Don’t Sign That Agreement Until Your Lawyer Checks It Out – Reason 4 – New Condominiums

When you buy a condominium from a builder you are given special protection. All such purchasers are provided with a 10 day period which we call the Cooling Off Period. It is during this time you can cancel the Purchase Agreement. You need no reason to do so. This is the perfect oppor…tunity to bring the Agreement to your lawyer to have a look at it. The 10 day period starts once you have been provided with certain documents by the builder often called the Disclosure Documents. This cooling off period is set out in the Condominium Act of Ontario. Under this Act, upon signing a purchase agreement, you must be given disclosure documents. These documents form the legal basis for the condominum’s existence and include the draft declaration, by-laws and rules. These documents will also disclose proposed amenities, budgets, and condominium plans. Be aware that this cooling off period is not available for resale condominiums or any type of house purchase – new or resale.