Copyright © King's Printer, Victoria, British Columbia, Canada | Licence Disclaimer |
B.C. Reg. 175/2022 O.C. 436/2022 | Deposited July 21, 2022 effective January 3, 2023 |
Contents | ||
---|---|---|
1 | Definitions for regulation | |
2 | Definitions for Act | |
3 | Exemptions | |
4 | Length of rescission period | |
5 | Service of notice of rescission | |
6 | Amount payable on rescission | |
7 | Right of rescission not waivable |
1 In this regulation:
"Act" means the Property Law Act;
"brokerage trust account" has the same meaning as in the Real Estate Services Act;
"business day" means a day other than a Saturday or a holiday;
"parcel identifier" means a permanent parcel identifier assigned under section 58 of the Land Title Act.
2 In section 42 of the Act:
"days" means business days;
"residential real property" means any of the following:
(d) an apartment in a duplex or other multi-unit dwelling;
(e) a residential strata lot, as defined in section 1 (1) of the Strata Property Act;
(f) a manufactured home that is affixed to land;
(g) a cooperative interest, as defined in section 1 of the Real Estate Development Marketing Act, that includes a right of use or occupation of a dwelling.
3 The following are exempt from the application of section 42 (1) of the Act:
(a) residential real property that is located on leased land;
(b) a leasehold interest in residential real property;
(c) residential real property that is sold at auction;
(d) residential real property that is sold under a court order or the supervision of a court.
4 For the purposes of section 42 (1) of the Act, the prescribed number of days is 3 business days.
5 (1) This section applies for the purposes of section 42 (1) of the Act.
(2) A notice of rescission may be served on a business day or any other day.
(3) A notice of rescission must contain the following:
(a) the address, the parcel identifier or a description of the residential real property in respect of which the contract of purchase and sale is being rescinded;
(b) the name, and the signature or electronic signature, of the purchaser who is exercising the right of rescission;
(c) the name of each seller who is a party to the contract;
(d) the date that the right of rescission is being exercised.
(4) A notice of rescission is deemed to have been served on a seller if
(a) the notice is sent by registered mail to the seller's address that is set out in the contract of purchase and sale,
(b) the notice is transmitted by fax to the seller's fax number that is set out in the contract, or
(c) the notice is transmitted by email, with a requested read receipt, to the seller's email address that is set out in the contract.
(5) If a notice of rescission is sent or transmitted in accordance with subsection (4), the notice is deemed to have been served when it is sent or transmitted, as the case may be.
6 (1) If a purchaser rescinds a contract of purchase and sale under section 42 (1) of the Act, the purchaser must promptly pay to the seller an amount that is equal to 0.25% of the purchase price for the residential real property that is set out in the contract.
(2) If a deposit was received under the rescinded contract of purchase and sale by or on behalf of the seller,
(a) the amount payable under subsection (1) must be paid to the seller from the deposit, and
(b) after the seller is paid under paragraph (a), the remainder of the deposit must be paid promptly to the purchaser.
(3) Money in a brokerage trust account may be withdrawn if it is money paid
7 The right of rescission under section 42 (1) of the Act cannot be waived.
[Provisions relevant to the enactment of this regulation: Property Law Act, R.S.B.C. 1996, c. 377, s. 43.]
Copyright © King's Printer, Victoria, British Columbia, Canada