New Condos Ten Days Cooling Off Period
Ten Day Cooling Off Period For Pre-construction Condos
Everything You Need to Know About the Ten-Day Cooling Off Period for Pre-construction Condos
Whenever you buy a pre-construction condo in Ontario, you will have a ten-day cooling off period. Despite its importance, many people don’t know exactly what this is or how to properly take advantage of it. I’m writing here today to help explain the ten-day cooling off period for pre-construction condos and what you should be looking for and doing during this crucial time.
What is the Ten-Day Cooling Off Period for Pre-Construction Condos?
The ten-day cooling off period for pre-construction condos takes place over the ten days after you have signed the purchase agreement. This is a right given to each buyer of a new condo by the Ontario Condominium Act in Section 73. The purpose of this is to allow you to settle down after the excitement of your big, new buy and consider whether it was the right investment for you to make, or if there are some things that you would like to change. Chances are that you’ve regretted buying something that was final sale in the past, whether it was a t-shirt or a television; the ten-day cooling off period for pre-construction condos gives you the opportunity to “return” your condo without consequence.
What to Do During the Ten-Day Cooling Off Period for Pre-Construction Condos
Once the agreement is completely signed, the ten-day cooling off period for pre-construction condos begins, but that doesn’t mean you have to panic. Here’s what you should do during this time.
Review Your Agreement: It is important that you take your time and not rush while reviewing your agreement. While you should read over it yourself and note any questions or concerns, you will need to have your real estate lawyer look at it, as well. They have the expert knowledge required to see through deals that seem too-good-to-be-true and find parts that may leave you in a bad position if certain circumstances were to arise.
Request Changes: If you and your lawyer come across something in the purchase agreement that’s worrisome, the ten-day cooling off period for pre-construction condos is the time to ask for changes to be made so that you are comfortable going forward. If the builder does not want to make changes that are important to you, then you may want to consider backing out of the agreement altogether and finding another condo that better suits your needs.
Get Your Mortgage Pre-Approval in Order: You don’t want to be responsible for paying for a condo that you aren’t able to afford. Once the ten-day cooling off period for pre-construction condos begins, head to your bank and make sure that you are pre-approved for the mortgage. Once again, if problems arise here, then cancelling the agreement is probably in your best interest.
Decide to Stay or Go: Even if changes to the contract have been made and you are pre-approved and happy with your mortgage rate, there may be other, personal reasons to cancel the agreement. Perhaps you want to wait for a better deal or something has suddenly come up. No matter the reason, you are able to get out of the contract at any time during the ten-day cooling off period for pre-construction condos and get a full refund. Of course, it’s great if you decide to go ahead with your purchase, as long as you are certain that it is the right option for you!
Contact Me for More Information Regarding the Ten-Day Cooling Off Period for Pre-Construction Condos
Do you have more questions or concerns about the ten-day cooling off period for pre-construction condos? If so, don’t hesitate to get in touch. You can reach me by phone at 647-519-5751 or by e-mail at firstname.lastname@example.org. I’d love to help clear up any confusion and make sure that you are 100 per cent confident in the purchase of your new condo before it’s too late.
The information on the new condos ten days cooling off period bog based on my experience. Readers/Users are strongly recommended to obtain independent mortgage, legal, tax or accounting advice. The information displayed is for reference only