Definition : Right of withdrawal (Resolution)

Right allowing a promisor-purchaser to resiliate a preliminary contract unilaterally and without having to give any justification, within 10 days following its signing. This "right of withdrawal" may be exercised by any natural person intending to occupy the dwelling being the object of the preliminary contract.

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The signing of the preliminary contract binds the parties, (yourself, the developer or builder). This being said, the Civil Code of Quebec provides that you have the right within a period of 10 days to unilaterally cancel this contract, which means that you can walk away from your undertaking to purchase (right of withdrawal) without any justification. This "right of withdrawal" may be exercised by any promisor who is a natural person and who intends to occupy the apartment being the object of the preliminary contract.
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Building a condominium requires major investments on the part of a developer. This is the reason why a down payment will be required upon signing the preliminary contract for the desired condo unit. This down payment, which represents the first installment to the seller, varies according to the unit’s total price.  
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