b•first and be educated on your decision
If you are looking to buy a pre-construction condo, the best first step you can make is to be aware of the process before you begin. That way, you can avoid disappointments and surprises. Unlike buying a resale condominium, the pre-construction condo process requires more steps, and a bit more paperwork, but in the end you will have a brand new home that you can be proud to call your own.
b•first is behind you all the way. We’re here to help guide you through the process to make it easier and less complicated. We’ve been there many times before but we still enjoy seeing the smiles on faces as new owners get their keys.
There are many things to learn leading up to a purchase of a pre-construction condominium. Among them are details on HST, Tarion Warranty, Lawyer selection, the Agreement of Purchase and Sale, the 10-day cooling off period, and so on. These are just a few of the many things that we cover in our buyers’ seminars. Better that you understand everything you need to know about buying a new condominium beforehand.
We also help you with your mortgage pre-approval, which is something all builders will require. When you as a purchaser are "pre-qualified" and "educated" you become a more desirable client, which gives you a preferred standing with builders.
With b•first, you can enjoy the many benefits of buying in the pre-construction phase. You’ll own a newly-built condominium suite with all new appliances, new amenities and new finishes, for worry-free living. In addition, brand new buildings tend to earn much higher appreciation and returns. Win-win for you!
Ten Steps to buying your new condo...
① It all starts with registering here:
As soon as your contact information is on our list, you can b.first in line to receive all the latest information about pre-construction condos in the GTA. In today’s ever-changing real estate market, you’ll be right up to date on any new sales events or condominium projects that are launching. If the project hasn’t launched yet, we will add your name to our priority list and as soon as the developer provides us with full details, we’ll let you know. For every condo you’re interested in, you will receive full project details, including brochures, floor plans and price lists. Then you can connect with a b•first representative to go over details or ask any questions.
② Once you decide on the specific floorplan and suite you’re interested in, we’ll help you submit a “worksheet” to get that unit allocated buy the builder including your personal information and your suite preferences along with Government-issued identification. It doesn’t mean you’re buying a unit quite yet, just that you’re interested in purchasing and would like one allocated. Your worksheet will be submitted and time stamped accordingly, and it’s important to have several options to increase your chances in getting a suite allocated. A b•first sales representative will guide you through this process. Sometimes, however, we may be allocated certain floors of units in which case you would need to select one from the list of options given to us.
③ Within a few days of your submitting the worksheet, you will receive a phone call from a b•first sales representative with an update. If you have been allocated a suite and would like to proceed, we will book an appointment at the sales centre to start the sales process and sign the Agreement of Purchase and Sale (APS). In some cases, the builder may allow us to bring our purchasers in ahead of selecting a unit "b•first day/evening".
④ The signing event has arrived! Please come prepared on the day of signing with your Government-issued photo identification and your chequebook. You will not be able to buy a suite without these items. The b•first agent will accomany you to the signing in order to guide you through the signing process and answer any questions you may have.
⑤ Once the contract has been signed with the developer, you have 10 days, a period commonly referred to as the "10 Days Cooling Off Period". By Law, you legally have this period to review your purchase agreement. You are 100% protected during this period and the unit is on hold under your name for those 10 days. We strongly recommend you choose a lawyer with experience pre-construction purchases at this time, who can help you review the contract. If you change your mind during the 10 days or decide you are not satisfied with the contract, you have the right to cancel it at this time, with no questions asked, no financial penalties and your post-dated cheques returned to you. If you choose not to proceed, please bring your purchase agreement and other documents to the sales centre, where you will sign a rescission letter. If, on the other hand, you are satisfied with the purchase agreement after the 10 days, the contract is firm and the first deposit cheque gets cashed on the 11th day after signing.
⑥ Congratulations! Your deposit cheques will be processed accordingly. Please make sure to have funds in your account on the specified dates that were provided to you in your sale agreement. You will receive a receipt in the mail from the builders lawyer every time a cheque has been cashed.
⑦ Now is when you need to give your mortgage pre-approval or commitment letter in place. Remember, as the building is not registered yet you can’t register a mortgage officially. Since this can sometimes take a bit of time we get you pre-approved first so there are not surprises or delays.
⑧ While the condo is under construction, the developer’s décor centre will be contacting you to pick your suite colours, finishes and offer any upgrades. Approximately one year prior to your occupancy date, we advise you to contact your lender and have your mortgage approval letter updated to avoid any increased interest rates.
⑨ You will usually meet with your lawyer twice during the pre-construction phase. There are two closing dates during the process, the Interim Occupancy stage and the Final Closing stage. The developer will advise you of your Interim Occupancy date and you will meet with your lawyer first to sign necessary documents during this period. At this time, be prepared to make any outstanding deposits and occupancy fee payments. Please note that during the Occupancy Period you still do not own your suite. Your mortgage or final payments will not occur until the Final Registration date.
⑩ You will meet with your lawyer shortly before the final closing date to sign all the documents and officially transfer ownership of your suite. Your mortgage will commence and your Interim Occupancy fees will stop. Your lawyer will explain all outstanding costs to finalize the purchase.
You NOW officially own your new condominium!