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Right allowing a promisor-buyer to resiliate a preliminary contract, unilaterally and without having to justify himself, within 10 days following its signing.. This "right of withdrawal" can be exercised by any natural person who promises to acquire (from a builder or developer) a residential building to live in himself. It may be subject to compensation that may not exceed 0.5% of the agreed sale price.
21/08/2015
Building a condominium requires major investments on the part of a developer. This is the reason why a down payment will be required upon signing the preliminary contract for the desired condo unit. The Civil Code of Quebec provides that “any amount paid on the occasion of a promise of sale is…...
21/08/2015
The signing of the preliminary contract binds the parties involved, namely you and the developer or builder. However, the law gives you a short "reflection" period, during which you can still terminate the contract unilaterally, in certain cases and in return for compensation to be paid to the promoter. This being…...