This new legislation provides Buyers an opportunity to rescind (walk away from) a contract to purchase a Residential real property.
Points to Remember:
- The Buyer has up to 3 clear business days (not including weekends or holidays) after they have an accepted offer, the Buyer does not have to provide a reason for rescinding and must pay a .25% fee on the accepted purchase price (eg. $1,000,000 would be $2,500.00) directlyy to the Seller within 14 days of rescinding.
- After Day 4 the Buyer can only walk away from the deal if Subject Conditions are not fulfilled nor removed.
- The Legislation prohibits the HBRP being waived by either the Buyer or the Seller.
Residental Properties that are affected by the HBRP:
- Detached homes
- Semi-Detached homes
- Townhouses
- Multi-unit buildings
- Residential strata lots (bareland strata)
- Manufactured homes with land
- A property that is registered at Land Titles
Properties that are exempted from the Rescission Requirements of the HBRP:
- Residential property on leased land
- Leasehold interest in a residential real property
- Residential real property sold at auction
- Residential real property sold under a Court Order
Rescission must be in writing and can delivered by:
- registered mail to the Seller's address or
- faxed to the Seller or
- emailed to the Seller with a Requested Read Receipt or
- delivered directly to the Seller in person.
- the Sellers' preferred method, and address must be noted on the Contract of Purchase & Sale
Funds for the Rescission will be taken directly from any Deposit funds provided by the Buyer.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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