After a buyer's cooling-off period has passed, the declarant changes the project in a way that a reasonable purchaser would regard as material to the decision to buy. What does the Condominium Act, 1998 provide?
Correct Answer
C) The declarant must give a revised disclosure statement, and the buyer may rescind within 10 days
Section 74(1) of the Condominium Act, 1998 requires the declarant to deliver a revised disclosure statement or notice whenever a material change occurs. Under s. 74(6), the buyer may rescind within 10 days of receiving it, or of learning of an undisclosed material change, before accepting a deed, and s. 74(9) requires a refund with interest.
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- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
- → A listing salesperson expects offers next week on a resale condominium unit and knows buyers will want the status certificate. By when must the corporation give a status certificate once it is requested?
- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
- → What is the most common type of residential property ownership in Canada?
- → A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
- → An established Ontario condominium corporation completed its most recent reserve fund study in 2024. Under O. Reg. 48/01, when must it complete its next reserve fund study?
- → A buyer's status certificate shows that the corporation received a new reserve fund study two months ago, and the board has not yet sent owners anything about it. What does the Condominium Act, 1998 require of the board?
- → The seller of a condominium unit got board approval and signed a registered s. 98 agreement with the corporation to install a hot tub on her exclusive-use terrace, taking on its repair and insurance costs. How does that agreement affect the buyer?
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A unit in a 1990s apartment building rented for $1,700 a month until the tenant moved out after giving proper notice. The landlord client wants to rent it to a new tenant for $2,300 starting December 1, 2026. What applies?
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