So you're a buyer and you want to cancel...
There is A LOT to cover in 4 minutes, so I'll try my best to sum this up for you...
Basically, if you're a buyer and during your investigative period you decide to cancel, it's easy to cancel the contract and get your deposit back, so long as you have not removed your inspection contingency.
Where things can get hairy is if you remove your contingencies and then want to cancel.
In Vancouver the buyer and seller go to arbitration to work out any disagreements first. In other words, the seller does not automatically have your deposit wired to them if you decide to cancel. However, if you are found to be in breach of contract because you tried to cancel after removing your contingencies, the seller will have grounds to keep your earnest money deposit.
My Full Disclosure:
Those contingencies are there to protect you, and they do not get removed automatically-- you must physically sign off on them. So make sure you're ALL IN before you sign on the dotted line and remove your contingencies.
Your Realtor is there to help guide you through every step of this process, so lean on them!
Knowledge is powerful, and if you're fully informed throughout this process it will be a smooth ride because you'll know what to expect.
Have any questions about my Full Disclosure? Drop them below and I'll do my best to answer.