The pre-offer period BCREA is pushing for would allow buyers to do due diligence before making an offer, rather than after an offer has been accepted.The British Columbia Real Estate Association is advocating for a pre-offer period that would replace the rescission period the Province introduced in 2022, and came into effect on January 3, 2023, and has
Additionally, BCREA says it has seen instances where "unscrupulous purchasers" are exploiting the rescission period as a loophole to tie up multiple properties, "resulting in cascading consequences for sellers, from sale delays due to rescinded agreements to pressure on sellers to renegotiate agreements which were already finalized, and the loss of potential purchasers."
This pre-offer period would last for five days, commencing on the date of the listing, BCREA says, and sellers cannot view or accept any offers on the property during the five days.
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