Pre Construction Condos For Sale | Condo Buying Guide 2021
Buying a pre-construction can be straightforward if you know the following steps:
1) First step is when to buy:
There are few entery points that can guarantee your success and maximize your Return on investment. the first one is in ”
Stage”, this is when the builder calls few of his top selling brikers to have access to all floorplans and all units. You can pick and choose any unit, floor plan and floor at this stage, at the lowest possible price per sqf.
The second entery point is when the builder needs to sell few more units to close thier financing. At this stage the builders provides amazing incentives such as Free Storage, Discount on Parking, Free upgrade for finishing etc. You will pay more than the “Platinium VIP price” stage at this point but the incentives will be balancing the cost and bring down the price to the same level as the “Platinium VIP” price.
2) Complete a Worksheet:
Once you picked your ideal floor plan you need to submit a form called “Worksheet”
Basically worksheet is a form with all your informations, Name, last name, email, phone, etc along with your ID, this could be a picture of your driving licence. The worksheet and your ID will secure your unit, since everything is ‘first come first served’.
3) Sign the Pre construction Agreement:
within a week or so the builder will call your sales representative to book an appointment at the sale centre to start the sales process and sign the Agreement of Purchase and Sale (APS).
* Note: Remember to bring your Government-issued photo identification and your chequebook.
4) The 10 Day Cooling Off Period:
you now have 10 days to revenue the agreements, talk to your lawyer, and decide. if for any reason you choose not to purchase this unit you can return all the agreements within the first 10 days and you will get all your cheques back, no question asked. However if you decide to keep the unit no action is required after 10 days.
5) Get Mortgage Pre-Approved:
This should be one of the steps that you look into in your 10 day cooling period, some bulders ask for mortgageg Pre-Approved from day 1, and they want to make sure that the purchaser is able to close the deal in 3 years time.
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