What is the purpose of the Condo Buyers’ Guide?
Ontario’s Residential Condominium Buyers’ Guide (Condo Buyers’ Guide) was developed by the Condominium Authority of Ontario (CAO) in collaboration with the Ministry of Government and Consumer Services (MGCS) and approved by the Minister as a helpful resource for the buyers of residential pre-construction/new condo units.
You can read and refer to the Condo Buyers’ Guide from the moment you begin to consider buying a condo unit and throughout your condo ownership life cycle.
As of January 1, 2021, section 72 (1) of the Condominium Act, 1998 (the Condo Act) will require that declarants provide the Condo Buyers’ Guide to buyers of residential pre-construction/new condo units.
Under section 73 (2) of the Condo Act, buyers have a 10-day cooling off period in which they may rescind their agreement of purchase and sale. This 10-day period begins on the later of the date on which the buyer receives the agreement of purchase and sale, disclosure documents, and the Condo Buyers’ Guide.
For more details visit the following website https://www.condoauthorityontario.ca/resources/condo-buyers-guide/