The disclosure statement: the parts that actually matter

A new condominium purchase comes with a disclosure statement, and it deserves a lawyer's review inside your rescission period. The critical sections are the proposed declaration, bylaws and rules, the first-year budget, the description of the property including future phases, and the list of exclusive-use common elements.

Pay close attention to the budget assumptions. First-year fees are estimates prepared by the developer and often prove low once the corporation operates in reality.

Also check restrictions on pets, rentals and short-term rentals, whether parking and lockers are units or exclusive-use, whether any amenities are shared with a neighbouring phase, and whether the developer retains rights over signage, retail or unsold units.