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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".
If you have any questions about this rescission period, please don't hesitate to text, call, or email at any time!
Adam Struch
604-991-6393
Adamstruch@gmail.com
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