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The Province enacted new rules on Sept. 1, 2011 that are designed to offer better consumer protection for those who own, or are thinking of buying, a condominium.
Among the new rules are limits on how much a developer can charge condo buyers who choose to move into their units before the condominium corporation is registered. This is designed to protect condo buyers from having to rent the unit they plan to buy for long periods of time. For the first six months developers will only be able to charge 0.75 percent of the net purchase price per month, an amount that decreases to 0.5 percent after six months, and then down to 0.25 percent after a year.
The new rules also require developers to provide prospective buyers with more complete and detailed information about the condo corporation’s budget, planned amenities and reserve fund studies. The rules establish Provincial Condominium Dispute Officers that will be responsible for helping resolve disputes between condo owners and condo corporations. The rules also increase a buyer’s “cooling off period” from five to 10 days.
Detailed information about the new rules can be found at:Access Nova Scotia.
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