BC's rescission periods made easy: A beginner's guide

Own Your Life ~ by Jessi Johnson

If you're considering whether or not to buy a home in British Columbia, then be sure to know about BC's rescission periods. Join us for a beginner's guide to make BC's rescission periods easy to understand.
If you're buying a home in British Columbia, you must know BC's rescission periods. These periods allow buyers to cancel a contract after serving notice that they want to rescind it. This guide will explain these periods in detail so you can make an informed decision. After reading this guide, you'll be able to understand rescission periods and make an informed decision about buying a home in British Columbia!
So, what exactly is the rescission period?
In simple terms, the rescission period is a set amount of time that allows you, the buyer, to change your mind and rescind or cancel a contract.
This period ensures you're completely comfortable with your decision, particularly in high-stakes transactions like real estate.
You likely have heard of the rescission in presale contracts, which was somewhat successful.
This was introduced to protect unrepresented buyers from pushy presale salespeople who convince them to sign a contract without them doing the due diligence.
An unrepresented buyer means a buyer working on their own without the guidance of a realtor.
Very similar to presale contracts, which have a 7-day rescission period, there are 3 business days permitted for resale contracts.
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