What document details condominium information for potential buyers?

The Disclosure Statement is a critical document that provides potential buyers with essential information about a condominium. This document includes various details about the condo corporation, the property itself, its financial status, and any obligations associated with the purchase. Specifically, it outlines the rules and regulations of the condominium, the current fees, any outstanding debts, and the financial health of the condominium corporation.

This transparency is vital for buyers as it helps them make informed decisions regarding their investment. The statement serves as a safeguard, ensuring that buyers are aware of any issues or obligations that might affect their decision to purchase the unit. By offering insights into the living conditions and management of the condominium, the Disclosure Statement equips buyers with the information necessary to assess whether the property meets their needs and expectations.

The other options, while relevant in certain contexts, do not directly serve the purpose of detailing information specifically for potential buyers. The Cooling Off Period refers to a time frame during which buyers can cancel their agreement without penalty, but it does not provide the comprehensive overview that a Disclosure Statement does. Site Plan Approval relates to the local government's process for approving the layout of the site and is more about regulatory compliance than buyer information. Stage 1 does not clearly denote any specific aspect related to condominium information for buyers