What is the cooling-off period?
The legislation regulates that when you are buying from a condo developer (also known as the Declarant), you get a cooling-off period of 10 days after you receive a copy of the signed purchase agreement and all the documents required by regulation. During this period, you are able to see a lawyer and get advice on the purchase agreement. At any point during those 10 days, you may cancel the purchase agreement and pull out of the deal. To cancel, you must give written notice to the seller within the 10-day cooling-off period. The seller must promptly refund without interest all the money received from the buyer without deducting a charge. This cooling-off period is mandatory for sales from the Declarant, but it may also be used by the Realtors Association or any other seller on any agreement of purchase and sale in the province, thereby extending this consumer protection feature to a wider spectrum of purchasers in the province.
The legislation regulates that when you are buying from a Condominium developer (also known as the Declarant), you get a cooling-off period of 10 days after you receive a copy of the signed purchase agreement and all the documents required by regulation. During this period, you are able to see a lawyer and get advice on the purchase agreement. At any point during those 10 days, you may cancel the purchase agreement and pull out of the deal. To cancel, you must give written notice to the seller within the 10-day cooling-off period. The seller must promptly refund without interest all the money received from the buyer without deducting a charge. This cooling-off period is mandatory for sales from the Declarant, but it may also be used by the Realtors Association or any other seller on any agreement of purchase and sale in the province, thereby extending this consumer protection feature to a wider spectrum of purchasers in the province.
