When you buy a pre-construction condo, you may run into the situation where the builder lets you move into your unit before the rest of the building is complete, and ownership of the home is transferred to you. Depending on your province, this timeframe is known as your occupancy period or interim occupancy period.
Is it cheaper to buy a condo before its built?
Buying pre-construction. Pre-construction condos tend to be cheaper because of there is a risk of that the project will be delayed or even called off, but this is not always the case nowadays, especially in certain high-demand areas. You have more time to save up for your condo.
When do you need an assignment purchase for a pre-construction condo?
An assignment purchase is most commonly used when someone has entered an agreement of purchase and sale with a builder for a pre-construction condo, and then wants to sell the unit before being required to take possession or close. This needs a clause in your Agreement of Purchase and Sale permitting assignments.
Can you buy a pre construction condo in Canada?
The process of buying a pre-construction condo in Canada is a little different than buying a house, so you’ll want to know how that process will go down. Why buy a pre-construction condo?
What happens when you move into a Preconstruction condo?
Often, pre-construction condo buildings have a time lag between the original contract being signed, and the buyer moving in and/or having the property registered in their name. This leaves space for life to get in the way of your plans; new partners, new jobs, new kids or a global pandemic can all change your circumstances.
What happens if I withdraw my deposit from a pre-construction condo?
If you decide to purchase a pre-construction condo, you will have ten days to reconsider your decision. If you decide to withdraw, you’ll receive your deposit back with no penalties.
