The 10-day cooling-off period on a new Ontario condo

Ontario's Condominium Act gives buyers of a new condominium unit from the declarant a 10-day rescission period. The clock runs from receipt of a copy of the executed agreement or the disclosure statement, whichever comes later, and during that window you can cancel and have your deposit returned.

Use the time deliberately. Send the agreement and disclosure statement to a real estate lawyer immediately, confirm the deposit schedule, occupancy dates, assignment rules and any cost-escalation clauses, and check the development charge cap.

Two cautions: the right applies to new condominium purchases from the developer, not to resale condos, and it does not exist in the same statutory form for new freehold houses. Also, if the developer later issues a material amendment to the disclosure statement, a further rescission right can arise.