What is it?
As of Jan 3rd, 2023, buyers have a 3-business day period to cancel the purchase and sale contract with no reason required to be relayed to the seller.
Key Points
- A rescission fee of 0.25% on the purchase price applies.
- Does not apply to vacant lots with no structures as it does not meet the definition of “residential property”.
- Exceptions:
- residential leasehold properties / residential real estate on leased land
- Residential real property sold at an auction; and
- Residential real property that is sold under a court order or the supervision of a court.
Important information to know
- The buyer and seller cannot agree to a higher or lower rescission fee.
- Access to the property must be addressed in the contract as the buyer does not have an automatic right.
- If signed on Monday the rescission period will end at 11:59:59 on Thursday (excluding holidays as defined in the Interpretation Act).
