Found 1 blog entry tagged as real estate.

The Home Buyer Rescission Period is a new law that has recently come into effect in British Columbia. This law gives home buyers a period of time to reconsider their purchase and potentially back out of the deal. However - this comes with a 0.25% penalty which is paid directly to the seller.

The rescission period is usually three business days from the date that the purchase and sale agreement is signed by both the buyer and the seller. During this time, the buyer can decide whether they want to proceed with the purchase or cancel the agreement. If the buyer chooses to cancel, they must provide written notice to the seller and the penalty will apply.

It's important to note the rescission period is separate from any subjects that are written into the…

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