David Pylyp: With Shadi Nasseri a Toronto condo Law Specialist, When you buy a condominium from a builder developer there is a cooling off period correct?
Shadi Nasseri: Yes, You actually have a limited time to have your condo agreement of Purchase and Sale revied by a lawyer. Its called the Rescission Period, and usually its 10 (ten) days from the day that you signed the Agreement of Purchase and Sale. This also includes Holidays and weekends! Usually, so... Make sure that you get to a lawyer, contact a lawyer, to review the agreement as soon as possible.
David Pylyp: What types of things are you looking for?
Shadi Nasseri: You want to make sure that you are OK with all the terms of the Agreement.
Although a lot of people say the agreements are standard, What may be standard in One agreement of Purchase and Sale, May not be in your best interest, specific to you, So you ALWAYS need to review it and make sure It is OK for you and your specific conditions.
David Pylyp: I've seen agreements recently that don't even contain the square footage of the condo...
Shadi Nasseri: Yes, Unfortunately that is quite common. They don't have the square footage
and often there are provisions in the agreement that state that the builder has the right to change any aspect of the size and shape of the condo, as they wish.
So you need to make sure, either one that your OK with that or that you can speak to a builder to PIN down exactly what you are going to get.
Shadi Nasseri: I always like to put in some sort of cap IF it is agreeable to the builder, just to manage your expectations, or the purchaser's expectations on closing. So that when It comes time for closing you are not surprised by the fees that you have to pay with respect to adjustments or HST (Harmonized Sales Tax) excetera, and you can save up for that. If we can get a CAP set with the Builder; you know exactly how much money you will need to close.