10 Day Cooling Off Period for Preconstruction Condos
Buying a preconstruction condo unit is somewhat different with a freehold property. You might have heard of that you have 10 days to think about it. Yes you are. This is one of the unique protections that you have. Many people still not sure what exactly is the 10 Days Cooling Off Period so hopefully this article will clarify any unanswered questions you may have.
When you purchase a preconstruction condo in Toronto, the first thing you may realize is that the documents to be signed are substantially more than those of a resale Agreement of Purchase and Sale. The reasoning for this is that there is a lot more legal content that must be included in the agreement as this is a condo unit and the condo building is not yet built. In total, an average preconstruction condo agreement is about thirty five pages, clearly too long to read through with the sales representative in a short time. This is when the 10 day cooling off period comes into play. Once you have signed the agreement of purchase of sale for a preconstruction condo in Toronto, you will legally have 10 days (weekends inclusive) to have your lawyer, or yourself if you choose to review everything stated in the agreement. If for some reason, you decide or your lawyer advises you that this is perhaps not the best choice for you, you can return the agreements to the builder within in the 10 days at no loss to you.
In my opinion, the 10 days cooling off period is ideal for those who truly would like a lawyer review in detail all of the legalities of the agreement. In today’s industry, you will find a lot of individuals abusing the 10 day cooling off period to hold units while they essentially shop around for deals. What my advice is? Do your research prior to buying a pre construction condo and have your realtor guide you in the right direction. Use your 10 days to have your lawyer point out any hidden costs in the agreement as well as any other details that may directly affect you.
If you are looking for a Toronto preconstruction condo, or would like more information on Toronto condos in general, call or email Wing Lai at 416-456-3630 or firstname.lastname@example.org.