Condo Disclosure and Declarations

This really depends on the state or province, since condominium regulations are created by each province.

Here in Manitoba, buyers receive the condo documents, which include the by-laws, rules, financial statements, budget, etc etc, after making an offer. There is a 7-day period during which the condo buyer can examine all of these, and during this time the buyers can back out of the purchase if they want to do so. If they back out, a full refund of their deposit is made.

The reason for this procedure is simply this: the condo document package is often several hundred pages long, and the seller can not create several dozen copies just to hand out to anyone who ‘might’ be interested in the condo. Therefore an accepted offer must be presented, and this will trigger the condo docs being delivered.

This is such a great way of looking at it since you do not want to live in a condo that does not suit your lifestyle. Again, the 7-day period is sufficient time for a prospective buyer to make a decision.