Cooling-off Period - Does it include weekends?

[Admiral Beez]

IMO, you're a fool if you make a huge legal and financial commitment to buy something that you've never seen, will not see for years, and that you've only heard or seen anything about on a brochure and from some slick salesguy.

 

[investor]

OW,

My memories are long and strong from the late 80s early 90s. During that boom the risk was borne entirely by the lenders who financing nearly 100% of the construction costs of many projects. Today, lenders protect themselves by demanding roughly 70% pre-sales before construction financing is provided so developers must be better capitalized in order to proceed with projects. Mezzanine lenders have filled the gap for many developers, and their standards have certainly become less stringent in recent years as incentivized 3rd party funds are eager to deploy capital.

Presumably pre-sales would give lenders comfort that a project is feasible. The risks have thus shifted away from the lenders to the buyers. The problem is that a growing majority of buyers in today's market are not end user but investors and speculators. That's not real demand for units. Ultimately the market will correct itself as a result of this speculation as the market gets overbuilt.

Just because the investors and speculators haven't dumped their units yet does not mean they won't. Again, look at Miami for a clue into the future of speculative buying here.

 

[argos]

does the 10 day "cooling-off" period begin from the day i sign the purchase agreement and handing over the deposit cheque? I was asked to date the cheque for the 10th day after the day i signed the agreement, which i'm a little confused about.

I thought the 10-days only start AFTER i receive my executed copy and does NOT start counting after signing my agreement? so why do they want my cheque dated on the 10th day following the day i signed, shouldn't it be dated 10-days AFTER i receive my copy?

 

[luxome]

does the 10 day "cooling-off" period begin from the day i sign the purchase agreement and handing over the deposit cheque? I was asked to date the cheque for the 10th day after the day i signed the agreement, which i'm a little confused about.

I thought the 10-days only start AFTER i receive my executed copy and does NOT start counting after signing my agreement? so why do they want my cheque dated on the 10th day following the day i signed, shouldn't it be dated 10-days AFTER i receive my copy?

You should receive your copy about 20 minutes after you sign. I don't think it has to be executed, and yes, it is 10 business days.

i believe it's 10 calendar days, though i could be wrong.

 

[cdr108]

it's 10 calendar days

 

[Wooba]

does the 10 day "cooling-off" period begin from the day i sign the purchase agreement and handing over the deposit cheque? I was asked to date the cheque for the 10th day after the day i signed the agreement, which i'm a little confused about.

I thought the 10-days only start AFTER i receive my executed copy and does NOT start counting after signing my agreement? so why do they want my cheque dated on the 10th day following the day i signed, shouldn't it be dated 10-days AFTER i receive my copy?

I've signed 4 different condo contracts and the sales office treat everything as though the 10 days starts the day you sign the paperwork.
However I have been told twice by my laywer that the 10 days starts from the moment they had you back the paperwork signed by their people. I've never needed to challenge it, but that's his area of expertise, so I'll take his word for it.

 

[newbuyer]

It's 10 calendar days.

 

[argos]

it's 10 calendar days

It's 10 calendar days.

10 calendar days after what? after the day i sign or after i receive my executed copy? (i know it's mentioned couple posts up, but i just want to double confirm )

if it's 10 days after i receive my executed copy, then why do they want me to date the cheque for the 10th day following my signing?

 

[newbuyer]

10 calendar days after what? after the day i sign or after i receive my executed copy? (i know it's mentioned couple posts up, but i just want to double confirm )

if it's 10 days after i receive my executed copy, then why do they want me to date the cheque for the 10th day following my signing?

the 10 days start on the day you sign the agreement. You could ask them for the copy right on the day you sign.

 

[luxome]

the 10 days start on the day you sign the agreement. You could ask them for the copy right on the day you sign.

are you sure? i believe it's 10 days after you receive your executed copy. Because normally when you the agreement, it has to get signed by the builder as well (not just the sales rep) and that usually doesn't happen on the same day since builders are rarely on site. Correct me if i'm wrong.

If you want to change your mind and cancel the contract, the legislation gives you a 10-day “cooling-off” period from the time you receive a copy of the signed purchase and sale agreement or the disclosure statement (whichever comes later). In some circumstances, you may have additional time to cancel the contract if there has been a material change as defined in the act. Note that the 10-day cooling off period pertains only to the sale of new condos, not resales.

Source: http://www.gov.on.ca/mgs/en/ConsProt/STEL02_168751.html

 

[Wooba]

are you sure? i believe it's 10 days after you receive your executed copy. Because normally when you the agreement, it has to get signed by the builder as well (not just the sales rep) and that usually doesn't happen on the same day since builders are rarely on site. Correct me if i'm wrong.

As I stated previously, my lawyer has told me twice (I specifically asked him this question, twice) that the ten days starts when you get the paperwork back signed by the builder, not when you sign them in the sales office.
Of the 4 times I signed for a condo however, one of them the person with signing authority was on site so I received it back immediately.

 

[kondoz]

IMO, you're a fool if you make a huge legal and financial commitment to buy something that you've never seen, will not see for years, and that you've only heard or seen anything about on a brochure and from some slick salesguy.

There are some investors who do quite well buying from paper and are able to take salespeople's pitches with a grain of salt. There are others that make bad decisions.