- A detached house;
- A semi-detached house;
- A townhouse;
- An apartment in a duplex or other multi-unit dwelling;
- A residential strata lot, as defined in Section 1 (1) of the Strata Property Act;
- A manufactured home that is affixed to land; and
- A cooperative interest, as defined in Section 1 of the Real Estate Development Marketing Act, that includes the right of use or occupation of a dwelling.
- Residential real property that is located on leased land;
- A leasehold interest in residential real property;
- Residential real property that is sold at auction; and
- Residential real property that is sold under a court order or the supervision of a court.
The rescission right also does not apply to any purchase and sale of property under the Real Estate Development and Marketing Act where Section 21 of that Act applies -- which is mostly the presales.
Rescinding a Contract of Purchase and Sale
If a buyer chooses to rescind the contract, they must serve written notice to ALL the sellers within the rescission period who's names were in the CPS. A notice of rescission is deemed to be served on a seller if the notice is sent:
- By registered mail to the seller’s address that is set out in the contract of purchase and sale;
- By fax to the seller’s fax number that is set out in the contract; or
- By email, with a requested read receipt, to the seller’s email address that is set out in the contract.
The rescission notice must include the following:
- The address, the parcel identifier (PID) or a description of the property;
- The name, and the signature, or electronic signature, of the purchaser (or buyer) who is exercising the right of rescission;
- The name of each seller who is a party to the contract; and
- The date that the right of rescission is being exercised.
• Christmas Day
• Good Friday and Easter Monday
• Canada Day
• Victoria Day
• British Columbia Day
• Labour Day
• Remembrance Day
• Family Day
• New Year's Day
• December 26, and a day set by the Parliament of Canada or by the Legislature or appointed by proclamation of the Governor General or the Lieutenant Governor, to be observed as a day of general prayer or mourning, a day of public rejoicing or thanksgiving, a day for celebrating the birthday of the reigning Sovereign, or as a public holiday.
For any Real Estate related questions & inquires in the Fraser Valley or the Greater Vancouver Area, BC, Canada - please feel free to visit my website at: https://www.MirKhan.ca/ and follow me on my social channels below:
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Be Safe, Be Healthy & Be Happy! :-)
Certified International Property Specialist, International Realtor Member, Full-time Professional Realtor
Mir Khan Personal Real Estate Corporation
Century 21 AAA Realty Inc.