A disclosure statement is.a document that provides pertinent details about the condominium during a sale. usually its made up of the following information:

  • the purchase agreement
  • the bylaws or proposed bylaws
  • any management agreement or proposedmanagement agreement
  • any recreational agreement or proposedrecreational agreement
  • the lease, if the land on which the unit is located isleased
  • any mortgage or proposed mortgage that may a ectthe title of the unit
  • the condominium plan or proposed condominiumplan
  • the phased development disclosure statement if theunit is in a phased development
  • reserve fund information if the development is aconversion
    1. Purchase agreements

      You should consult with your lawyer before you sign apurchase agreement with the developer.

      A purchase agreement must contain:

      • A noti cation of the purchaser’s cancellation rights

        on the front or rst page of the purchase agreement,

      • The amount or estimated amount of unit

        contributions, based on a reasonable economic

        basis, and

      • The unit factor of the unit and the method

        of determining unit factors for all units in the condominium plan.

        If the unit or the common property is not completed when the purchase agreement is made, the agreement must also include a description, drawing, or photograph of:

      • The interior nishing and all major improvements

        to the common property in a building and to all

        property of the corporation;

      • The exterior fishing of the building;