What you need to know about buying a pre-construction condo
Buying a pre-construction condo is more complicated than it first seems. The easy part is what feels like the hardest — finding a condo that you love at a price you can afford.
Sure, you may have looked at dozens of plans in a number of buildings to find the one that’s right for you. But, it’s only when you sign the deal that things really get started.
The 10-day cooling off period
The first thing to do after signing the offer is to take it to your real estate lawyer right away. Don’t wait. In Ontario, you have 10 calendar days to ‘cool off’ to make sure that you didn’t sign the contract with stars in your eyes. These 10 days are your chance to ask for amendments or even back out of the deal without penalty, so don’t waste them because once time expires, the deal is firm. So, ask your lawyer lots of questions and make sure that you understand the answers.Read more…