Pre Construction Purchase Agreement
Of course, there are many considerations that are taken into consideration when it comes to the purchase of pre-construction. That is why, after the signing of the agreement, you still have 10 days to reconsider your decision. Look at our frequently asked questions when buying Preconstruction. In addition to representing you, your agent covers the positive and negative aspects of the proposed purchase from your point of view. Builders agents don`t have to explain the drawbacks of a deal. For this reason, it is up to you to do your due diligence to protect yourself from the developer. You want to make sure that the developer does not include unusual or incriminating clauses in the contract. In a lengthy legal document, it`s not uncommon to miss those items in which developers tend to slip in. From now on, when it comes to the pre-construction agreement of the purchase and sale, it is particularly important to involve a lawyer. They want a lawyer who knows before construction and is therefore familiar with the work, costs, trends and reputation of the developer. If you understand exactly what you are signing up for, you can be sure that this 3 to 4 year financial commitment is indeed the right decision. Whether you are an experienced investor or a first-time buyer, buying a condo before construction carries some risks.
A preconstruction agent can help you avoid unnecessary stress, hidden costs and inappropriate contractual terms. A preconstruction agent can also give you first access to developments and often save you up to 10% or more. As our fees are already built into the sale price, it is useful to use our guide. The days of negotiations with developers on the terms and costs set out in the agreement are over. The realities of the market are now that the agreement is what it is – take it or leave it. And if it`s not for you, someone else will. Although as a buyer for developers, you may not have enormous bargaining power, it is important to know the ins and outs of your contractual legal and financial obligations. All this is stipulated in the pre-construction agreement on buying and selling and it is your responsibility to do your due diligence.
Team up with a lawyer and an expert before construction. These are the people who will help you assess whether the opportunity is right for you. Imagine selling pre-construction as a package of rights. If you buy a condo before construction, you acquire the right to buy the property once it has been built. The owner has the right to make some modifications to the building and condo. The owner also has the right to discontinue the project for a variety of reasons. When a project is abandoned, the first buyers are the group of buyers most affected because they spend years a and a-market.