The BC Government published details of a Homebuyer Protection Period (HPP), also known as a “cooling off period,” to take effect on January 1, 2023.
The mandatory three-day period is intended to allow for buyers to secure financing and conduct home inspections after an offer is accepted. Among the few details released, buyers would face a penalty of 0.25 per cent of the purchase price (e.g. $2,500 on a $1,000,000 purchase) for rescinding upon an accepted offer.
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