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Disclosure Statements and Declarations

These documents are important to the new condo buyers as they set out key mandatory conditions for owning a condo unit.  They are put together by the developer and will include things like a first budget, by-laws, and rules.  While you might expect that there is a lot of standard clauses, these documents can vary wildly in content from one building to another.  To make things more complicated, the language used is difficult to understand for everyone but expert real estate lawyers.

Standards are being created for declarations in terms of form and content. A simplified summary statement will replace the lengthy table of contents that has been the previous practice.  These steps will not eliminate the need for legal advice, but they will make it easier for the purchaser to understand their obligations. more