How long do new condominium buyers typically have to back out of a sale after reviewing the estoppel document?

New condominium buyers typically have a period of 10 days to back out of a sale after reviewing the estoppel document. This timeframe is established to protect buyers, allowing them to thoroughly review important information about the condominium, including financial details, rules, and any pending legal matters associated with the property or the condominium association. The purpose of this review period is to ensure that buyers can make informed decisions based on all relevant disclosures. If, after reviewing the estoppel document, they find discrepancies or issues that could affect their decision to proceed with the purchase, they have the ability to withdraw from the sale without penalty within this specified timeframe. This provision is crucial in real estate transactions involving condominiums to promote transparency and buyer confidence.