Investing in pre-construction condos offers lucrative opportunities, but navigating the buying process can be complex. Whether you’re a buyer, realtor or investor, below is an outline of the ten essential steps you need to know to ensure a successful purchase. From registering online to securing and watching your investment grow, these steps will help you maximize your chances of success.
Step 1: Register Online for Desired Projects or Areas
To stay ahead of the game, register online for projects or areas that interest you. Be cautious while providing client information and verify the credibility of the website.
Step 2: Stay Up-to-Date on Project Details
Stay informed about the projects you’re interested in. Monitor the release of preliminary information, launch dates, and other relevant updates. Being proactive will give you an edge.
Step 3: Submit a Preliminary Worksheet for Success
The preliminary worksheet is your ticket to success. It allows you to secure a prime position in the buying process. Submitting a worksheet based on your client’s budget and preferences significantly increases your chances of securing the desired unit.
Step 4: Receive the Complete Sales Package
Once the project launches, you’ll receive a comprehensive sales package containing floor plans, pricing, and incentives. Having already submitted your preliminary worksheet, you only need to select your preferred choices.
Step 5: Wait for Allocations and Secure a Unit
Stay patient and wait for allocations from your platinum agent. This step is crucial in securing the desired unit for your client or yourself. Quick action is key to success.
Step 6: Review and Execute the Agreement of Purchase and Sale (APS)
The APS, sent virtually to your clients, marks an important milestone. Once fully executed and signed by both buyer and developer, a 10-day cooling-off period begins. Remember, this period includes weekends and holidays.
Step 7: Deliver Deposit Bank Draft and Post-Dated Cheques
Ensure a smooth transaction by delivering the required deposit bank draft and post-dated cheques promptly. Timely completion of this step keeps the process on track.
Step 8: Seek Legal Review of the APS
Engage a pre-construction lawyer to review the APS thoroughly. Their expertise will provide you with valuable insights and protect your interests throughout the transaction.
Step 9: Arrange a Mortgage Pre-Approval within 30 Days
In the first 30 days, secure a mortgage pre-approval to streamline the financing process. Working with experienced mortgage brokers can help you navigate this step effectively.
Step 10: Await Construction and Watch Your Investment Grow
Finally, patiently await the construction of the project. As the building takes shape, your investment will appreciate, reinforcing the soundness of your decision.
By following this 10-Step buying process for pre-construction condos, you can navigate the market pre-construction buying process with confidence. Registering online, staying informed, submitting a preliminary worksheet, securing a unit, executing the APS, and engaging professional assistance are crucial for a successful investment. With patience and careful planning, you can watch your investment grow and enjoy the benefits of pre-construction condo ownership.