Cooling-off or Rescission Period

The cooling period, also known as the rescission period, is a specific timeframe during which a buyer of a pre-construction property has the right to cancel the purchase agreement without penalties. This period provides buyers with an opportunity to reconsider their decision and review the terms and conditions before the contract becomes binding. The length of the cooling period can vary by jurisdiction and may be regulated by local real estate laws e.g 10 days cooling-off period in Ontario