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Buying Pre-Construction Properties

Posted by Thomas on June 5, 2020
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Buying pre-construction properties is similar to purchasing homes or condos on the resale market-albeit with several small differences. This page will break down the steps required to purchase pre-construction residential properties.

  1. Register for a property you’re interested in buying. After you do so, you’ll receive an e-mail with all the latest info on that particular development, such as floor plans, prices and photo renderings.
  2. Fill out a worksheet. A worksheet contains your contact information and your preferences regarding units. This is the first big step along the way to purchasing your unit.
  3. Maximizing your ROI. Once we have received your worksheet, a team agent will contact you. They will then help you find a unit that best suits your price requirements, is in a location you desire, and will provide you with a high return-on-investment.
  4. Signing the Agreement. Once your preferred unit has been allocated, an in-person (at the project’s sales centre) or virtual appointment will be booked. On signing day, you are required to bring your personal ID and your cheque book.
  5. 10-Day “Cooling Off” Period. After the purchase agreement has been signed, you have ten days before it is finalized. Within that time, the agreement may be terminated without any penalties.
  6. Mortgage Pre-Approval. Because pre-construction sales are for buildings that have not yet been officially registered, mortgages for units in them cannot be fully processed. However, mortgage pre-approval forms-essentially commitment letters-can be made for you by banks. An agent will guide you through this process.
  7. Cashing the first cheque. On the 11th day after signing, the purchasing agreement becomes firm and the cheque is cashed.
  8. Customizing Your Unit. The developer’s décor centre will be available in order for you to add your preferred personal touches to your unit.
  9. Interim & Final Occupancy. This portion of buying pre-construction properties is explained in greater detail here.

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