What is the contract called between a buyer and developer for the purchase of a unit?

The contract between a buyer and developer for the purchase of a unit is called the Agreement of Purchase and Sale. This document outlines the terms and conditions of the sale, including the price, the payment structure, and any conditions that must be met before the sale can be finalized. It serves as a legally binding agreement that protects the interests of both parties involved in the transaction.

The Agreement of Purchase and Sale is crucial because it ensures that there is mutual understanding and agreement on the sale specifics, helping to prevent disputes or misunderstandings down the line. It also typically includes essential details about the unit being purchased, warranties, and obligations of the buyer and developer, thus providing a framework for successful completion of the transaction.

In contrast, other options such as the Disclosure Statement primarily serve to provide potential buyers with important information about the condominium project, including financial details and governance issues, but they do not function as a contract for purchase. The Cooling Off Period refers to the timeframe during which a buyer can change their mind after signing the Agreement of Purchase and Sale, but it is not a contract itself. Common Expenses are associated with the operational costs of the condominium, not the transaction between a buyer and developer.