Section 53.2 of the New Home Construction Licensing Act, 2017 comes into force on January 1, 2027. What will it give a buyer who signs a purchase agreement for a new freehold home from a vendor after that date?

Correct Answer

C) A right to rescind by written notice the vendor receives within 10 days

Section 53.2(3) and (4), in force January 1, 2027, let a purchaser of a new freehold home rescind by written notice that the vendor receives within 10 days after the latest of receiving the prescribed information, satisfaction of any prescribed requirements, and receiving a copy of the signed agreement. Section 53.2(5) requires the vendor to refund all money credited to the price promptly, without penalty, with interest.