The 10-day Rescission Period starts on the date you receive the Disclosure Documents from the developer or from the date you and the seller sign the Purchase Agreement.

Even though some people refer to it as “the cooling off period”, it’s really there to give you the opportunity to learn as much as you can about the condo development and ask questions. Along with a copy of the Purchase and Sale Agreement, the Disclosure Documents will provide details about the amenities and finishes, as well as bylaws, insurance, and financial details including a proposed budget.

This is not a time for negotiating though. This is your opportunity to review everything about the association and determine if it is right for you. This is unfortunately an area that we cannot advise you on and the decision needs to be made for yourself. If you have questions about the financials you will need to contact the association directly or speak to an accountant.