For Buyers

The Home Buyer Rescission Period (HBRP)

Buying a home is one of the largest decisions. Sometimes a little extra time is needed to make sure you made the right choice. Here’s what you need to know about the Home Buyer Rescission Period.

3 Days to Reconsider

As of January 3, 2023, when a Seller accepts your offer to purchase a home, you’ll have three business days to cancel the contract. This is called the “right of rescission.”

Notify in Writing

If you change your mind and choose to excerise your right of rescission, you’ll need to notify the Seller – your real estate licensee can help you with this.

Pay 0.25% Fee to Seller

You’ll need to pay a 0.25% fee to the seller. If you made a deposit, this fee will be deducted from the deposit and the balance, if any, must be returned to you. For example, this would be $2,500 for a $1,000,000 property.

Any Questions?

Speak with your Pospischil Realty Group Licensee for any questions you might have about the Home Buyer Rescission Period and how it might impact you.