Buying a new condo or house can be a very exciting moment but knowing the process can make things easier and smoother. Finding unexpected expenses and surprises can ruin the whole experience. At Condopark.ca, we pride ourselves in assisting our clients from the Beginning to the End.
There are many benefits to buying something in the pre-construction phase. You’re getting a newly-built condominium suite with new appliances , new amenities and new finishes, maybe even in a brand-new neighbourhood. On top of all this, appreciation and returns are much higher for brand-new buildings.
Pre-Construction Condos are sold in stages. Before the condos are open for sale to general public, VIP Platinum agents get a chance to sell the units to their clients. Before starting your search for a dream home or investment, make sure to register yourself for updates on latest project in Greater Toronto Area. When the projects are launched, you will be among the first ones to receive the Project Details, Floorplans and Price-list. This gives you a chance to choose your favorite suites at the lowest prices. During the selection, you may have lots of questions or concerns, Contact us and we will gladly answer all your questions.
Once you have decided on your favorite suite and floorplan, we will setup a meeting with you to complete a worksheet. The worksheet will contain your information and a list of 3 – 5 floorplans of your choice. It’s always recommended to fill in 3-5 choices Just in case your top choice is not available.
The worksheet will then be submitted to the builder. The builder will go through the worksheet in chronological manner. The units are allocated based on first come first serve basis. Once the unit has been allocated to you, we will get touch with you to setup an appointment to come to Builder’s Presentation Center and Sign the Agreement of Purchase and Sale. On the day of your signing, you will need to bring a Government-issued Photo ID and your chequebook. During the signing process, a builder’s representative will explain you all the important terms and conditions regarding the Agreement of Purchase and Sale and will be able to answer any question regarding the project. You will also need to submit the Deposit cheque and Post Dated Cheques for future deposits.
After signing the Agreement of Purchase and Sale, you will have “10 Days Cooling Off Period” to cancel the agreement. By Law, you legally have this period to review your purchase agreement with your friends, family, accountant, Lawyer, etc. We strongly recommend to review the Purchase Agreement with a lawyer who is experience in pre-construction Homes. Secondly, you should secure a mortgage pre-approval with your financial institution. The builder will need you mortgage approval letter to secure the loan from bank for the construction of the project. During these 10 Days, if you change your mind and would like to cancel the agreement, you will simply sign a rescission letter and submit it to the builder and the contract is cancelled. You will receive all your post-dated cheques back with absolutely no deductions.
However, if you are happy with your purchase, Congratulations. The purchase agreement will be firm after 10 days and your first deposit cheque will be cashed out. Don’t worry. All the deposit money remain in the trust account of the Builder’s lawyer. All other deposit cheques will be cashed out as per dated and you will receive the receipt of the deposit in mail. Always make sure you have enough funds in the account for the deposit cheques. A NSF (Non-Sufficient Funds) will cost you a penalty (approx. $200).
When the construction of the Project is well underway, The Décor center will setup a meeting with you to select your favorite Upgrades, Colors and finishes. You will also have a chance to choose the location of your cable and Phone-line outlets. The options can vary from builder to builder.
Once your suite is ready to move-in, the builder will contact you. This is called the Occupancy Date or Interim closing. At this stage, You can move in to your suite, but the building is not completely finished. You will meet your lawyer also to sign some documents and pay the Occupancy Fee. Keep in mind that you do not own your suite till the final closing. You do not pay the mortgage or taxes until the final closing.
At Final closing, you will meet your lawyer to sign all the necessary documents and pay Taxes and other fees. At this time, you will own the property and Mortgage payments will commence.