The Vancouver Life Real Estate Podcast Is The "Cooling Off Period" A Good Idea?
On March 28, 2022 the Minister of Finance introduced a one sentence amendment that would allow homebuyers the opportunity to back out of a contract within a given amount of time. The details at this point are vague at best, but we wanted to share our thoughts on what we know so far. Essentially, the Bill is being put in place, to be implemented by Summertime, to allow buyers the time to perform an inspection and obtain financing. Well, any good realtor will tell you this can be done prior to an offer - along with a number of other practices that entirely protect buyers. It goes on to mention that this right of recision period may potentially be waived. What? And that a financial penalty may be put in place for buyers who do not complete on a purchase. It's important to note at this time the legislation was put forth without consultation with the Real Estate Industry. Said industry has voiced their opinions though, and presented a 57 page white paper outlining its recommendations on how to further protect buyers. We dig into all of this and present our own solutions.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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