Home Buyer Rescission Period~
This will commence January 3, 2023. This provides purchasers the option to rescind an accepted offer, within 3 business days, if they so desire.
The fee for rescinding the contract will be 0.25% of the purchase price or $250 per $100,000.
You can still make a conditional offer that allows you to have subject conditions which will run concurrently with the 3 business day rescission period. This offers you the option to collapse an offer based on not satisfying or waiver of a subject condition as was the case prior to the HBRP.
If an offer or counter-offer is accepted prior to midnight on January 2, 2023, the HBRP regulations do not apply and the buyer will not have a right to rescind the contract. On January 3, 2023, any unaccepted offers should be rewritten on the revised Contract of Purchase and Sale form as the HBRP regulations will be in effect.
Click here to watch an informational video on the HBRP.
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