The Cooling Off Period BC Government amending the Property Law Act to add a cooling off period As a result of the hot real estate market and to give buyers more time to consider a purchase, the BC Government, in March 2022, announced it will be amending the Property Law Act under Bill 12-2022. See Bill 12: https://bit.ly/BILL12 Part of the amendment states “A purchaser of residential property may rescind the contract of purchase and sale for the property by serving written notice of the rescission on the seller within the prescribed number of days after the date that the acceptance of the offer was signed.” The Home Buyer Rescission Period (HBRP) or 'cooling-off period' will come into effect January 2023. The BC Financial Services Authority (BCFSA) is the provincial regulator that provides real estate licensees with the details they need to understand HBRP and navigate this new process with clients. Updated regulatory information and resources will be made availab...