For many residential purchases in BC, a buyer may rescind an accepted contract within three business days, subject to statutory exemptions, and must pay the seller a rescission fee equal to 0.25% of the purchase price.

How the period works

The period begins after acceptance and excludes weekends and holidays as defined for the regulation. The statutory right cannot be waived by buyer or seller when it applies.

The cost of rescinding

The fee is 0.25% of the accepted purchase price. On a $1,000,000 purchase, that equals $2,500.

Important exemptions

BCFSA lists exemptions including residential real property on leased land, leasehold interests, auction sales and certain court-ordered sales.

Practical checklist

  • Confirm whether the property type is covered.
  • Know the exact expiry date/time.
  • Do not treat the rescission period as a replacement for financing or inspection subjects.
  • If considering rescission, follow the required notice process and obtain professional advice quickly.

EXAMPLE  Offer price: $800,000. Illustrative rescission fee: $800,000 × 0.0025 = $2,000.

Related Nuhaven Guides

Understanding Subjects in a BC Offer

Home Inspection: What Buyers Should Look For

Closing Costs for BC Home Buyers

Last reviewed: August 24, 2026

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