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Home Buyer Rescission Period
Mike Dirks • October 4, 2022
Key Facts On How The Home Buyer Rescission Period Effects Buyers And Sellers in British Columbia starting January 1, 2023
Key Facts
- Effective January 1, 2023
- Created in response to subject free multiple offer situations
- Buyers will have three days to back out of an accepted offer
- Applies to all contracts regardless of subjects
- Mandatory and can’t be waived
- Buyers who back out of a contract within this three-day period will have to pay a rescission fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500.
Deposits
- May be requested upon acceptance of offer
- Still held in trust but balance released to the buyer when HBRP is triggered
Exemptions
- Leased land
- Leasehold properties
- Court Ordered Sales
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As Vancouver continues to grow, so does its public transit infrastructure. The expansion of the SkyTrain network and rapid bus routes has transformed the way people move around the city and its surrounding areas. But this expansion doesn’t just affect commuting times—it’s also having a significant impact on the real estate market. For buyers, sellers, and investors alike, understanding how public transit influences property values is key to making smart decisions in Vancouver’s ever-evolving housing market.
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Finding the best real estate deals in Vancouver can feel overwhelming, but with the help of an experienced Vancouver realtor, the process becomes much more manageable. A skilled realtor understands the local market intricacies, providing valuable insights that can save you time and money.
Finding the perfect home can be overwhelming, but real estate experts simplify the process with local market knowledge and guidance.
Vancouver, Canada’s sought-after city, boasts stunning landscapes, rich culture, and a vibrant real estate market.
The Vancouver real estate market is booming, with high demand driving prices and activity. Connect with a local expert today!
Stay informed with our October Market Update! Get the latest trends, insights, and data to make smart financial and real estate decisions.
Discover common age-related issues in condos & houses, from plumbing to structural wear. Learn how to maintain & upgrade your aging home today!
Mike Dirks – Your trusted Vancouver real estate agent. Expert guidance, market insights, and seamless transactions. Buy or sell with confidence!
Real estate agents role when helping a buyer is to always put their best interests first. They should focus on gathering information on specific areas.
Discover essential Vancouver real estate agent interview tips! Ask the right questions & find the best agent for your home-buying journey.
As Vancouver continues to grow, so does its public transit infrastructure. The expansion of the SkyTrain network and rapid bus routes has transformed the way people move around the city and its surrounding areas. But this expansion doesn’t just affect commuting times—it’s also having a significant impact on the real estate market. For buyers, sellers, and investors alike, understanding how public transit influences property values is key to making smart decisions in Vancouver’s ever-evolving housing market.
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