Statutory Protections for Condominium Buyers
Buyers of condominium units have statutory protection and should be aware that :
- Purchase agreement is not binding until the current disclosure statement is delivered to the buyer.
- Buyer can rescind the agreement within 10 days of receipt of disclosure statement without any obligation to provide a reason and is entitled to refund of all moneys paid.
- Buyer is protected under Ontario New Homes Warranties Act (ONHWA).
