Rescission
Question:
My clients just closed on a condominium apartment. The neighbour below is objectionable, noisy and complaining constantly about their noise. They just moved in recently.
Answer:
Assuming that this is a recent purchase, your client may have the remedy of rescission. That would mean that your client would transfer the unit back to the original Seller etc. Land Transfer Taxes get refunded. The Seller refunds the purchase price.
This is a remedy which is available for a relatively short term period. The action is based upon the Seller’s failure to disclose a matter of considerable importance that would have affected the decision to buy. In other words, the Seller’s concealed the “crazy neighbour” information.
Brian Madigan LL.B., Broker