Condominium documents are probably a lot for purchasers and for sellers. Volume wise, there is a large amount of information to deal with in a short time. Even the time to review it can be interesting.
CONDOMINIUM DISCLOSURES AND DEADLINES
In reviewing the relevant legislation recently for disclosure of documents on condominium closings. It is interesting in referencing the definition of “7 days” and how it applies to the “cooling off” period. There is likely some room for debate, but it is likely that there are two types of “cooling off” periods (potentially). The first is where the offer states when the period ends. This likely creates a “prescribed day” under the act, which means the 7 days is up at midnight on the last day. If there is no “prescribed day” then it may just run on an exact 7 day and time schedule from the moment the documents are disclosed. Please note, the 7 days is most likely when the documents are given (all of them) regardless of what the offer says. I would say a prescribed day being used is rare but if so, make sure the prescribed day in the offer corresponds with the turning over of the last of the documents. As you might know, even if the documents are exchanged and the cooling off period is done, if, before closing, there is a “material change” to the documents, under the act the purchaser gets a new 7 days to back out of the purchase. A material change is something big that happens to the building or is decided by the board of the condominium, the most obvious example of course is a project and/or special assessment. In defining what is a “material change”, The test in the act is changes that “…are so important to a decision to purchase the unit that it would be reasonable for a buyer to cancel….”.
Gord
*always remember that every situation is different and that over time, laws can change and evolve, any doubts, call someone. This article is a “replay” from an article written some time ago, we add to our readers as we go, they may not have seen it before and might appreciate the information.
This information is courtesy of……
GORD STEEVES
B.A., LL.B.Barrister, Solicitor and Notary Public
200 600 St. Anne’s Road
WINNIPEG, MB., R2M 2S2
For more information, please contact……
Michael Leclerc
Royal LePage Top Producers
Winnipeg MB
Phone (204) 792-6453
