BCREA has created two Home Buyer Rescission Period (HBRP) Calculators to support REALTORS® when calculating the rescission amount and time period during which a buyer must exercise their right of rescission.
The calculators should only be used in respect of transactions where the buyer has a right to rescind under Section 42 of the Property Law Act and the Home Buyer Rescission Period Regulations. The information used to make the calculations is accurate as of November 1, 2022.
Before using the calculators, you will want to determine if the Home Buyer Rescission Period Regulation applies to your transaction.
It applies if the property is:
The Home Buyer Rescission Period does not apply to exempt properties as follows:
Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract. If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.
The Recission Amount is only to be inserted into the Contract of Purchase and Sale Residential on transactions that apply to the Home Buyer Protection Period Regulation.
Where the Home Buyer Rescission Period applies, the rescission period is three business days not including Saturdays, Sundays, and holidays. The three business days begin the date after final acceptance by a seller and buyer.
*Section 29 of the Interpretation Act defines holidays to include:
DISCLAIMER: These calculators are made available to REALTORS® for general guidance purposes and should not be relied upon for legal purposes. You should always double-check the calculations against the provisions in the Property Law Act and the Home Buyer Rescission Period Regulations and/or consult with a legal professional to ensure that you calculate the correct rescission amount and time period for exercise of the buyer’s right of rescission. This calculator should not be considered a substitute for professional accounting or legal advice.
DISCLAIMER: These calculators are made available to REALTORS® for general guidance purposes and should not be relied upon for legal purposes. You should always double-check the calculations against the provisions in the Property Law Act and the Home Buyer Rescission Period Regulations and/or consult with a legal professional to ensure that you calculate the correct rescission amount and time period for exercise of the buyer’s right of rescission. This calculator should not be considered a substitute for professional accounting or legal advice.
