any subsequent time, a common expense and the projected common expense
contribution attributable to each of those services or expenses for each type of unit;
(i) a statement of the projected amounts in all reserve funds at the end of the current fiscal
(j) a summary of the most recent reserve fund study, if any; and
(k) all other material that the regulations made under this Act require. 1998, c. 19,
s. 72 (6).
Rescission of agreement73. (1)
A purchaser who receives a disclosure statement under subsection 72 (1) may, in
accordance with this section, rescind the agreement of purchase and sale before accepting a deed
to the unit being purchased that is in registerable form. 1998, c. 19, s. 73 (1).
Notice of rescission(2)
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 who must receive the notice within 10 days of the later of,
(a) the date that the purchaser receives the disclosure statement; and
(b) the date that the purchaser receives a copy of the agreement of purchase and sale
executed by the declarant and the purchaser. 1998, c. 19, s. 73 (2).
Refund upon rescission(3)
If a declarant or the declarant’s solicitor receives a notice of rescission from a
purchaser under this section, the declarant shall promptly 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. 73 (3).
Material changes in disclosure statement74. (1)
Whenever there is a material change in the information contained or required to be
contained in a disclosure statement delivered to a purchaser under subsection 72 (1) or a revised
disclosure statement or a notice delivered to a purchaser under this section, the declarant shall
deliver a revised disclosure statement or a notice to the purchaser. 1998, c. 19, s. 74 (1).
In this section,
“material change” means a change or a series of changes that a reasonable purchaser, on an
objective basis, would have regarded collectively as sufficiently important to the decision
to purchase a unit or proposed unit in the corporation that it is likely that the purchaser
would not have entered into an agreement of purchase and sale for the unit or the proposed
unit or would have exercised the right to rescind such an agreement of purchase and sale
under section 73, if the disclosure statement had contained the change or series of changes,
but does not include,
(a) a change in the contents of the budget of the corporation for the current fiscal year if
more than one year has passed since the registration of the declaration and description