BC'S Cooling Off Period, Why it's not a good idea? Subject to the Buyer Changing their Mind?
Shared from fellow Realtor Clara Hartree which I absolutely believe and agree with 100%
"Unlike a contract written by a lawyer to protect his client, the real estate contracts (listing and purchase) have been carefully crafted to protect both parties. In addition they provide both parties with a level of certainty. Even a subject contract has clear subjects that have to be fulfilled, like financing or inspection. There is no such thing as subject to change of mind. The offering process is not what the BCFSA may think. Any listing comes with an information package that includes as a minimum the PDS signed by the seller and a title search showing any covenants and explanation of those. For Strata the buyer gets 2 years of minutes, engineering report and more. Buyers can educate themselves in 2 days especially with the help of their realtor. When the listing goes on Paragon, the listing agent allocates a few days for showings and establishes a day and time for offers to be presented. Between visiting and offering there is a period when buyers can have inspections and get any information they may need. This is in itself a cooling off period. The proposed idea is unfair to all sellers and it has been written to protect buyers from themselves. Buyers like that should not be out there. The idea shows no respect for the law of contract, no respect for sellers and it's insulting to buyers. It does not solve any problem and will create chaos. Please think of the unintended consequences. Thank you."
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