43 Regulations For Section 42

• 43 The Lieutenant Governor in Council may make regulations for the purposes of section 42, including regulations as follows:

• (a) respecting waivers of the right of rescission and the circumstances in which that right may or may not be waived;
• (b) respecting service of a notice of rescission;
• (c) respecting an amount to be paid by the purchaser to the seller if the purchaser exercises the right of rescission;
• (d) respecting the timing of the payment of the deposit under a contract of purchase and sale despite any provision of the contract to the contrary;
• (e) establishing procedures for the payment of the deposit under a contract of purchase and sale;
• (f) respecting the return of the deposit paid under a contract of purchase and sale if the purchaser exercises the right of rescission, including
  • (i) establishing whether
    • (A) all of the deposit is to be returned, or
    • (B) a portion of the deposit is to be returned and the remaining portion is to be paid to the seller,
  • (ii) providing for the calculation of the portion of the deposit to be returned, and
  • (iii) establishing a dispute resolution process in relation to the return of the deposit;
• (g) exempting, from the application of section 42(1), with or without conditions,
  • (i) a class of residential real property,
  • (ii) a class of purchaser, or
  • (iii) a class of contract of purchase and sale;
• (h) defining a word or expression used but not defined in section 42;
• (i) for any other matter for which regulations are contemplated by section 42.

2022-12-1, effective January 3, 2023 (B.C. Reg. 175/2022 as am. by B.C. Reg. 220/2022).