Background Image
Previous Page  57 / 118 Next Page
Information
Show Menu
Previous Page 57 / 118 Next Page
Page Background

Notice of rescission

(7)

To rescind an agreement of purchase and sale under this section, a purchaser or the

purchaser’s solicitor shall give a written notice of rescission to the declarant or to the declarant’s

solicitor. 1998, c. 19, s. 74 (7).

Declarant’s application to court

(8)

Within 10 days after receiving a notice of rescission, the declarant may make an

application to the Superior Court of Justice for a determination whether the change or the series

of changes on which the rescission is based constitutes a material change, if the purchaser has not

already made an application for the determination under subsection (5). 1998, c. 19, s. 74 (8);

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

Refund upon rescission

(9)

A declarant who receives a notice of rescission from a purchaser under this section

shall refund, without penalty or charge, to the purchaser, all money received from the purchaser

under the agreement and credited towards the purchase price, together with interest on the money

calculated at the prescribed rate from the date that the declarant received the money until the date

the declarant refunds it. 1998, c. 19, s. 74 (9).

Time of refund

(10)

The declarant shall make the refund,

(a) within 10 days after receiving a notice of rescission, if neither the purchaser nor the

declarant has made an application for a determination described in subsection (5) or

(8) respectively; or

(b) within 10 days after the court makes a determination that the change is material, if the

purchaser has made an application under subsection (5) or the declarant has made an

application under subsection (8). 1998, c. 19, s. 74 (10).

Accountability for budget statement

75. (1)

The declarant is accountable to the corporation under this section for the budget

statement that covers the one-year period immediately following the registration of the

declaration and description. 1998, c. 19, s. 75 (1).

Common expenses

(2)

The declarant shall pay to the corporation the amount by which the total actual amount

of common expenses incurred for the period covered by the budget statement, except for those

attributable to the termination of an agreement under section 111 or 112, exceeds the total

budgeted amount. 1998, c. 19, s. 75 (2).

Revenue

(3)

The declarant shall pay to the corporation the amount by which the total actual amount

of fees, charges, rents and other revenue paid or to be paid to the corporation, during the period

covered by the budget statement, for the use of any part of the common elements or assets or of

any other facilities related to the property, is less than the total budgeted amount. 1998, c. 19,

s. 75 (3).

Set-off

(4)

If the total actual amount of revenue described in subsection (3) exceeds the total

budgeted amount, the declarant may deduct the excess from any amount payable under