(Source: CBC News)
The Supreme Court of B.C. handed down a ruling Tuesday that clarifies one aspect of pre-sale condominium contracts, allowing one owner to abandon his contract for a multi-million dollar suite near Vancouver because of an incomplete disclosure statement.
The decision involved a man who put down a 10 per cent deposit on a $3.5 million suite on the UBC endowment lands west of Vancouver.
Five months later, Timothy Dwane and his wife had their first look at the unit being developed by Coast Development Partnership and they weren’t happy with what they saw. Dwane claimed the view and the privacy of the unit were not what had been promised by the marketer and developer.
It was not the just obscured view that got Dwane out of the contract, however. The court found the disclosure statement that was provided to Dwane when he bought the unit wasn’t complete, because it did not include three amendments, which altered the size and density of the units in the building, removed a wine cellar from his unit, and changed the fees.
Read the full article “B.C. court rules pre-sale condo contract invalid” from CBC News (June 3, 2009).