What is the Home Buyer Rescission Period?
The Home Buyer Rescission Period was developed by the British Columbia Financial Services Authority (BCFSA). The BCFSA is the governing body for BC real estate agents. The HBRP was implemented in response to the multiple offer situations in 2020-2022. During that frenzy, buyers were writing overpriced offers with no subjects, and then upon acceptance of their offer, regret set in as there was no “easy” way out of the transaction. The HBRP is also known as a non-negotiable, “cooling off period”.
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