Office of the Superintendent of Real Estate Extends Early Marketing Periods for Developments Marketed Prior to Obtaining Building Permits and Financing Commitments
In April 2020, this policy was first announced.
Today, in recognition that developments and approval requirements have become increasingly complex, and that qualifying for developments financing is taking increasingly long, the Office of the Superintendent of Real Estate has extended the early marketing period for from 9 months to 12 months for development property marketed before building permits and financing commitments are obtained.
To accomplish this, the Superintendent has amended Policy Statements 5 and 6 accordingly as of May 1, 2021. All other provisions of Policy Statements 5 and 6, including the rights of purchasers to cancel their purchases under specified conditions after 12 months, remain in effect and are unchanged.
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For more information, please contact a member of our Real Estate Law team.
This article is intended to be an overview of the law and is for informational purposes only. Readers are cautioned that this article does not constitute legal or professional advice and should not be relied on as such. Rather, readers should obtain specific legal advice in relation to the issues they are facing.