Pre- Sale Real Estate. Read Your Contract Clearly!
October 29th, 2008When buying any real estate, or any large purchase for that matter, you should always make sure to read your contract very clearly and know what you are getting into.
This applies two fold to buying pre-sale condos because it is often a couple years out and things can change as we have seen in numerous recent incidents. You want to make sure you know how things are going to be handled when changes take place.
A perfect example of this is the recent fire at a Surrey Development, Quattro. Buyer found out that after it was destroyed by fire the developer has the right to extend the completion by the time it takes to re-build. So if it will take an extra year for example, buyers will be out of a home for an extra year and they cannot get their deposit back an move on.
Like anything, make sure you know what you are getting into, and use a professional like a realtor and even a Lawyer to make sure the contract has been fully looked over and explained.
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20081019/BC_Quattro_Money_081019/20081019/?hub=BritishColumbiaHome
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