Statutory Protection for Purchasers of New Units

There are numerous rules relating to the purchase of new condominium units. For example, a purchase agreement for a new condominium is not legally binding unless a current disclosure statement is delivered to the purchaser. This statement includes a description of the property and its proposed amenities, a copy of the declaration, by-laws, rules and insurance trust agreement, and other items required by law. Purchasers must also receive a copy of the budget covering the year immediately following registration of the declaration and description. The budget statement must also particularize the common expenses of the condominium, particulars of the type, frequency and level of the services to be provided, portion of the common expenses to be paid into a reserve fund, etc.

To ensure that you are provided with all the requisite information to enable you to make an educated decision on whether to purchase or rescind an agreement to purchase a new condominium unit, consult with one of our experienced real estate lawyers.