Purchasing Pre-Construction is different than purchasing resale.
Whether you are a First Time Buyer, or have never purchased Pre-Construction before, the FAQ below will hopefully help you understand the process and answer some of your questions.
ABSOLUTELY NOT !! Never register with more than one Realtor or on any website (Including the Builder's) if you are working or considering working with a Platinum Broker or Brokerage. Builders keep strict track of who has registered and who submits worksheets (all done electronically). If you register more than once or submit more than one worksheet you are setting yourself up to be "flagged" by the Builder and each Platinum Broker who you also registered or submitted a worksheet with is advised - which means you probably won't get a suite at all, so the exact opposite of what you are trying to do. This is done so one individual or corporation is able to purchase more than one suite in any new development. Suites are limited and the Builder wants to be as fair as possible to make sure different individuals get their choice of suite. (For Example: If a Development has 400 units and the Builder received 2500 worksheets, the Builder does not want 2 or 3 suites to be sold to the same person through different Brokers) Once you find a Platinum Broker you are comfortable working with, make sure that he/she will continue to assist you in purchasing REGARDLESS OF THE PROJECT. A reputable Broker will give you different options and have back up plans in the event you either decide not to purchase a suite or are not successful due to lack of availability - and stick with that Broker !!
Prior to even seeing the floor plans and price lists, if you are interested, you can complete C21's Draft Worksheet. You do not have to provide your ID or any other confidential information at this time.
By providing the C21 Client Care Team with non-confidential information (No copies of your ID, SIN Number), it gives us a jump on submitting your worksheet to the Builder as soon as the Online Broker Portal is Open. Once you see the plans and pricing, all you would have to do is email us your Top 3 Suite choices and the copies of your ID, saving crucial time (as all worksheets are time stamped when submitted).
The Client Care Team member who you speak with automatically locks your online profile so only that individual and the Broker/Owner of C21Leading Edge (Paul Baron) can access it. There are only a couple of Team Members who deal with pre-construction (some do only resale) but we keep all information in the strictest of confidence (even before you provide ID we lock your profile). This is not so any one Team member 'hoards" clients for commissions - as none of the Team members are commission based - they are customer service based and put your needs first and foremost. We lock profiles to ensure that you receive the personal attention you deserve.
Absolutely not ! No it is not a formal commitment, it is an expression of interest and the first step you must take if you are thinking about getting a unit.
Due to the way Condos are sold they provide a 10 day cooling off period because 99% of the time potential Buyers have to make a very quick decision on which unit(s) they wish to submit a worksheet on.
Yes, after you sign the contract to purchase a suite (this is for Condos ONLY - Freehold properties there is no cooling off period) you will have a standard 10-day cooling off period. It’s 10 calendar days, not business days from the time you sign.
The 10 days are primarily for 2 things:
1) to have a lawyer review your contract with you if you wish and
2) to get a mortgage pre-approval letter
You don’t need to have a lawyer at the moment that you sign the agreement, however we always recommend that you have a qualified lawyer review your agreement of purchase and sale after you sign and during your 10-day cooling off period.Not sure who to talk to? Don’t worry – getting a lawyer is something we can help you with. Contact us for more details.
95% of all builders will require you to provide them with proof of financing capability in order to purchase. This is not required before you sign a contract, but it is usually required within 60 days of signing.Not sure where to begin? Don’t worry – getting a mortgage pre-approval is something that we can help you with. Contact us for more details.
If you are purchasing for yourself and plan to move in, then yes, prices include the HST and there is nothing you will have to pay at final closing.If you are purchasing as an investment rental property, then you will have to pay approximately 7.8% of the purchase price as HST on final closing.This money is remitted to the CRA and as an investor renting out your property you can apply to the CRA immediately to get this money back. It usually takes about 1 month to get your rebate back.
No, there are no hidden fees when buying pre-construction condos because all fees must be disclosed in the agreement of purchase and sale. All purchasers have 10 days to review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need a lawyer to help you we can suggest to you to several expert law firms that will review your agreement in detail.
Most condo builders do allow you to sell your unit before the building is complete. This process is called selling by “assignment”.There is usually an assignment fee and a legal fee associated with selling. Costs can range from $1000-7000. Contact us for more details.
If you can’t find the answer you are looking for, please don't hesitate to contact us.