Photo: credit to the owner

Let us continue from the last part on this topic and explore other steps in buying a a pre-construction condo.

Agreement Signing: The next step in buying the preconstruction condo is signing the contract with the builder known as the agreement to purchase and sale. Unlike agreement in the resale transaction, this agreement with the builder is much more detailed. It includes the deposit payment, intervals. Description of your unit. Any parking and locker which you have purchased, occupancy date, Tarion home warranty and any assignment provision and so on.
Watch out for my blog on condo assignment for more information on how condo assignment works.
Cooling off Period:  After you have signed the agreement, you have the cooling-off period which is crucial in new condo-buying proves in Ontario. It is a period of 10 calendar days. Essentially, this allows the buyer to review the agreement with a lawyer and if not satisfied in any way when reviewing the agreement, you can walk away from this deal without any penalties. But one the cooling period is over and you have not given back the unit to the builder, the deal is firmed up.
Selection of Colours: The next step is the interior look of your condo. You will be called to come and select the interior choice or the color choices for your unit. This is an important step after you have purchased. This will normally be anytime between the signing of the agreement and the possession.
Pre-Delivery Inspection: The next step before the interim occupancy is called PDI of the pre-delivery inspection. When your unit is ready to be occupied, the builder’s representative will go through a pre-delivery inspection of the unit with you prior to handing over your keys.
Interim Occupancy: When your condo is built and ready to be moved in, there is an interim occupancy period when the builder gives possession of the unit but does not close the purchase because the building registration is not yet completed.
Closing: The last step is closing your purchase. Closing takes place after the building is registered with the city, then the condo ownership is transferred to the buyers and the buyers become the owners of that property.
I hope you like this blog.  For more information, contact me at (647) 834-9928 or send me an email to [email protected].