Marion Anderson

What is the Home Buyer Rescission Period (HBRP)?

Estimated reading time: 5 minutes

The Home Buyer Rescission Period allows buyers a 3-day cooling-off period after accepting a subject-free offer, but it incurs a 0.25% penalty if rescinded.
Developed by BCFSA, the HBRP targets issues from the COVID real estate frenzy when buyers faced regret after making impulsive offers.
If subject conditions exist, buyers can rescind without a penalty within the 3-day period, but it’s best practice to wait until subject conditions are removed.
No rescission applies to Phase 2 properties and quarter-share properties, treating them differently in real estate transactions.
Working with an experienced realtor is crucial to navigate the complexities of rescission and ensure informed decisions.

Estimated reading time: 2 minutes

Non-residents buying property in Whistler cannot refinance with Canadian banks after a cash purchase due to FINTRAC regulations.
The Canadian bank does not know the source of the original funds at the time of refinancing.
FINTRAC is responsible for preventing money laundering and requires compliance from all real estate professionals in Canada.
Refinancing exists for Canadian citizens, but non-residents, even if they have Canadian citizenship, need professional advice before making offers.
For assistance in buying real estate in Whistler, contact Marion Anderson.

Estimated reading time: 4 minutes

As of July 1, 2024, all strata corporations in B.C. except in rural locations, like Whistler, must obtain a Depreciation Report, renewing it every 5 years.
Whistler stratas have until July 1, 2027, before they are legally obligated to obtain Depreciation Report for their strata.
The Depreciation Report helps project maintenance costs for 30 years and assists owners in future financial planning.
Buyers focus on whether the Contingency Reserve Fund can cover necessary repairs identified in the Depreciation Report.
Understanding the Depreciation Report involves checking the short-term financial model and ensuring alignment with strata bylaws.
A draft Depreciation Report is less reliable than a final version; assess the strata’s budget and current contributions for insights.

Estimated reading time: 4 minutes

Deposits are serious business; Buyers risk forfeiting them in legal disputes.
Brokerages typically hold deposits in trust, while non-neutral third parties may not be obliged to return them.
Buyers can’t count on getting their deposits back and should seek legal advice if they want a refund.
Forfeiting deposits may lead to additional damages if the Seller sells to another Buyer for a lower price.
Backing out of a contract can still result in losing the deposit, even if it’s before the due date.

Estimated reading time: 4 minutes

The Buyer’s lawyer prepares all essential documents, which increases closing costs for the Buyer.
Financing increases the completion costs for the Buyer.
Key steps include searching the title for encumbrances, contacting organizations, and preparing a Statement of Adjustment (SOA).
The Buyer’s lawyer prepares the Statement of Adjustment for the Buyer and a Statement of Adjustment for the Sellers.
On closing day, the lawyer registers the Land Title Transfer and sends the proceeds to the Seller’s lawyer.
Finally, the process concludes with all funds disbursed and the transfer officially completed.