The HBRP is a statutory 3-business-day cooling-off period under Section 42 of the Property Law Act (as of 2026-07-27 — verify current) that allows a residential buyer to rescind an accepted offer to purchase by paying a rescission fee of 0.25% of the purchase price (as of 2026-07-27 — verify current). It came into effect on January 3, 2023 (as of 2026-07-27 — verify current). The period excludes weekends and statutory holidays, and the right cannot be waived by the parties.

The HBRP came into force on January 3, 2023 (as of 2026-07-27 — verify current), pursuant to Section 42 of the Property Law Act. It applies to contracts of purchase and sale for residential real property entered into on or after that date. Verify the current application date and any amendments with a BC lawyer or notary before acting.

The rescission fee is 0.25% of the purchase price (as of 2026-07-27 — verify current), as set out in Section 42 of the Property Law Act. For example, on a $1,000,000 purchase, the fee would be $2,500 (as of 2026-07-27 — verify current). This fee is paid to the seller and is separate from any deposit; verify the calculation and payment mechanism with a BC lawyer or notary.

No. Section 42 of the Property Law Act (as of 2026-07-27 — verify current) expressly provides that the HBRP cannot be waived or contracted out of by the parties. Any contract term purporting to waive or shorten this statutory right is void. Verify the enforceability of any clause with a BC lawyer or notary.

The 3-business-day period under Section 42 of the Property Law Act (as of 2026-07-27 — verify current) excludes Saturdays, Sundays, and statutory holidays as defined in BC law. The count begins the day after the contract is accepted. Because calculation details can vary depending on contract timing and holidays, verify the exact deadline with a BC lawyer or notary before acting.

No. The HBRP under Section 42 of the Property Law Act (3 business days, 0.25% fee, effective January 3, 2023; as of 2026-07-27 — verify current) is separate from the 7-day rescission right for presale strata units governed by the Real Estate Development Marketing Act (REDMA). Different rules, timelines, and fees apply to each; verify which rescission right (if any) applies to your transaction with a BC lawyer or notary.

Section 42 of the Property Law Act (as of 2026-07-27 — verify current) applies to contracts for the purchase and sale of 'residential real property.' The statute defines what qualifies as residential property. If the property is purely commercial, the HBRP likely does not apply, but verify your specific property classification and contract with a BC lawyer or notary before relying on any exemption.

Under Section 42 of the Property Law Act (as of 2026-07-27 — verify current), if the buyer properly rescinds within the 3-business-day period and pays the 0.25% rescission fee (as of 2026-07-27 — verify current), the contract is void and any deposit paid must be returned to the buyer. The seller retains only the rescission fee. Verify the exact return mechanism and timing with a BC lawyer or notary.

No. Section 42 of the Property Law Act (as of 2026-07-27 — verify current) grants the buyer an unconditional statutory right to rescind within the 3-business-day period by paying the 0.25% fee (as of 2026-07-27 — verify current). The seller has no discretion to refuse a valid rescission notice accompanied by payment of the prescribed fee. If a seller refuses, verify your remedies with a BC lawyer or notary.

The application of Section 42 of the Property Law Act (as of 2026-07-27 — verify current) to assignment contracts depends on whether the assignment is treated as a 'contract of purchase and sale' of residential real property under the statute. Case law and regulatory interpretation on this point are still developing. Verify whether the HBRP applies to your specific assignment transaction with a BC lawyer or notary before acting.