British Columbia government introduced the Home Buyer Rescission Period (HBRP) in 2023 as part of residential real estate transactions. Commonly known as the "cooling-off period," this policy grants homebuyers a window of up to three business days to pull out of an offer on a property following its acceptance. Please note, there is an associated fee for initiating the HBRP (Collapsing the offer) amounting to 0.025% of the accepted offer price. For example, if an offer of $1,000,000.00 is accepted, the fee for invoking the HBRP would be $2,500.00. If you have an offer that has further conditions (Subject to Financing) that goes past the three say rescission period then the 0.025% penalty does not apply thereafter. *Please ask me for more information.