A buyer signs an agreement to buy a pre-construction condominium unit from the declarant on March 3 and receives the disclosure statement and condominium guide that day. She receives her copy of the agreement signed by both parties on March 8. Under s. 73 of the Condominium Act, 1998, by what date must the declarant receive her notice of rescission?
Correct Answer
C) March 18
Section 73(2) of the Condominium Act, 1998 requires the declarant or its solicitor to receive the written notice of rescission within 10 days of the latest of the dates the buyer receives the disclosure statement, the condominium guide and a copy of the agreement executed by both parties. The latest of these is March 8, so the deadline is March 18.
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A buyer signs an agreement of purchase and sale for a proposed unit with a declarant, but the declarant has not yet delivered the disclosure statement or the condominium guide. What is the legal status of the agreement?
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A buyer's offer contains a financing condition to be fulfilled or waived within five business days after acceptance. The seller accepts on a Tuesday, and there are no holidays that week or the next. Counting from the day after acceptance, what is the last day to fulfill or waive the condition?