Key Facts:
• The new cooling off period will be effective January 1, 2023.
• Buyers will have 3 days to back out of a residential purchase after signing a contract.
• Buyers who back out of a contract within this 3-day period will have to pay a rescission (cancellation) fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-Million home, they would be required to pay the seller $2,500.
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