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The Home Buyer Rescission Period: What REALTORS Need to Know

With the new Home Buyer Rescission Period coming into effect in January 2023, BCREA has developed a new course to support REALTORS® and managing brokers to not only understand the new rules but also apply them in their practice.

Launching December 1, 2022, The Home Buyer Rescission Period: What REALTORS® Need to Know the course, will cover the specifics of the new legislation and equip REALTORS® with a strong foundation required to address the needs of their clients. REALTORS® taking this course will particularly find useful the various scenarios that walk through the process of exercising the right of rescission.

After completing this course, learners will be able to:

  • identify the key elements of the new legislation, including the length of the rescission period;
  • provide required disclosures of the rescission rights to their clients;
  • calculate the rescission amount properly;
  • explain how the deposits are handled, in accordance with the Regulation;
  • fill out appropriate forms in order to be compliant with the new requirements; and
  • identify strategies for managing brokers to mitigate risks.

The primary goal of this course is to enhance the standard of professional competency in how REALTORS® assist their clients and protect their best interests during the home buying or home selling experience.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.