When a Buyer purchases a new condominium unit from a developer, the Buyer must be given a Disclosure Statement. This is a package of documents that a developer prepares and gives to the Buyer when he or she signs the Agreement of Purchase and Sale. The Act provides a Buyer with a 10-day cooling-off period to review and be satisfied with these documents. Once the cooling-off period has expired, the Buyer is bound by the terms of the contract. The Disclosure Statement contains a narrative description of the condominium project’s most important features. It will include a table of contents, copies of the proposed declaration, bylaws and rules, and other information that the Act requires. The Disclosure Statement will also include the proposed budget, common expense amounts, proportionate shares upon which common expenses are calculated, the condominium plans setting out the units, the common elements, the exclusive use common elements and restricted access areas, property management agreements, and any insurance trust agreements. The Disclosure Statement is lengthy and comprehensive. A Buyer should consult an experienced condominium lawyer for assistance in reviewing it and should not rely upon verbal assurances made by sales representatives.