74 (1) Whenever there is a material change in the information contained or required to be contained in a disclosure statement delivered to a purchaser under subsection 72 (1) or a revised disclosure statement or a notice delivered to a purchaser under this section, the declarant shall deliver a revised disclosure statement or a notice to the purchaser. 1998, c. 19, s. 74 (1). Definition (2) In this section, “material change” means a change or a series of changes that a reasonable purchaser, on an objective basis, would have regarded collectively as sufficiently important to the decision to purchase a unit or proposed unit in the corporation that it is likely that the purchaser would not have entered into an agreement of purchase and sale for the unit or the proposed unit or would have exercised the right to rescind such an agreement of purchase and sale under section 73, if the disclosure statement had contained the change or series of changes, but does not include, (a)  a change in the contents of the budget of the corporation for the current fiscal year if more than one year has passed since the registration of the declaration and description for the corporation, (b)  a substantial addition, alteration or improvement within the meaning of subsection 97 (6) that the corporation makes to the common elements after a turn-over meeting has been held under section 43, Note: On a day to be named by proclamation of the Lieutenant Governor, clause (b) of the definition of “material change” in subsection 74 (2) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 65 (1)) (b)  a substantial modification, within the meaning of subsection 97 (9), that is an addition, alteration or improvement that the corporation makes to the common elements after a turn-over meeting has been held under section 43, (c)  a change in the portion of units or proposed units that the declarant intends to lease, (d)  a change in the schedule of the proposed commencement and completion dates for the amenities of which construction had not been completed as of the date on which the disclosure statement was made, or (e)  a change in the information contained in the statement described in subsection 161 (1) of the services provided by the municipality or the Minister of Municipal Affairs and Housing, as the case may be, as described in that subsection, if the unit or the proposed unit is in a vacant land condominium corporation. 1998, c. 19, s. 74 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “material change” in subsection 74 (2) of the Act is amended by striking out “or” at the end of clause (d) and by adding the following clauses: (See: 2015, c. 28, Sched. 1, s. 65 (2)) (f)  except as is otherwise prescribed, an increase of less than 10 per cent in the common expenses mentioned in any part of subsection 72 (6), determined in accordance with the regulations, (g)  except as is otherwise prescribed, an increase in the common expenses mentioned in any part of subsection 72 (6) if it is the result of the application, in the prescribed manner, of any prescribed taxes, levies or charges, or (h)  anything that is prescribed. Contents of revised statement (3) The revised disclosure statement or notice required under subsection (1) shall clearly identify all changes that in the reasonable belief of the declarant may be material changes and summarize the particulars of them. 1998, c. 19, s. 74 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 74 (3) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 65 (3)) Contents of revised statement (3) The revised disclosure statement or notice required under subsection (1) shall be prepared in accordance with the regulations, shall clearly identify all changes that, in the reasonable belief of the declarant, are or may be material changes and shall summarize the particulars of them in the prescribed manner. 2015, c. 28, Sched. 1, s. 65 (3). Time of delivery (4) The declarant shall deliver the revised disclosure statement or notice to the purchaser within a reasonable time after the material change mentioned in subsection (1) occurs and, in any event, no later than 10 days before delivering to the purchaser a deed to the unit being purchased that is in registerable form. 1998, c. 19, s. 74 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 74 (4) of the Act is amended by striking out “within a reasonable time” and substituting “as soon as reasonably possible”. (See: 2015, c. 28, Sched. 1, s. 65 (4)) Purchaser’s application to court (5) Within 10 days after receiving a revised disclosure statement or a notice under subsection (1), a purchaser may make an application to the Superior Court of Justice for a determination whether a change or a series of changes set out in the statement or notice is a material change. 1998, c. 19, s. 74 (5); 2000, c. 26, Sched. B, s. 7 (5). Rescission after material change (6) If a change or a series of changes set out in a revised disclosure statement or a notice delivered to a purchaser constitutes a material change or if a material change occurs that the declarant does not disclose in a revised disclosure statement or notice as required by subsection (1), the purchaser may, before accepting a deed to the unit being purchased that is in registerable form, rescind the agreement of purchase and sale within 10 days of the latest of, (a)  the date on which the purchaser receives the revised disclosure statement or the notice, if the declarant delivered a revised disclosure statement or notice to the purchaser; (b)  the date on which the purchaser becomes aware of a material change, if the declarant has not delivered a revised disclosure statement or notice to the purchaser as required by subsection (1) with respect to the change; and (c)  the date on which the Superior Court of Justice makes a determination under subsection (5) or (8) that the change is material, if the purchaser or the declarant, as the case may be, has made an application for the determination. 1998, c. 19, s. 74 (6); 2000, c. 26, Sched. B, s. 7 (5). Notice of rescission (7) To rescind an agreement of purchase and sale under this section, a purchaser or the purchaser’s solicitor shall give a written notice of rescission to the declarant or to the declarant’s solicitor. 1998, c. 19, s. 74 (7). Declarant’s application to court (8) Within 10 days after receiving a notice of rescission, the declarant may make an application to the Superior Court of Justice for a determination whether the change or the series of changes on which the rescission is based constitutes a material change, if the purchaser has not already made an application for the determination under subsection (5). 1998, c. 19, s. 74 (8); 2000, c. 26, Sched. B, s. 7 (5). Refund upon rescission (9) A declarant who receives a notice of rescission from a purchaser under this section shall refund, without penalty or charge, to the purchaser, all money received from the purchaser under the agreement and credited towards the purchase price, together with interest on the money calculated at the prescribed rate from the date that the declarant received the money until the date the declarant refunds it. 1998, c. 19, s. 74 (9). Time of refund (10) The declarant shall make the refund, (a)  within 10 days after receiving a notice of rescission, if neither the purchaser nor the declarant has made an application for a determination described in subsection (5) or (8) respectively; or (b)  within 10 days after the court makes a determination that the change is material, if the purchaser has made an application under subsection (5) or the declarant has made an application under subsection (8). 1998, c. 19, s. 74 (10). Note: On a day to be named by proclamation of the Lieutenant Governor, section 74 of the Act is amended by adding the following subsections: (See: 2015, c. 28, Sched. 1, s. 65 (5)) Application (11) A person who is or was a purchaser may make an application to the Superior Court of Justice for an order under subsection (12). 2015, c. 28, Sched. 1, s. 65 (5). Court order (12) The court, if satisfied that the declarant has, without reasonable excuse, failed to comply with subsection (1), (3), (4), (9) or (10), (a)  shall order that the declarant pay damages to the person for the loss that the person incurred as a result of the declarant’s acts of non-compliance with subsection (1), (3), (4), (9) or (10), as the case may be; (b)  shall order that the declarant pay the person’s costs of the application; (c)  may order the declarant to pay to the person an additional amount not to exceed $10,000; and (d)  may order the declarant to comply with subsection (1), (3), (4), (9) or (10), as the case may be. 2015, c. 28, Sched. 1, s. 65 (5). Section Amendments with date in force (d/m/y) 2000, c. 26, Sched. B, s. 7 (5) - 5/05/2001 2015, c. 28, Sched. 1, s. 65 - not in force