The short answer
Only in limited ways. A buyer of most residential property can rescind within three business days of acceptance by paying the seller 0.25% of the purchase price, or the contract can end if a subject cannot be satisfied after every reasonable effort. Outside those routes both buyer and seller are bound, and BC’s real estate regulator notes that either can go to court to compel the other to perform.
Check current rules: The home buyer rescission period has applied since January 3, 2023 under the Property Law Act and its regulation; check BC’s real estate regulator for any updates.
In plain English
An accepted offer is a contract.
BC’s real estate regulator puts it plainly: once you and the seller have both signed, a legally binding contract has been formed, and either of you can go to court to compel the other to perform their part. That is true even if the contract still contains subject clauses.
BC does give buyers one built-in exit. Under the home buyer rescission period, a buyer can rescind a contract for certain residential properties up to three business days after the offer is accepted. It comes with a cost: the buyer must pay the seller an amount equal to 0.25% of the purchase price. The right cannot be waived by either the buyer or the seller.
Timing is precise. The period begins the next full business day after acceptance. BC’s real estate regulator’s own example: if an offer is accepted on Monday afternoon, the rescission period ends at 11:59 p.m. on Thursday.
It runs at the same time as any subjects in the offer, not after subject removal.
Notice has to be served properly.
A buyer, or their real estate agent on their behalf, serves it by registered mail to the seller’s address in the contract, by fax to the seller’s fax number in the contract, or by email with a requested read receipt to the seller’s email address in the contract.
The notice must identify the property, name and be signed by the buyer exercising the right, name each seller, and give the date.
The second exit is a subject that genuinely cannot be met. If you have made every reasonable effort and a condition still fails, the contract ends with no obligation to complete. That is different from simply changing your mind after subjects are removed, which can put your purchase deposit and more at risk.
Sellers have fewer options. Once a seller signs a buyer’s offer without changes, the seller is bound by it, subject only to the buyer’s rescission right.
A better offer arriving later does not undo an accepted contract, and if a seller counters, the seller cannot go back and accept the buyer’s original offer.
How it works
Confirm the property type is covered
The rescission period covers detached and semi-detached houses, townhouses, apartments in a duplex or multi-unit building, residential strata lots, manufactured homes affixed to land and certain co-operative interests.
Count business days from the day after acceptance
The period starts on the next full business day and ends at 11:59 p.m. on the third business day.
Write the exact deadline down the moment the offer is accepted.
Serve written notice by an approved method
Use registered mail, fax or email with a read receipt to the address in the contract, and include the property, the buyer’s name and signature, each seller’s name and the date.
Arrange the 0.25% payment
If the brokerage holds a deposit, it pays the fee to the seller and returns the rest to you with no deposit release needed.
Without a deposit, you pay the seller directly or through your real estate agent.
After the deadline, look at the subjects
If the rescission period has passed, ask your agent and lawyer whether any subject remains that genuinely cannot be satisfied.
Get legal advice before refusing to complete
Walking away from a firm contract can mean losing the deposit and being sued. Speak to a lawyer before you say anything final to the other side.
Example
Assume a buyer’s offer of $800,000 on a resale townhouse is accepted and the buyer has given the brokerage a $40,000 deposit. These two numbers are assumptions for illustration.
| Purchase price (assumed) | $800,000 |
|---|---|
| Rescission fee: 0.25% of the price | $2,000 |
| Deposit held by the brokerage (assumed) | $40,000 |
| Paid to the seller from the deposit | $2,000 |
| Returned to the buyer | $38,000 |
BC’s real estate regulator explains that when a deposit is held, the brokerage pays the 0.25% fee to the seller from those funds and returns the remainder. If the buyer fails to pay the fee, the seller can seek to recover it through the courts.
Who it applies to, and the exceptions
Usually applies to
- Buyers of resale residential property in BC, whether or not a real estate agent is involved.
- Sellers, who must return the remaining deposit if a buyer rescinds in time.
- Buyers whose subjects cannot be satisfied despite every reasonable effort.
Exceptions and limits
- Property on leased land, leasehold interests, auction sales and court-ordered sales are excluded from the rescission period.
- Presales where section 21 of the Real Estate Development Marketing Act applies are excluded, as are assignments of contracts.
- Once the rescission period has passed and subjects are removed, there is no general right to walk away.
Common mistakes
- Counting calendar days. The period runs for three business days, starting the next full business day.
- Waiting for subject removal before deciding. The rescission clock is already running.
- Phoning the seller’s agent instead of serving written notice by an approved method.
- Believing a signed waiver of the rescission period is valid. It cannot be waived.
- Assuming a deposit comes back automatically after a failed subject. Outside rescission, a deposit release needs both signatures.
- A seller accepting a second, higher offer while the first contract is still in force.
Questions people also ask
Can a seller back out after accepting my offer?
Generally no. BC’s real estate regulator explains that once the seller signs the buyer’s offer without changes, a legally binding contract exists and either party can go to court to compel performance.
Only a term in the contract that gives the seller a specific right would change that, so ask a lawyer.
Can the rescission period be waived to make my offer stronger?
No. BC’s real estate regulator states that the right of rescission cannot be waived by the buyer or the seller, and your real estate agent must disclose that when preparing or presenting an offer.
Does the rescission period apply to presales or assignments?
Not to presales where section 21 of the Real Estate Development Marketing Act applies, which have their own rules, and not to buyers purchasing an assignment of a contract.
Do I need to give a deposit with my offer?
Not necessarily. BC’s real estate regulator notes a deposit is not required with the offer itself. If you rescind without one, you pay the 0.25% fee to the seller directly or through your real estate agent.
Can my agent send the rescission notice for me?
Yes. Because notice can go to the email address in the contract, your real estate agent can serve notice for a buyer, or accept it for a seller, when their details are the ones listed.
What if I remove subjects and then cannot complete?
BC’s real estate regulator warns that being unable to complete could result in forfeiting your deposit and/or a lawsuit from the seller.
Talk to a lawyer immediately and do not assume there is a simple way out.
Official sources
Facts on this page come from the official sources below, reviewed October 6, 2026. Rules, amounts and dates change; confirm the current version and your own eligibility before acting. This is general information, not legal, tax or financial advice.
- Home Buyer Rescission Period Consumer GuideBC Financial Services Authority
- Offers to Sellers (buyer guide)BC Financial Services Authority
- Offers from Buyers (seller guide)BC Financial Services Authority
- FAQs about Real Estate TransactionsBC Financial Services Authority
- Should I Make a Subject Free Offer?BC Financial Services Authority