cooling off period

10-Day Cooling Off Period in New Condo Purchases

Ontario’s Condominium Act, 1998, allows purchasers of a new condominium unit a 10-day cooling off period in which they may cancel or rescind their agreement of purchase and sale. This 10-day period begins on the latest of the date on which the purchaser has received: (i) a fully signed agreement of purchase and sale; (ii) condominium disclosure documents, and (iii) a …