Yes, they do! All homebuyers get three days to change their mind in BC. Buying a home in BC is covered by a lawful recision period for all homes in the three-day rescission period. The three-day homebuyer rescission is new for 2023. Buying a new build or pre-sale was already covered with a seven-day new construction rescission.
Both types of rescissions apply to private and agent sales alike. The only exception is buying at the courthouse or legal auction with a court-ordered sale or foreclosure hearing. Also, there is an exception for homes on leased land.
However, be aware that if you access the three-day decision, you’ll pay a fee to the seller of .25% of the offer price. This differs from collapsing your purchase with subjects or conditions in your offer. For example, if you change your mind about buying because you can’t remove subjects, you don’t pay the .25% rescission fee. But if you have no reason and simply experience a change of heart or you did not include any subjects in your offer, the fee applies.
As a buyer having three days to change your mind unconditionally can come in handy in a hot market. If you have to make a fast housing choice due to a bidding war, the rescission fee is a relatively small price. Now that all homebuyers get three days to change their mind in BC. You can house hunt with a little more peace of mind.
