What kind of municipal approval is needed for a development's site layout?

The correct answer is related to the necessity of obtaining municipal approval for a development's site layout, which typically falls under Site Plan Approval. This process involves a municipality reviewing the proposed layout of a development to ensure it adheres to local zoning bylaws, land use policies, and other regulatory requirements. By obtaining Site Plan Approval, developers ensure that their project meets essential standards regarding aspects such as landscaping, building placement, local traffic impact, and environmental considerations.

In contrast, the other options do not pertain to that specific municipal approval process. The Cooling Off Period relates to the time frame buyers have to reconsider their purchase decision, while the Agreement of Purchase and Sale is a legal contract between a buyer and seller regarding the sale of property—neither of which addresses site layout approval. Common Expenses refer to shared costs in a condominium setting and are not relevant to the municipal approval process for development. Understanding these distinctions emphasizes the importance of Site Plan Approval in the broader context of real estate development and municipal governance.