New legislation introduced in Manitoba is good news for buyers of condos but may cause concern for sellers.
New legislation introduced in Manitoba is good news for buyers of condos but may cause concern for sellers. The new Condominium Act has extended the cooling-down period by five days which means that buyers now have a week to review documents and reconsider if necessary. The extra time may be an inconvenience for sellers but there is another risk of delay from anything constituting a “material change” which could add an additional 7 day cooling-down period. There is no set definition in the law for what a material change might be, but Rob Giesbrecht, past-president of the Manitoba Chapter of the Canadian Condominium Institute told the Winnipeg Free Press that an example would be the discovery of a major repair for which condo owners will be asked for additional funds by the condo association. He says that in practice the buyer would negotiate with the seller to take the additional costs into consideration. Read the full story.
