RTA · Condominium Property Regulation
Part 1 — .2
20.09 Consequences of delay in occupancy
occupancy within 30 days after the final occupancy date in the
occupancy date statement, the purchaser may, subject to subsection
(3), rescind the purchase agreement by providing the developer
with a written notice rescinding the purchase agreement.
(2) If a unit is not ready for occupancy within 30 days after the
final occupancy date in the occupancy date statement, the
developer shall provide the purchaser with a written notice of a
revised final occupancy date unless the purchaser has already
rescinded the purchase agreement.
(3) A revised final occupancy date referred to in subsection (2) is
binding on the purchaser
(a) if the purchaser has prov ided written acceptance of the
revised final occupancy date, or
(b) if the purchaser does not rescind the purchase agreement
within 10 days after receipt of the notice of the
developer's revised occupancy date.
(4) A developer or prescribed trustee, as the case may be, shall
refund all money paid by the purchaser within 15 days of receipt of
the purchaser's written notice rescinding the purchase agreement.
AR 181/2017 s5