September 21, 2019  
Preconstruction Properties

Step to purchasing a pre-construction condo in the Greater Toronto Area 

If you are not familiar to buy a preconstruction Condo please contac us to get more or see following:

1; First Step’s First: Register with Us to Get Valuable Info Including Reports, builder, floor plan, and price and more;

2; After you register, we provide all GTA the latest information about pre-construction condos in the GTA. You will be notified the new sales events or  Condominium Propjects that are launching. 

3; If the project has not yet launched, your name will be added to our priority list, so that we can let you know once the developer provides us with full details.

4; Work It: Submit a Worksheet.

Choose you’ve decided on a suite type, size and price range, we’ll get you to submit a worksheet. The sooner you do this, the better.

A worksheet contains your personal information and your suite preferences. You submit this document to us along with a government issued ID to request a unit. It doesn’t mean you’re buying a unit quite yet; it just means that you’re interested in purchasing a condo and would like one to be allocated to you. Your worksheet will be submitted and time stamped accordingly. We will guide you through this process.

5;  Pick the Best Projects & Floor Plans.

This is where you look through the floors and suite styles of different projects to determine what would be the best suitable for you.

6; To Sign the Agreement.

A few days after submitting your worksheet, you will receive a phone call from a GTA-Homes sales representative with an update. We will book an appointment to sign the Agreement of Purchase and Sale.

7;  Keep It Cool: The 10 Day Cooling Off Period.

After the contract has been signed with the developer comes a period commonly referred to as the "10 Days Cooling Period." By Law, you legally have this period to review your purchase agreement.

You need to take the agreement to find a lawyer with experience in pre-construction purchases to help you review the contract. You can also get your mortgage pre-approval or commitment letter in place with your financial institution.

If you change your mind during the 10 calendar days or decide you are not satisfied with the contract, you have the right to cancel it at this time with no questions asked. There will be no financial penalties and your post-dated cheques returned to you. If you choose not to proceed, please bring your purchase agreement and other documents to the sales center, where you will sign a rescission letter.

8;  Design Your Suite.

While the condo is under construction, the developer’s décor centre will be contacting you to pick your suite colours, finishes and offer any upgrades. This is the time to turn your condo unit into the home of your dreams.

9;  Closing date: There are two closing dates during the process, the Interim Occupancy stage and the Final Closing stage. This also means that you will meet with your lawyer twice during the closing phase.

The first meet your lawyer when the developer reaches out to inform you of your Interim Occupancy. Be prepared to make any outstanding deposits and occupancy fee payments at this time. Please note that during the Occupancy Period you still do not own your suite. Your final payments will not paid at final Registration date.

The second time you'll meet your lawyer will be shortly before the final closing date to sign all the documents and officially transfer the ownership of your suite to you. Your mortgage will commence and your lawyer will explain all of the outstanding costs to finalize the purchase. We will help you to arrange it.

10; Investor to buy a condo may need to rent out the unit.

Are you going to rent out the unit after closing, if you are not familiar the rental bylaw, No problem! We also offer from lease and Property Management services so we can take care of all the heavy lifting of leasing your new suite.

 
Posted by: Richard
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RE/MAX Excel Realty Ltd., Brokerage, Independently Owned & Operated