Ontario Real Estate Licensing Exam Practice · Question
A buyer, wishing to purchase a pre-construction condo in North York, is reviewing the disclosure statement provided by the builder. The buyer's salesperson reminds them of the rescission period. What is the typical length of this cooling-off period for pre-construction condominium purchases in Ontario, during which the buyer can rescind the agreement without penalty?
The Condominium Act, 1998, Part III, Section 73(1), grants buyers a 10-calendar-day rescission period following the receipt of the disclosure statement for new
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Question: A buyer, wishing to purchase a pre-construction condo in North York, is reviewing the disclosure statement provided by the builder. The buyer's salesperson reminds them of the rescission period. What is the typical length of this cooling-off period for pre-construction condominium purchases in Ontario, during which the buyer can rescind the agreement without penalty?
Answer options:
- 24 hours
- 5 business days ✅ 10 calendar days
- 15 business days
Correct answer: 10 calendar days
Explanation: The Condominium Act, 1998, Part III, Section 73(1), grants buyers a 10-calendar-day rescission period following the receipt of the disclosure statement for new condominium purchases.
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