Every pre-construction condo purchaser in Ontario has 10 calendar days, not business days, cooling off period, also known as the “rescission period”. The cooling off period is a time frame where the unit is reserved for you, but gives the buyers the time to do their due diligence, and to make a final decision.
It is advised that you have an experienced lawyer review your purchase and sale agreement, speak to your financial institution and get your mortgage pre-approval in place during this time.
If, during the 10-day cooling off period you change your mind (for any reason) and decide not to purchase the unit, you can simply cancel the contract by going back to the sales centre, returning all the documents and signing the Rescission Letter, and have your deposit returned without deduction.
If you decide to go ahead with the purchase, the contract is binding and the first cheque is cashed on the 11th day.