PRE-CONSTRUCTION FAQ'S

Do I need to pay you any fees?
No. When purchasing a property, you do not pay for realtor fees. You only pay when selling a property.

What is an "Assignment"?
An Assignment is when you sell your property to someone else, before closing. You need the builder's permission to Assign your property and there is usually a fee of $5,000.

Why do I need a Realtor? Can I purchase through the builder directly?
If the project is released to the public, you may purchase directly through the builder. Even if you can purchase directly from the builder, it is always best to have a Realtor represent you to look out for your best interest since the sales representatives at the sales office represent the builder, not you! Realtors have the same information that the sales office has. Why not have Realtor to look out for your best interest for FREE?

What is "Platinum VIP Access"?
Some Realtors have Platinum VIP status with certain builders/projects due to their high number of sales in the past.  Usually, during Platinum VIP, the project is not available for the general public to purchase directly from the builder. During Platinum VIP Access, you will have the opportunity to purchase a property at its lowest price as possible with great incentives through a Realtor. Purchasing during Platinum VIP Access is the best way to start your investment!

What Does "Right To Lease During Interim Occupancy" mean?

Before your property closes, you may be allowed to live in the property before the building is registered. During this time, it's called "interim occupancy". Usually, during interim occupancy, you're not allowed to lease your property to a tenant because you haven't closed yet. Some builders, add the "Right To Lease During Interim Occupancy" clause as an incentive, so that you would be allowed to lease.

Is the deal firm once I sign the Purchase Agreement at the Sales Office?

No. Once you sign the Purchase Agreement, you usually have 10 days to review the contract with your lawyer. During those 10 days you may cancel the contract and have the cheques returned back to you.

What are "Floor Premiums"?
When you look at the Price List, you usually see that it says "Starting Price". This means the price that you see it's from the lowest floor available. Usually, every floor that you go higher it's about $1,000/floor.

What does "Capped Development Charges" mean?
During the construction of the building, the builder may come across extra/unforeseen development charges costs. For example, by the time the builder starts construction, the building costs have increased. Therefore, the builder has the right to charge the buyer the fees for extra costs. In most pre-construction projects, you will see an incentive for "Capped Development Charges" for a certain amount. This means, the builder will not charge you over the amount that is offered.

Is a Worksheet (Suite Request Form) a commitment?
No. The Worksheet is not a commitment.

Why do you need my ID and SIN in the Worksheet?
The ID (i.e. Driver's License or Passport) is required to validate the identity of the person filling out the Worksheet, and your SIN is required when purchasing a property.