People who want to buy a preconstruction condo, it is important for them to understand the process. If you do proper research beforehand, then there will be no surprises and hidden costs. Buying a preconstruction condo is totally different from buying a resale unit. There are several steps in the form of paperwork. In this article, we will discuss each step to simplify the process.
There are several benefits of buying a triplex for sale in toronto in its preconstruction phase. It is exciting to buy a new condo with new amenities, appliances and new finishes. You will have new neighborhood and location.
If you want to buy a residential unit, whether in its construction phase or as a resale unit, it is imperative to register yourself with a property agent or a website dealing in real estate. You will get up-to-date information about changing real estate market. They will notify you about new projects and new sales events. Projects that are about to launch you will come to know about them in advance. After registering, you will get complete project details regarding the unit like floor plans and price lists etc.
Search for the best unit
Your property agent will help you discover your dream home. You can discuss about floor plans, suite styles and other changes in accordance with your requirements. You can check several floor plans to choose the one that is capable of satisfying your requirements.
Time to sign the agreement
After submitting your worksheet, you will get the call from the sales representative. They will inform you about the allocated suite. This is to confirm whether you want to proceed with the deal or not.
When you arrive to sign the deal of triplex for sale in toronto, it is imperative to come prepared with the government issued photo identification. The agreement will not be completed unless you provide all the necessary details.
Cooling off period
After you have signed the contract with the builder, there is 10 days cooling off period. You are legally allowed to review your purchase agreement and in case you want to cancel it, you can go for it.
It is recommended to find a lawyer with experience in preconstruction deals. He will review the contract and let you understand the intricacies of the contract. You have 10 days in hand to change your mind. In case you are not satisfied, you can cancel the order within this period and there will be no financial penalties on you.