Posted by Michael Tourigny on
“ So what happens if we change our mind?”
If you’ve just entered into a purchase agreement on a brand new condominium, townhouse or detached home, then changing your mind is your right.
Under section 21 of the Real Estate Development Marketing Act, you have seven days from the time that the contract was executed, or from the time that you were provided with something called a disclosure statement (if required), to read through both documents and decide on whether you want to pursue the purchase or not. If not, then by serving written notice on the developer that you choose not to go any further and rescinding (cancelling) the contract, your deposit shall be returned and you will not be obligated any further with the purchase.
Care should be given to the manner in which you rescind the contract, who you served the rescission notice to, and how you will ensure that your deposit is returned in full and promptly.