Property Law Amendment Act, 2022
Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.
The Homebuyer Protection Period, sometimes called a “right of recission,” responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit offers without basic conditions intended to protect their interests.
The amendments would enable the creation of a period to give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions. Regulations will be introduced this year to define the specific time homebuyers will have to exercise this right as well as the financial costs of retracting an offer. The legislation also allows for regional variation within the province, recognizing the housing market varies between regions.
Bill 12-2022 was introduced to amend the Property Law Act so that a purchaser may rescind a contract of purchase and sale by serving written notice to the seller within a prescribed number of days. Details will be determined in the regulations. The BC government says these amendments will protect homebuyers.
These amendments establish a “cooling off period” for resale properties and newly built homes. This change will be similar to cooling off periods already in place for pre-construction condominium sales.
If you have any questions or would like advice related to the current or proposed legislation, or if you have questions in relation to matters of real estate, corporate law, intellectual property and wills or trust matters, please contact us at 604-688-4900 or via email to Paul Barbeau at email@example.com or to Morgan Best at firstname.lastname@example.org