Home Buyer Rescission Period in BC

Yes, the Home Buyer Rescission Period or HBRP is here!! It is new legislation by the BC government which came into effect on January 3, 2023.  It is also referred to the "cooling-off period."  It allows home buyers up to three business days to rescind or "back out" of an offer on a home after the offer has been accepted.   This applies to most residential properties but excluded from this rule is residential property located on leased land, leasehold interest in a residential property, residential property sold at auction and residential property that is sold under a court order.  There are guidelines to follow and did you know, it will cost the buyer a rescission fee of .25% of the offer price??  In today's economy where prices just seem to go up and up, every penny matters.  What has been a relatively complicated transaction has now become a bit more tedious.  That is why we at the Klassen Team Real Estate  feel  even more value is placed on working with experienced realtors such as ourselves.  We our constantly evolving with the ever changing real estate market!  Our personal development training requirements ensure we stay up-to-date. We have  combined real estate experience of almost 55 years in the industry!!   Buying and selling real estate in the Fraser Valley and beyond might seem daunting - we are here to make this transaction seem effortless and truly, exciting!!  We offer a no-obligation, free market evaluation!  We are available to chat anytime!  Buying and selling real estate can be FUN!