New amendments to the Property Law Act will add protections for homebuyers in a challenging real estate market.
Those amendments will allow for the creation of a Homebuyer Protection Period, to counter pressures faced by buyers submitting offers.
That period would give buyers time to consider their offer, ensure financing, and obtain a home inspection, free from the risk of losing their bid.
According to the province, buyers are facing pressure to waive the seller’s responsibility to meet these basic conditions of sale.
Consultations being held this spring will advise the specific regulations, rules, and duration of the protection period, including costs of retracting an offer.
Following an analysis of those consultations, the province expects to introduce the protections this summer.
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