Buying a new condo is a big, overwhelming, crazy, fantastic, scary decision. But you’re almost there. Now, what the heck is a 10-day rescission period?


The process of buying a condo is exciting, but it can be a little scary at times too. After shopping around (a lot), you’ve finally found your perfect pad, and now it’s time to take the big leap to reserve your new place.


It’s at this moment where those butterflies in your stomach are fluttering frantically! You’re both thrilled and nervous, and you’re filled with questions you didn’t even know you had. Questions such as; what are rules of the condo building? What is covered under warranty? How are condo fees determined? Your head is full!


These questions are totally normal, and it’s the very reason why the Condominium Property Act of Alberta provides a 10-day Rescission Period to all new condominium purchasers. Think of it as your period of condo-buying education!


How does it work? Well, the 10-day Rescission Period starts on the date you receive the Disclosure Documents from the developer. Or from the date you and the developer sign the Agreement of Purchase and Sale.


Some people refer to it as ‘the cooling-off period.’ It’s there to allow you to time to learn as much as you can about the condo development. And to ask questions, of course! 


Along with a copy of the Purchase and Sale Agreement, the Disclosure Documents (as required by Section 12 of the Condominium Property Act Alberta) will provide details about the warranty, amenities and finishes, as well as bylaws, insurance, and financial information including a proposed budget.


But, you should also take advantage of the 10 days to do a few other things:


Take a condo off the market – In pre-construction condo sales, the best units are often snapped up quickly. Which is why it’s important to move fast to get the condo you want. Thanks to the rescission period, you can use the ten days to reserve your favourite condo while you finish your research.


Get reassurance from friends and family, a real estate lawyer or accountant – Whether you’re a first-time buyer or a seasoned investor, use this time to seek advice and reaffirm your decision. Bring in Mom and Dad and your Uncle Norman. Show off the show suite to your BFF, work the numbers with your accountant. Feel confident and comfortable. Remember, this is your future home, and it won’t feel like a home if you’re not confident about it.


Secure financing – Meet with a mortgage specialist from a bank or brokerage to make sure you’ll qualify for a mortgage on your new place. And, while you’re at it, get a Builder Rate Hold for up to 24 months. Ever heard of a deposit bond? Talk to us to find out how you can buy a NUDE condo with only a 5% deposit, and defer the rest of your down payment until closing.


In the end, it’s as important to us that you are happy with your new home purchase, as it is to you. So that’s what the heck it is, the 10 day rescission period is there to help you be sure that you’re making the right decision.


If you have more questions or are curious about NUDE, get in touch with Sales Lead Renée via text 403-452-9268 or email