A friendly reminder that the new Home Buyer Rescission Period (HBRP) regulation comes into effect today, January 3, 2023.
So, what’s changed? The new legislation provides buyers an opportunity to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted. If a buyer decides to rescind their offer during the HBRP, they must pay the seller 0.25% of the purchase price. What type of properties are subject to the HBRP? A detached…
