#VerityAnswers – What is the “Cool Off” Period in a New Construction Purchase?
When you buy a new construction condo in Toronto you have a 10 day period, called the cool-off period, to review the contract and find it satisfactory at your discretion. At any point, during these 10 days from signing, you can back out or rescind from your purchase, without penalty and your deposit is returned, in full. We encourage our clients to have their lawyer review the contract, to negotiate additional terms and inclusions into the offer and get their mortgage qualification complete during these 10 days. Completing all of your due diligence during these 10 days and can clarify if you want to proceed with your purchase, when you’re armed with all the info you need to make an informed decision.