A buyer signs an agreement to buy a resale house directly from its owner in Alberta. What statutory cooling-off period allows the buyer to cancel the agreement?
Correct Answer
C) No statutory cooling-off period applies to this resale purchase
Alberta law gives the buyer of a resale house no statutory cooling-off period; once the agreement is signed, the buyer is bound by its terms, including any conditions. The one Alberta rescission right in this area is narrower: Condominium Property Act s. 13 lets a buyer of a condominium unit from a developer rescind within 10 days, which does not apply here.
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