B.C. financial regulator recommends new pre-offer period to temper hot real estate market

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B.C. financial regulator recommends new pre-offer period to temper hot real estate market
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The five\u002Dday pre\u002Doffer period would require a listing remain on the market for a minimum of five days before offers are accepted. Sellers would also be required to share property disclosure forms and key strata documents up front as part of the listing process.

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On Thursday, the B.C. Financial Services Authority — which oversees credit unions, mortgage brokers, and insurance brokers in addition to real estate — made recommendations for a pre-offer period and a cooling-off period in B.C. real estate transactions, in addition to other changes.

The three-day cooling-off period, referred to as the homebuyer protection period, would allow a buyer three business days following an accepted offer to conduct due diligence such as inspections, seeking legal advice and to confirm financing.Article content

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VancouverSun /  🏆 49. in KR
 

Interest rates did it first

Too late.

good effort, but a bit late.

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