The new The Condominium Act is now in force. The new Act creates a vast new landscape for buyers, sellers, owners, developers, and condominium corporations in Manitoba.
Some highlights include:
For sellers, the cooling off period has been extended and you are now required to provide the purchaser an extensive package to commence the cooling period.
For buyers, you now have 7 days to review the documentation provided to you by the seller before you decided whether or not to purchase a condominium unit. The package is extensive!
For owners, a change agreement may be able to assist you and the condominium corporation you belong to if a change to the common elements is required.
For developers, the requirements for registering a condominium declaration at land titles have been overhauled. Is your lawyer ready?
For condominium corporations, keep in mind that your right to file a lien in the relevant land titles office may expire sooner than you think.