What typically outlines the financial responsibilities of the unit owners?

The correct choice, which highlights the financial responsibilities of unit owners, is the concept of common expenses. In a condominium setting, common expenses refer to the costs associated with the maintenance, operation, and management of the shared areas and services within the condominium community.

These expenses are typically shared among all unit owners as defined by the condominium's governing documents, such as the declaration or the by-laws. It is within this framework that unit owners understand their financial obligations, which can include fees for upkeep of amenities, insurance, utilities for common areas, and overall maintenance of the property.

Other options, while relevant to different aspects of condominium ownership, do not specifically address the financial responsibilities of the unit owners. The Board of Directors is responsible for making decisions on behalf of the owners and managing the property, but does not delineate the financial obligations themselves. The Agreement of Purchase and Sale pertains to the transaction of buying a unit rather than the ongoing financial duties associated with ownership. The Cooling Off Period refers to a specific time frame after purchasing during which a buyer may rescind the purchase agreement, but like the other options, it does not address the ongoing financial responsibilities of existing unit owners.