10 DAY COOLING OFF PERIOD
Planning on buying off a developer? Do you know what the 10 day cooling off period is?
From the day you receive your signed copy of the Agreement of Purchase and Sale you have 10 days to reconsider the purchase of the condominium unit. You have to provide a deposit, normally a couple thousand, to secure your unit.
During these 10 days, you should take advantage of this opportunity to speak to a lawyer and have him/her review the terms and conditions of the Agreement of Purchase and Sale and any other attachments.
What are the closing costs? Are you able to rent your unit out during interim occupancy?
Within the cooling off period you have the right to rescind or terminate this agreement at any time.