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Purchasing a condo in the pre-construction stage provides buyers with more options, including the ability to choose the ideal floorplan, floor, and exposure. In contrast, buyers in the resale market must select from available properties at the time of purchase, which may feature outdated finishes and appliances. These properties may also require more frequent maintenance and upgrades. During the later stages of construction and prior to occupancy, buyers have the opportunity to customize their condo with a range of interior finishes. You can select your preferred colours for the kitchen cabinets, tiles, floors, bathroom tiles, and floors. Choose from the builder’s standard or upgrade packages or design your own dream condo. When you take possession of your new condo, everything is untouched and brand new.
When you buy a resale home, you have to pay almost all the money upfront but when you buy a pre-construction home, you only have to pay a small percentage (5%-20%) to secure your purchase. You then pay the rest of the money in smaller amounts over a period of time, and the final payment is due when you move in. This gives you more time to save money and invest it in other things. Different builders have different deposit structures, so you can always ask for more time or a different payment plan.
Buying real estate is a big investment and you want to make sure your interests are protected. The sales team at the Developer’s Presentation Centre represents the developer and their interests. Working with a qualified Real Estate Agent can help represent your interests in negotiations and ensure that your goals are reflected in the final contract. Real Estate Agents can guide you through the entire pre-construction buying process, from when you first hear about a project to closing years later. They can help you identify your investment goals, conduct market research, and present data to inform your decision. As a specialized pre-construction sales agent, we can provide insights on project site plans, layouts, market trends, and leasing processes. Additionally, commissions for real estate agents are paid by the Developer, so there is no cost to have your own agent.
The cooling off period refers to a specific period of time after a buyer signs a purchase agreement for a pre-construction condo. During this period, which typically lasts for 10 calendar days, the buyer has the option to cancel the contract without any penalty. This period allows buyers to review and assess the agreement, consult with professionals such as lawyers and mortgage brokers, and consider their financial situation and other factors before committing to the purchase. The cooling off period is intended to protect buyers and provide them with an opportunity to make an informed decision before finalizing the purchase.
After you sign a contract to purchase a pre-construction condo, you have a 10-day Cooling Off Period. During this time, you can cancel the contract without any penalty. You must notify the Developer’s Sales Team in writing within the 10 days. By working with our team, we can help facilitate our clients with this process by completing the required paperwork and ensuring the deposit cheque is returned.
During the pre-construction phase, you may encounter an Interim Closing. This occurs when the property has been deemed safe to live in by the city, but the municipality has not yet conducted a final inspection, so it has not been officially registered. During this stage, you will be responsible for Interim Occupancy Fees. Usually the interim occupancy fee is like a rent paid to the Developer for the right to live in the unit. It does not accrue to the mortgage. The Interim Occupancy Fee is based on Interest on Unpaid Balance of Purchase Price, Estimate of Maintenance Fee, and Estimate of Property Taxes.
Tarion is an organization that helps protect people who buy new homes in Ontario by enforcing the Ontario New Home Warranties Plan Act and Regulations. This law requires builders and sellers to provide limited warranty protection to buyers of new homes.
