Here are the best reasons to use an experienced Realtor when purchasing a pre-construction condo unit:
Your realtor can guide you toward developments that they have VIP preview access to sell. Builders will often “give” a limited number of units in various floor plans to select agents to advertise to their clientele in advance of the building hitting the public market. It is in this early stage that you will find the best prices and have the widest selection of suites to choose from. It is because of this VIP pre-sale access that you often see buildings opening their sales centres with signs boasting that they are already 50% sold out, so take advantage!
As mentioned above, the development sales staff will know a ton about the building itself and the intended plans, but there are more technical questions that they may have the answers for, but that you wouldn’t even know to ask. Your realtor will know exactly what to ask and will always have your best interest in mind.
Your realtor will help you negotiate your agreement. They will translate all of the legalese and real estate jargon in the lengthy contracts and explain things to you in simple terms if needed, suggesting any changes that you may want to make and drawing up amendments on your behalf.
Once you sign the paperwork to start the process of purchasing a suite and have submitted your initial deposit, there is a 10 day “cooling off period” that is mandatory for all newly built condos. There are many things that can transpire and elements of your contract that you may be able to negotiate during that time, but are absolutely bound to once that period comes to an end. Your realtor will walk you through those steps and perhaps refer you to a good lawyer to review the documents and recommend any amendments, just as they would when reviewing the status certificate for a resale condo.
Of the many complex clauses in your agreement, the “Right to Assign” is one that can be most confuddling, as some builders will deny it outright, while others will be open to it. Your realtor will explain this in full detail. The staff at the sales centre likely will not know this information up front, so it’s important to know your rights in advance of purchasing.
Building plans are not laid out for the average layperson to easily decipher, but your agent will know what to look for to fulfill your wish list! Want to be close to the pool? Are you looking forward to getting your sweat on in the gym? When choosing your unit location, your realtor will ensure that you have easy access to all the things you desire.
Your realtor may have some solid intel into future construction in the neighbourhood that could potentially cause issues like traffic, obstructed views, blocked sunlight, among others that may happen in the future.
Closing costs, HST and legal procedures can be complex, but your agent will help you through all of that and they will communicate directly with you and your lawyer to sort out the details.
After reading all of this, you may be feeling uneasy about purchasing a new build condo, but please, have no fear! That is why real estate agents exist, and pre-construction specialists like myself are highly skilled in negotiating, decoding and blasting through and simplifying the vernacular that can be so daunting.
Please call me for more details and check out my website for developments that I have VIP access to. Better yet, sign up for my mailing list to get sneak peeks at the newest offerings and more great info!
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