The Condominium Act provides that if a change, or series of changes, occurs to the condominium project or to any of the information set forth in the disclosure statement, then the purchaser has a right to rescind the contract within 10 days of the later of:
- the date on which the purchaser received a revised disclosure statement reflecting a material change, or notice from the declarant confirming a material change has occurred; and
- the date on which the purchaser became aware of the material change
Upon receiving notice of rescission from the unit purchaser, the declarant is obliged to promptly refund all money received from the purchaser and credited towards the purchase price, together with interest thereon calculated at the prescribed rate, accruing from the date such monies were received, to and until the date that the declarant has refunded same.
"A material change" is expressly defined in the New Condominium Act as a change, or a series of changes, that a reasonable purchaser, on an objective basis, would collectively regard as sufficiently important to the decision to acquire the unit, that it is likely that such purchaser would not have entered into the contract, or would have exercised the right to rescind same, if the disclosure statement had originally contained said change or series of changes....
I would think a purchaser would have a hard time arguing that the shade of the spandrel would constitute a material change - as for the amount of spandrel vs clear vision glass, the floor plans would fairly accurately depict where windows are vs where walls are located - I don't know the exact details regarding this project, but I would be surprised if this particular developer suddenly replaced a large percentage of windows with solid walls - that would constitute a material change for which purchasers could back out of the contract.... especially given that the rendering is not included in the purchase and sale agreement and is not legally binding, it is an "artistic" rendering, not a legal document - however floor plans are included in the p&s agreement and are part of the contract.