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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Cashing the first cheque. On the 11th day after signing, the purchasing agreement becomes firm and the cheque is cashed.
- Customizing Your Unit. The developer’s décor centre will be available in order for you to add your preferred personal touches to your unit.
- Interim & Final Occupancy. This portion of buying pre-construction properties is explained in greater detail here.