A buyer, Mark, is interested in a pre-construction condominium unit in Toronto. His real estate salesperson, Sarah, informs him about a critical period after signing the Agreement of Purchase and Sale where he can reconsider his decision without penalty. What is this period called?

Question: A buyer, Mark, is interested in a pre-construction condominium unit in Toronto. His real estate salesperson, Sarah, informs him about a critical period after signing the Agreement of Purchase and Sale where he can reconsider his decision without penalty. What is this period called?

Answer options: ✅ The 10-day cooling-off period

• The 15-day rescission period
• The 7-day 'due diligence' period
• The 30-day 'conditional' period

Correct answer: The 10-day cooling-off period

Explanation: The Condominium Act, 1998, grants purchasers of pre-construction condominium units a 10-day cooling-off or rescission period from the later of the date the buyer receives the disclosure statement or signs the agreement, during which they can rescind the agreement without penalty.