What is the 10 Day Rescission Period?

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The Rescission Period is also referred to as the “Cooling Off Period”. The developer is required to give all buyers a 10 day window (note: 10 calendar days, not 10 banking days) to review the agreement.

During this time we suggest that all buyers do the following:

  • Have the agreement reviewed by a lawyer and highlight any concerns they may have. During the 10 days we can request changes to be made to the agreement
  • Get pre-approved by a mortgage broker or bank

If for any reason you need to back out of the agreement, you are able to do so without any penalty within the 10 day window.

Roy Bhandari