Understanding Your Pre-Sale Contract, it’s important to understand the contract you’re signing. The contract outlines the terms and conditions of the sale and protects both you and the developer. Here are some key elements to look for in your pre-sale contract:
– Completion date: The contract should state the expected completion date of the property. Make sure to understand what happens if the developer doesn’t meet the deadline.
– Deposits: The contract should outline the deposit structure. This includes the amount of the deposit, when it’s due, and what happens to the deposit if the sale falls through.
– Financing: The contract should state what happens if you’re unable to secure financing for the property. Make sure you understand your options in this situation.
– Cancellations: The contract should outline what happens if you need to cancel the sale. This includes any penalties or fees you may be required to pay.
– Occupancy date: The contract should state the expected occupancy date of the property. Make sure to understand what happens if the occupancy date is delayed.
– Changes: The contract should state what happens if there are changes to the building plans or if the developer makes changes to the property during construction.
## Selling a Pre-Sale Condo
If you’re thinking about selling your pre-sale condo before it’s completed, you need to understand the assignment process. An assignment is when you sell your right to purchase the property to someone else. Here are some key things to keep in mind when selling an assigned pre-sale condo:
– Assignment fee: Most developers charge an assignment fee, which can be anywhere from a few thousand dollars to tens of thousands of dollars. Make sure to understand what the fee is and who is responsible for paying it.
– Market conditions: Like any real estate sale, market conditions will impact the price you can sell your assigned pre-sale condo for.
– Timing: You’ll need to consider the timing of your sale. Selling too early could result in penalties or fees, while waiting too long could result in missed opportunities or a lower price.
– Legal considerations: It’s important to have a lawyer review the assignment process and ensure you’re protected throughout the process.
## Final Thoughts
Buying a pre-sale condo can be a great investment, as long as you take the time to understand the process and protect yourself throughout the buying and selling process. By doing your research, working with a lawyer, and understanding your contract, you can ensure you’re getting the best deal possible. Whether you’re looking for pre-sale condos under 300K or pre-sale townhomes, there’s something for everyone in the Metro Vancouver pre-sale market.