We know that home ownership is life changing and will be one of your biggest investments, here’s how to best prepare for these thrilling next steps and secure your new condo or townhome.

After researching developments in neighbourhoods from your youth and other trendy upcoming communities, you are excited and ready to write on your new home. The first step is to book an appointment with a member of the sales team. It is also a good idea to have your realtor with you at this session.

Prior to writing your contract, you will be given a copy of the Disclosure Statement, a legal document outlining everything you need to know about the development. Read the Disclosure Statement for important information from the deposit structure and timing of payments, estimated strata fee, parking, storage, bylaws to the building’s estimated completion date. This critical document also provides a clear overview of the completion process, as the building’s construction is finalized there is a detailed schedule listing the types of notification you will receive from the developer’s customer care department. Your realtor and sales representative can help to answer any questions you may have about the Disclosure Statement.

During your appointment, a sales representative will help you prepare the purchase contract. You will be required to show two pieces of identification and to have a cheque or bank draft ready for your initial deposit, the amount can be communicated prior to your visit.

This is an exciting time as a new homebuyer, at the contract meeting you will select a specific strata lot identifying the floor plan and floor level. Depending on the project, you will also be able to customize the colour scheme that suits your style and choose options for things like parking and storage. The contract of purchase and sale will contain the legal description of your home, outline the deposit structure and timing of payments as well as any pertinent details regarding your new home.

You may come across a developer using a new technology called Yongle in their presentation centre which is an eco-friendly contract management system. This is a quick and user-friendly way for purchasers to review, update and electronically sign their digital contract. Your homebuyer documents are updated in real time and are stored in a secured online location. By sending documents electronically it saves time and mail costs. Yongle allows you, your realtor and legal representative to access the necessary contracts any time and from anywhere in the world.

While you are confident in your decision to purchase your brand new home, pre-sale homes located in B.C. have a seven-day rescission period from when you sign your contract that allows the buyer to cancel without penalty. The rescission period allows you the time necessary to secure your finances and provide that peace of mind for this important milestone. After this period, your contract is legally binding and both parties are expected to execute their obligations as per the terms.

To enjoy your new home purchase, always ask questions and clarify the details of your contract and the process as projects generally complete in two to three years.

Getting Ready to Write on a Pre-Sale Home by MAC Marketing Solutions