Background Image
Previous Page  56 / 118 Next Page
Information
Show Menu
Previous Page 56 / 118 Next Page
Page Background

for the corporation,

(b) a substantial addition, alteration or improvement within the meaning of subsection 97

(6) that the corporation makes to the common elements after a turn-over meeting has

been held under section 43,

(c) a change in the portion of units or proposed units that the declarant intends to lease,

(d) a change in the schedule of the proposed commencement and completion dates for the

amenities of which construction had not been completed as of the date on which the

disclosure statement was made, or

(e) a change in the information contained in the statement described in subsection 161 (1)

of the services provided by the municipality or the Minister of Municipal Affairs and

Housing, as the case may be, as described in that subsection, if the unit or the

proposed unit is in a vacant land condominium corporation. 1998, c. 19, s. 74 (2).

Contents of revised statement

(3)

The revised disclosure statement or notice required under subsection (1) shall clearly

identify all changes that in the reasonable belief of the declarant may be material changes and

summarize the particulars of them. 1998, c. 19, s. 74 (3).

Time of delivery

(4)

The declarant shall deliver the revised disclosure statement or notice to the purchaser

within a reasonable time after the material change mentioned in subsection (1) occurs and, in any

event, no later than 10 days before delivering to the purchaser a deed to the unit being purchased

that is in registerable form. 1998, c. 19, s. 74 (4).

Purchaser’s application to court

(5)

Within 10 days after receiving a revised disclosure statement or a notice under

subsection (1), a purchaser may make an application to the Superior Court of Justice for a

determination whether a change or a series of changes set out in the statement or notice is a

material change. 1998, c. 19, s. 74 (5); 2000, c. 26, Sched. B, s. 7 (5).

Rescission after material change

(6)

If a change or a series of changes set out in a revised disclosure statement or a notice

delivered to a purchaser constitutes a material change or if a material change occurs that the

declarant does not disclose in a revised disclosure statement or notice as required by subsection

(1), the purchaser may, before accepting a deed to the unit being purchased that is in registerable

form, rescind the agreement of purchase and sale within 10 days of the latest of,

(a) the date on which the purchaser receives the revised disclosure statement or the notice,

if the declarant delivered a revised disclosure statement or notice to the purchaser;

(b) the date on which the purchaser becomes aware of a material change, if the declarant

has not delivered a revised disclosure statement or notice to the purchaser as required

by subsection (1) with respect to the change; and

(c) the date on which the Superior Court of Justice makes a determination under

subsection (5) or (8) that the change is material, if the purchaser or the declarant, as

the case may be, has made an application for the determination. 1998, c. 19, s. 74 (6);

2000, c. 26, Sched. B, s. 7 (5).