What should I know about buying from a developer?

If you are buying from a developer on a pre-sale contract, read the documents carefully and make sure you know what work still needs to be done on the Condominium development, and what the expected completion date is.

Before you buy, the developer must provide you with a copy of:

The agreement of sale and purchase which should include:
In the case of a new sale:
the Condominium plan or the proposed plan
the declaration or proposed declaration
the by-laws or proposed by-laws
In the case of a phased development:
a disclosure statement about how the project will take place
a statement that the Declarant is not required to continue the project after this phase
if applicable, an estimated timeline of the phases
if applicable, a statement describing the type of buildings and the number of proposed units
a statement of the proportions of the common interest and common expenses attributable to the units after each phase
a list of the facilities and services the owners will share
In the case of a conversion:
All the same documents as a new sale, but in addition:
if the building has 10 units or less, the agreement will have to contain a current building inspection report paid for by the Declarant
if the building has 11 units or more, the agreement will have to contain a reserve fund study paid for by the Declarant

After receiving all required documentation, the purchaser has a 10-day period to review the documents. If anything found in the documents affects the purchaser’s decision to buy the Condominium, the purchaser may make an objection to the vendor in writing within the 10-day period. If the vendor and purchaser can’t or won’t come to an agreement, the agreement shall be void, and the deposit shall be returned to the purchaser, without interest or liability by the vendor for any expenses or damages caused by the purchaser.

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