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The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province.
The B.C. government introduced the HBRP, also known as the “cooling-off period,” as a consumer protection measure to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind, they must pay a 0.25% rescission fee to the seller.
New Disclosures Required
BCFSA has updated its disclosure forms to include information on the HBRP. Real estate licensees are required to provide the following disclosures to their clients:
- Disclosure of Representation in Trading Services (“DORTS”) – required before providing trading services to or on behalf of a party to a trade in real estate; and
- Disclosure of the Buyer’s Right of Rescission (New) – required when you prepare an offer to purchase on behalf of your client, or when you present an offer to purchase to your client.
Please note: you only need to provide BCFSA’s Disclosure of the Buyer’s Right of Rescission form to clients when you cannot, or do not wish to, use BCREA’s standard Contract of Purchase and Sale (CPS). Both the BCFSA form and BCREA’s standard CPS are forms approved by the Superintendent.
Licensees must provide existing clients with a new DORTS form to comply with these new disclosure requirements. For unrepresented parties, licensees must provide general HBRP information.
Find more information, including what property types the HBRP applies to, on our Home Buyer Rescission Period webpage.