Some further details concerning British Columbia’s new cooling off period for real estate purchases have been unveiled. A three day cooling off period, enabling purchasers to conduct due diligence and cancel their contract within three days of the contract date will go into effect on January 1, 2023. Vendors will be entitled to collect a fee of .25 per cent of the offer price if the purchaser backs out of an accepted offer within the cancellation period. Note – this new requirement impacts all property transactions regardless of whether a realtor is used to transact the sale.
Read the government press release here https://news.gov.bc.ca/releases/2022FIN0026-001134
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