Pre-Sale Buying Process

 

Pre-Sale Buying Process


  1. Meet with a Mortgage Provider & determine your budget

While you’ll likely need pre-approval if you’re buying a presale condo, you won’t need to secure or start paying a mortgage until your property is fully built, with your mortgage loan payments beginning upon final closing.

  1. Home search

Using a buyers agent or websites like Realtor.ca, search for the pre-sale condo that’s right for you.

  1. Connect with the sales team

Connect with the sales team to get all the latest information about the pre-sale.

  1. Submit an offer

Once you have reviewed the information and selected your desired unit, you will submit an offer to the seller. 

  1. Receive an accepted offer.

Now that you have an accepted offer, the 7-day rescission period begins. During this time you can walk away from the contract without any penalty. Once the rescission period is up, you must close on the purchase or risk losing the deposit.

  1. Deposit paid and Subjects Removed.

You must submit a deposit pof 10% of the sale price within 48 hours of the 7-day rescission period. 

  1. 3 month warning to closing

Because the condos are under construction, you will not know exactly when completion and possession will occur until the 3-month warning to closing.

  1. Deficiency walk-through

This is where you will get to see your condo for the first time. You’ll walk-through and mark all the deficiencies. The builders will come through again to correct all the marked deficiencies.  

  1. Lawyer meeting

Meet with your legal council to sign all purchase documents.

  1. Key delivery/move in

The day is finally here! Collect the keys and take possession of your new condo. The developer will release a move-in schedule with each buyer's move-in time.



If you’re interested in purchasing a pre-sale condo or if you just have some more questions about the pre-sale buying process, please reach out to us. We are ready to help!



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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.