Strata Tip of the Week - Condo Clear Services

The new legislation provides buyers an opportunity to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted.

If a buyer decides to rescind their offer during the HBRP, they must pay the seller 0.25% of the purchase price.

Type of properties that are subject to the HBRP:

• A detached house

• A semi-detached house

• A townhouse

• An apartment in a duplex or other multi-unit dwelling

• A residential strata lot

• A manufactured home that is affixed to land, and

• A cooperative interest that includes the right of use or occupation of a dwelling 

Type of properties that are excluded from the HBRP:

• Residential real property that is located on leased land

• A leasehold interest in residential real property

• Residential real property that is sold at auction

• Residential real property that is sold under a court order or the supervision of a court, and

• Any purchase and sale of property under the Real Estate Development and Marketing Act where Section 21 of that Act applie

disclosure requirements

Trading services licensees are required to make two disclosures regarding the HBRP:

• The first disclosure should be made via the Disclosure of Representation in Trading Services Form

• The second disclosure is made at the time of preparing or presenting an offer to your client