So, in the start of 2023, BC will be introducing this new thing called "The Cooling Off Period." This was designed to protect buyers by giving them a 3 day period to rescind their accepted offer on aproperty.  This was a reaction because of how many subject free offers were being thrown around in the marketplace, and this is what buyers had to be able to compete in an uber competive market.  This plan of a cooling off period was proposed a little bit more than a year ago, to be implemented in the Spring of 2022. 


First off, this term of a cooling off period is a whim and fancy name.  In contract law, this is nothing new.  There is something already called a recission period. Its a mechanism that helps buyers from uncertainty. So why call something that already exists something new.

So the Spring goes by, and low and behold...no cooling off period. What happened?  Well, it looks like the cooling off period went back to the drawing board. About 30 times.

And then, something interesting happened.  The market cooled off on its own. So, here we are thinking, theres no need for this cooling off period.

Nope!  After 30 more revisions, the cooling off period commences  at the start of 2023. 

So any offer that gets accepted will have a 3 day recission period that cannot be opted out by any means of negotiation.  I don't think thats a bad idea; a 3 day period that can help a buyer do their due diligence. But if the buyer decides to rescind their offer, they are subject to a penalty that equates to .25 percent of the purchase price.  This was something to protect the seller from buyers writing offers with little intent.

I thought this cooling off period was to protect buyers. So I'm kinda boggled on why a penalty is issued on mechnism that was intended to protect buyers

Anyways, theres a lot of more to it...so, i might make a part 2 after i wrap my head around this whole cooling off period.  Maybe.


Bye for now.

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