Skip to main content

In This Volume

  • 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).

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

See the Home Buyer Rescission Period Regulation, B.C. Reg. 175/2022 as amended by B.C. Reg. 220/2022, effective January 3, 2023.