I agreed to buy a pre-construction condo from a builder, but I’m having second thoughts. What kind of penalty is there for backing out of the purchase?
Buyers sometimes don’t realize that there is no cooling-off period for most real estate transactions in Ontario, which means that “buyer’s remorse” can be costly. Fortunately, in your case, there’s one notable exception under the Condominium Act: there is a cooling-off period for newly-built condos purchased directly from the builder.
To take advantage of the mandatory cooling-off period for pre-construction condos, you must provide written notice that you intend to cancel the Agreement of Purchase and Sale
Continue to read on.Toronto Star