Homebuyer’s regret: Should there be a cooling-off period for buyers in a hot market?

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The province is planning to consult on a cooling-off period for pre-construction homes that would give buyers a chance for sober second thought.

It’s the biggest financial investment you’re ever likely to make and you’ve spent years saving and dreaming about buying a house. But you only have a small window to decide if this is the right home for you because there are 10 people behind you ready to snap up that house and a sales agent holding the pen for you to sign the agreement or offer.

Now Ontario is considering a similar cooling off period for pre-construction house buyers — an interval for sober second thought on the implications of a pre-construction house purchase, even after they’ve signed a purchase agreement. Consumers need to ask questions at the front end of the purchase, rather than when it’s time to close, he said, although the association has questions about the duration of the cooling off period and needs assurance it won’t add red tape for builders.who are also vulnerable to the swift, often cutthroat competition? The Ontario government isn’t talking about a cooling-off period for them.

“It may cause other buyers to think something’s wrong with the property. Properties that go back tend to be seen as stale and discounted in the marketplace,” he said. If an offer comes in at the start of a long weekend, the B.C. regulation requires that the purchaser have three business days to back out. “The seller is sitting on pins and needles for an entire week until the next Friday when they know that a deal is firm,” said Koot.

 

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