buyer has until Thursday at 11:59pm to retract their offer.
• This might sound like a positive for the buyer, but keep in mind, this comes at a cost, which is 0.25% of the "accepted offer price". This amount is paid directly to the seller. Payment is based on whether a deposit is being held by a brokerage at the time of retraction.
• It applies to all residential real estate transactions, with a few exceptions (lease land, auctions etc.).
• The rescission clause is unable to be removed in order to help "strengthen an offer".