Provincial law allowing three-day cooling-off period for home buyers now in effect

Prospective home buyers in BC now have a chance to draw a breath before completing their purchase.

The new provincial law allowing a three-day cooling-off period went into effect yesterday (Tuesday).

That’s to allow purchasers to do their due diligence, like arranging inspections and to arrange financing.

There is a penalty if the buyer pulls out of the deal.

It’s been set at 0.25 per cent of the value of the home.

So the penalty for withdrawing from a $500,000 house purchase would be $1,250.

–With files from the Vista National Newswire