Real Estate

Is this a 10 day backout clause?

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  • Aug 18th, 2019 8:54 pm
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[OP]
Deal Addict
User avatar
Feb 24, 2007
3659 posts
1262 upvotes
Toronto

Is this a 10 day backout clause?

New build, builder told me there was no 10-day with detached home construction

In reading the paper work at home I saw this

Seems to be 10 day cooling period, but also mentions the vendor can make it an agreement if there was no prior notice?

Do i have 10 days or not to cancel and get my deposit back if i wanted ?

I am in Pickering, Ontario

Thanks
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6 replies
Deal Expert
Feb 29, 2008
17751 posts
15402 upvotes
Tarrana & The Ri…
Pretty sure there is no 10 day cooling off period for detach.

Your lawyer should be reviewing the contract and advising you.
Deal Addict
Feb 19, 2019
1604 posts
2408 upvotes
Stouffville ON
As Jaylove06 said there is no cooling off period for detached houses, there is a cooling off period for new condominiums, the detached can have a cooling off period only if there is a clause in the contract.
You need to talk to the lawyer asap to review the contract.
Full Time and Full Service Realtor
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Oct 13, 2014
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Just Moved To Somewh…
That is the time frame that the seller has to complete/accept the agreement. If the seller does not do anything then the purchaser can withdraw from the agreement.
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Member
Jun 2, 2012
329 posts
313 upvotes
NORTH YORK
It’s a clause saying your offer as a purchaser is irrevocable for 10 days.

It is possible for there to be a cooling off period for detached homes. All condominiums have to have a 10 day cooling off period. With the trend towards builders skimping on community amenities like road width where municipalities refuse to service them, many new detached home developments are now condominiums and have a cooling off period.
Deal Fanatic
Dec 20, 2018
6530 posts
5603 upvotes
wmahmud wrote: New build, builder told me there was no 10-day with detached home construction

In reading the paper work at home I saw this

Seems to be 10 day cooling period, but also mentions the vendor can make it an agreement if there was no prior notice?

Do i have 10 days or not to cancel and get my deposit back if i wanted ?

I am in Pickering, Ontario

Thanks
No. Not for you at least. It's for the vendor only. Vendor has ten days to reject it not you (purchaser)
[OP]
Deal Addict
User avatar
Feb 24, 2007
3659 posts
1262 upvotes
Toronto
Thanks all - was just wondering how to read that

Appreciate it

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