For a resale residential condominium purchase, under Section 76 of the Condominium Act, 1998, a condominium corporation is obligated to provide a Status Certificate to a person who requests one. The information contained in a Status Certificate is very comprehensive and it is important for a purchaser to request and review a Status Certificate prior to closing in order to have as much information as possible about their unit and the condominium. The Agreement of Purchase and Sale may be conditional upon the purchaser being satisfied with the contents of the Status Certificate.
For the purchase of a new residential condominium unit, under Section 72(2) of the Condominium Act, 1998, a purchase agreement for a new condominium is not binding on the purchaser until the current disclosure statement described in subsections 72(3)-(6) is delivered to the purchaser. The disclosure statement should give you all the information needed to decide whether or not to proceed with the transaction.
Under Section 73 of the Condominium Act, 1998, a purchaser can rescind the Agreement of Purchase and Sale within 10 days of receipt of a disclosure statement. The 10 day period commences on the later of the date of receipt by the purchaser of a disclosure statement and the date the Agreement of Purchase and Sale is fully executed.
If you are purchasing a condominium unit, you can discuss the condominium disclosure for your unit with a lawyer in the real estate team at Daniel & Partners LLP.
Post written by Robert Di Lallo, associate lawyer with Daniel & Partners LLP.