Industry Update | Home Buyer Rescission Period
The Home Buyer Rescission Period Regulation allows buyers to rescind an accepted offer for certain properties within three business days. Consequently, this creates additional disclosures that must be made to consumers and clients.
The Act gives home buyers the right to withdraw from a purchase agreement within three business days after an offer is accepted. The HBRP is similar to the mandatory rescission period that already exists for presale developments under the Real Estate Development Marketing Act (REDMA).
In a heated market, buyers are competing against each other to secure an accepted offer on a residential property, often foregoing their due diligence and submitting offers well over a seller’s list price with no subject conditions to protect their interests.
If you’re curious about how this might affect you as a real estate buyer or seller, send us a message!
If you’d like any more information or have any real estate related questions, get in touch with Island Realm Real Estate at 250-382-6636
Come visit our modern office, designed to enrich your buying and selling experience, located at 102-3645 Tillicum Road, Victoria, BC.
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