What is the rescission period for new Condo/Co-op purchases?

The rescission period for new Condo and Co-op purchases is 15 calendar days. This period allows buyers to reconsider their decision after signing a purchase agreement. During these 15 days, purchasers have the right to cancel the purchase without any penalty, ensuring that they have ample time to review the terms, seek legal advice, or simply rethink their decision in light of new information. This consumer protection measure is crucial, as it provides a safeguard for buyers, allowing them to make more informed choices in a significant financial transaction such as real estate.

In cases where the rescission period is shorter, like 3 or 7 calendar days, it may not offer enough time for buyers to adequately review the complexities of their contracts, which could lead to hasty decisions that they may regret later. The longer period specifically designed for condos and co-ops ensures that buyers have a reasonable opportunity to evaluate their commitment and protect their interests.