VIDEO: Home Buyer Rescission Period, What Consumers Need to Know

With the Home Buyer Rescission Period (HBRP) coming into effect on January 3, 2023, BCREA has created a video for REALTORS^® to share with their clients to help them understand buyer’s rights during the HBRP.

This video will provide an overview of the HBRP and go over how buyers have the right to rescind or cancel their offer to purchase certain types of residential real property within three business days after an offer has been accepted.

REALTORS^® must provide their clients with general information about the right of rescission and be prepared for the diverse scenarios they may find while exercising the right of rescission.

By watching the video, your clients will:

• be introduced to the concept of HBRP,
• understand the types of residential property it applies to,
• know the forms and disclosures used in the transaction,
• learn about the exemptions to the right of rescission,
• and more.

Clients are better protected when they know their rights and responsibilities. Don't forget to check our Consumer Videos Playlist here for more information on how to navigate and understand standard forms, contracts, and more.

The Home Buyer Rescission Period: What REALTORS^® Need to Know course

To prepare REALTORS^® for the multiple cases and scenarios they will encounter with this new regulation, BCREA has created The Home Buyer Rescission Period: What REALTORS^® Need to Know course, that covers the specifics of the new legislation and equips REALTORS^® with a strong foundation to address the needs of their clients.

Do you have questions about the 2023 Standard Forms Launch and Regulatory Changes? Visit www.bcrea.bc.ca/forms2023  (BCREA Access login required) for the most current information or for Professional Development specific e-mails contact us at [email protected].

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