FAQ
If you’ve never purchased a pre construction condo, understanding the process can be a little difficult for some. Here is an explanation of the general steps involved when purchasing a pre-construction condo.
The 10 day rescission period is also know as the “cooling off” period. By law, developers give all buyers ten days to review the Agreement of Purchase and Sale, and all other pertaining documents with a lawyer.
To put it plainly, yes. When purchasing a pre-construction condo you can expect the higher the floor you buy on, the higher the price will be as well. There is no standard price increment per floor, so the price may vary builder to builder.
Purchasing a pre-construction condo is easier than you may think. Depending on the project’s deposit structure you can expect to put down between 5%-20%.
The Deposit structure for purchasing a pre-construction condo varies by builder and project. Depending on the project’s deposit structure you can expect to put down between 5%-20% of the purchase price.
An “Assignment” is when you sell a condo prior to the completion of ownership. This typically happens between the time you originally signed for the condo, and the time the building is completed.
