hat is a rescission period?
It's a 3-day window that starts the business day after you get an accepted offer, whether it's conditional or unconditional. Weekends and statutory holidays aren't included. For example, if you get an accepted offer on Thursday, your rescission period extends until midnight the following Tuesday.
If you decide to back out during this period, any deposit money you've submitted will be returned to you. However, be aware there's a 1/4 percent rescission fee payable to the seller if there are no other conditions like financing, inspection, or strata document review. That's $250 for every $100,000 of the purchase price. So, on a $500,000 purchase, it would be $1,250.
For new construction or pre-sales, you actually get a 7-day period to review the developer's disclosure statement.
This period is crucial for you to feel comfortable with your purchase and gives you some time to conduct proper due diligence, especially in competitive multiple offer situations. Make sure you chat with your realtor about how this affects you and your strategy.
That's a quick overview of the British Columbia 3-day rescission period! If you have any questions or need more information, feel free to reach out.
Dustin Miller is the managing broker of 8X Real Estate. When he's not on the road, he is on his computer looking at real estate. You can often find Dustin at his office enjoying a bowl of won-ton soup.
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