Buying a New Condo – Pre Construction Condo

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  • Post last modified:December 13, 2020
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Few things Buyer Must Know  When Buying or Investing in a Second property.
Always Consult your Lawyers and accountant
Quick Review

  1. Please make sure you have the sources for down payment.
    Typically down payment is 20% of the purchase price, distributed till closing time.
  2. Mostly, pre construction projects are released well before public launch. Builders approach Realtors and they offer discount in one form or the other, depending upon a project.
  3. During this VIP launch day, typically a buyer can buy with $5000 also. Buyer must fill up a worksheet before this and handover it to their Realtor who can then contact the builder to secure a unit.
  4. If one is lucky*, a day is fixed for an appointment to sign the execution of contract with the builder.
  5. From this date a buyer has 10 days to go through the documents, satisfy himself and decide.  This period is called as “The ten-day cooling off period for pre-construction” during which, a buyer should go to his lawyer for his expert advice. If for any reason, buyer is not satisfied, they can back out from the deal within 10 days period. Otherwise, automatically contract matures automatically. If you are planning to buy a Buying a New Condo – Pre Construction Condo, we have a dedicated Team of platinum Realtors to assist you. For more info, please feel free to call or text me at 416.562.8417

*  Chances of securing a unit are maximum, if you are working with a platinum Realtor. Every Realtor can try and help, but may not end up securing a unit.

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