Basics of Pre Construction Condominiums
The Pre Construction Condo Process
Quick Guide to investing in Pre Construction Condos
(1) How to invest in the condo (budget, size, location...)
(2) Consultation with a real estate expert-Each REALTOR has very different prices and whether it is possible to secure good units.
(3) After consulting with a PLATINUM agent, decide on cost-effective condo-condo, size, budget, investment prospect, etc.
(4) Secure good units by putting WORKSHEET in advance.
(5) Contract after securing units.
(6) After signing the contract, it is concluded by steadily consulting until the condo cleaning.
Condo sales contract
(1) When the condominium to be sold is decided, secure the unit and contract
(2) “Cooling-Off” period of 10 days after sales-A provision to protect consumers in case the purchaser changes his or her mind after signing the sales contract, or if the contract is fatally unfavorable to the purchaser and wants to cancel the contract According to this, if you wish to cancel the sale contract after signing the contract, it is possible to cancel it by notifying the purchase company in writing within 10 days.
(3) Mortgage Pre Approval Letter-After 10 days of cooling-off period, and after the sales contract is in effect, the builder asks the buyer to submit an approval letter from the mortgage lender.
(4) Selection of various material specifications of the condo unit-When construction progresses to a certain extent, the builder notifies the purchaser of the interior package at some time to select the interior material inside the unit.
(5) Safety device for down payment for condominium sales-Deposits into a trust account are systematically secured unless the purchaser is at fault.
(6) Occupancy Date & postponement of the expected occupancy date
(7) Pre-Delivery Inspection (PDI)-A procedure for the purchaser of the condo to check the completion status of the building in the unit in the presence of the building inspection officer of the construction company.
(8) Temporary move-in payment and receipt of keys (Occupancy Closing)-Before the start of interim occupancy, payment of the amount to be paid as written in the contract and receiving the condo key from the sales company is called Occupancy Closing.
(9) Resale timing and availability-This refers to reselling the condo to other people in the middle based on the condominium purchase contract after receiving the sale. To transfer the sale right, it is possible in writing in advance with the permission of the sale company. A certain amount may be charged as a resale fee during the implementation process.
(10) Final Closing of Condo Unit-This refers to the time when ownership is registered in the name of the purchaser as the unpaid balance of the purchased condo is paid. This is the moment when the execution of the new condo sales contract is completed. It is the time when it becomes possible to freely exercise property rights such as the sale of condo units without consent.
Costs required for condo sales
(1) Down payment-Normally 15% to 20% of the total amount
(2) Interim Closing Fee-Often Occupancy Fee (administrative fee, interest on the balance and a small amount of principal, property tax) + lawyer fee
(3) Final Closing-Amount minus the amount paid from the total amount, usually paid by receiving mortgage + lawyer fee + development fee + levy and additional service fee-see contract
(4) Land Transfer Tax (Acquisition Tax): Currently, there are differences in applicable taxes depending on Toronto (region 416) and other regions (such as 905, 519, 704). -Land Transfer Tax Calculators-See TRREB
(5) HST-The purchaser who made the initial contract is an exception because the purchase was made under the condition of rebate from the builder. However, if you resell or rent a house, you can apply for HST refund after paying the amount decided to receive rebate at the final closing. . You can get back up to $24000.
Team Park 부동산
Sung Gyu Park & Tyler Park
Branch Manager / Sales Representative
Branch Office : 7040 Yonge St. #N3, Thornhill. In Galleria Supermarket
Main Office : Home Standards Brickstone Realty, Brokerage
180 Steeles Ave Unit 30, Thornhill, ON L4J 2L1
Dir. (416) 886-8863 or (647) 522-8664
Office: (905) 771-0885 / Fax: (905) 771-0873
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