Preparing for pre-sale homeownership

Autumn is typically a popular season for house hunting. Homeownership will be one of your biggest investments and for many, it will be life changing. Here is advice on how to secure your new condo or townhome and to best prepare for these exciting next steps.

Book an appointment

After researching developments in various neighbourhoods and narrowing down to your favourite project, you are excited and ready to purchase your new home. The first step is to book an appointment with a member of the sales team. It is recommended to have your realtor with you at this session.

Review purchase documents

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 about the deposit structure and timing of payments, completion process, parking, bylaws, the building’s estimated strata fee and the completion date. Your realtor and sales representative can help answer any questions you may have about this critical document.

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

Home selection and customization

This is an exciting time as a new homebuyer. At the contract meeting, you will select a specific strata lot identifying your floorplan 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.

Seven day homebuyer decision period

While you are confident in your decision to purchase your 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. 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 since projects complete in two to three years.

Related reading

When buying presale, evaluate the floorplan first

5 benefits of buying a presale home