Looking for support to help calculate the rescission amount when a buyer chooses to rescind their accepted offer?
The BC Real Estate Association (BCREA) has created two Home Buyer Rescission Period Calculators to help calculate both the rescission amount and the time period a buyer must follow if they choose to exercise their right of rescission.
The calculators can be found here.
The Home Buyer Rescission Period (HBRP) gives buyers up to three business days to rescind an offer on a home after the offer has been accepted. If the buyer chooses to exercise their right of rescission, they will need to pay the seller 0.25% of the offer price.
Member are reminded that the rescission period is three business days not including Saturdays, Sundays and holidays.
For a list of holidays, or to calculate the rescission period, and to find out what types of properties are subject to the Rescission Period, please visit the BCREA website.