Condominium Act

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Notice of rescission
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
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
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
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
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
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
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
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