A pre-sale condo purchase can be an excellent option if you want to buy property. Pre-sale purchases allow buyers to purchase a condo unit before it is built, typically at a lower price than what the unit would sell for once construction is complete.<\/p>\n
The Real Estate Development Marketing Act (REDMA) is the primary legislation governing the province’s pre-sale contracts. REDMA requires developers to file a disclosure statement<\/strong> with the Superintendent of Real Estate before marketing pre-sale units. The disclosure statement must contain specific information about the development, including the number of units, the estimated completion date, the purchase price, and the amount of deposit required.<\/p>\n The purpose of the disclosure statement is to provide buyers with all the information they need to make an informed decision about purchasing a pre-sale unit. After receiving the disclosure statement, buyers have a seven-day cooling-off period to cancel the contract without penalty. After the cooling-off period, the buyer is legally bound to the contract. Any subsequent assignment of the contract must also comply with REDMA regulations.<\/p>\n As with any other investment, there are risks involved in pre-sale purchases that buyers must be aware of. In this article, we will discuss:<\/p>\n\n