How Long Is the Rescission Period on a Presale in British Columbia?
This answer covers the law of British Columbia.
In British Columbia, you generally have 7 days to cancel a presale purchase agreement by written notice to the developer. The clock runs from the later of two dates: the date of the purchase agreement and the date the developer obtained your written acknowledgment that you received the disclosure statement.
To be valid, the notice must be served by delivering a signed copy in person or by registered mail to the developer or its brokerage, at the address in the disclosure statement or purchase agreement. Once you rescind, the developer must immediately tell the person holding your deposit, and that person must promptly return the deposit to you. Interest on a refunded deposit may not be payable unless the contract says so.
There are exceptions. If you were entitled to a disclosure statement but never received one, you may rescind at any time, even after title has transferred. If you rescind after title has transferred, the developer may ask a court to order you to pay market rent for occupying the unit. Whether the 7 days still apply to your situation depends on your documents, so confirm dates with a lawyer before the deadline.
Key takeaways
- You generally have 7 days after the later of the purchase agreement date and the date the developer obtained your written acknowledgment of the disclosure statement.
- Notice must be a signed copy delivered in person or by registered mail to the developer or its brokerage at the address in the disclosure statement or purchase agreement.
- After you rescind, the developer must immediately inform the deposit holder, who must promptly return your deposit, though interest may not be payable unless the contract says so.
- If you were entitled to a disclosure statement and never received one, you may rescind at any time, even after title has transferred.