Last fall the Provincial Government started the process of coming up with a new system for all residential sales in B.C. that will implement a "cooling down" period similar to the one that is already in place for new developments. Under the new plan, any buyer will have a 3 business day period in which they would be able to back out of any purchase for no reason. The penalty to the potential buyer will be .25% of the purchase price payable directly to the seller. This change will be applicable to ALL sales of residential real estate (with some specific exceptions) regardless if the home is being purchased through a realtor or not.
This new rule is legislated and can not be waived through any wording in the contract to make the buyer's offer more enticing.