Unless you are a lawyer, familiar with condominium purchase and sale documents and with condominium corporations, the language of these documents can be very confusing. If the salesperson or developer suggests that condominium units are available only to certain groups of people (e.g. pensioners, or adults only, etc.) be wary. Such a guarantee may not be valid. Any specific requirements you may have with respect to the way the unit or common elements should be completed or any other issues which are important to you should be set out in the agreement of purchase and sale. Be wary of statements made by their sales representatives. If the issue is important to you make sure that the provision is included in the agreement of purchase and sale. Never rely on verbal statements.
You have a responsibility to read through these materials and make sure you understand just what it is you are buying and how being in a condominium will impact the way you live. Remember the agreement of purchase and sale was prepared by the developer's lawyer.
Condominium living is not the same as living in a single-family home. There are documents, which will govern what you can and cannot do when you live in the condominium. You must be familiar with these documents and accept the limitations they may impose. Once you have reviewed these documents, you should bring them to your lawyer for review. It is imperative that you tell your lawyer any points of particular importance to you and discuss with your lawyer any conditions in the documents that might affect your lifestyle.
When you purchase a new condominium from a developer you must be given a disclosure statement. This is the package of documents a developer prepares and gives to a buyer when he or she signs the agreement of purchase and sale. Once you receive the disclosure statement and an accepted agreement of purchase and sale for the purchase of a new unit from a developer, the Act provides you with a lO DAY COOLING-OFF PERIOD. This allows you to terminate the agreement without cause and receive your deposit back if you rescind the agreement in writing within the lO Dday period. Once the 10-day cooling-off period has expired, you are bound by the terms of the contract and must complete the purchase according to those terms. Under the Condominium Act any changes that you want must be made before you sign the agreement or within 10-days of signing it. This provision does not apply to a resale condominium unit.