Buying a resale property can be a lot easier than buying pre-construction condos. However, there are still some considerations to keep in mind when looking for a good potential deal. Most buyers of pre-development have already signed contracts with the developer or his agent, so all that they really have to do is wait for the scheduled resale sale date. The contract usually spells out various terms and responsibilities of the buyer, including the condo fees. Ensure that you visit the best real estate agents toronto soliutions here.
If the price seems too good to be true, then it probably is. Many sellers will try to hide ballooning costs, such as builder financing fees, from prospective buyers. Some builders also try to give buyers a bad impression by putting up too-good-to-be-true sales offers. If you find yourself buying pre-construction condos, make sure you know what to look for before making an offer.
One way of finding out if you're getting a good deal is by asking the prospective seller to furnish you with copies of their credit report. In addition, ask the developer for copies of relevant financial documents, like tax returns. It's important to also check the builder's standing with the Better Business Bureau. It's a good idea to obtain several copies of this because you may find something that you missed on the credit report. Finally, call the Office of the Superintendent of Real Estate for the city or village where the condo complex is located and inquire about the condo fees.
When buying pre-construction condos, you have a few other options available to you. In addition to the traditional resale option, you can sign a purchase agreement with the developer. This way, you won't have to worry about paying for a real estate agent or dealing with the hassle of dealing with potential buyers. In exchange, the developer will pay for all necessary condo fees and taxes.
Some developers prefer to work exclusively with a brokerage agent. A broker works on your behalf when buying a new condo. He/she acts as a middleman between you and the developer. A broker can help you obtain all necessary documentation, help you choose a suitable builder, and help you arrange financing. The broker's commissions on the sale of the new condo will be taken care of by the developer. You won't pay any commission unless you have successfully closed a successful deal. Find out more about the best buying a condo in toronto guide here.
It's good news if you are able to locate a developer who prefers to work exclusively with a licensed real estate purchase broker. This is because brokers have the knowledge and resources to locate and secure a buyer for the developer. In addition, it is in the developer's best interest to ensure that a good real estate purchase broker is working for him/her. In essence, the developer pays the broker a percentage of the sales price of each condo sold under his/her name. That way, the developer receives an increased number of commission checks every time one of his/her condos is sold. Find out more details in relation to this topic here: https://en.wikipedia.org/wiki/Housing_unit.