Buying a newly built home is quite different from budding and buying an already existing apartment or condo. You do not need bidding and usually choose materials and furnishings for your new home. On the other hand, the price is often a bit higher and the wait for occupancy can be long. We summarize the process for you to buy condos for sale Regina SK.
Many builders receive interest reports on their site at an early stage, sometimes several years before sales start. You do not associate yourself with anything, but can thus get very good pre-information about the project and not least when it’s time for sales start.
2. Sales Process
When starting the sales process you are contacted to gauge pre-sales interest and invited to a showroom for a meeting. Information about the project is shared on a website and sometimes there is a showroom or similar close-up which you can visit to see models, drawings and sketches. You’re purchasing a home on speculation of the build, not an actual home you can see.
2. Booking agreement
If you are offered a residence, a booking agreement is signed and a booking fee is payable, which varies depending on the builder. The booking fee is part of the total amount and is deducted before paying the total amount at the residence. Before you pay the booking fee, you should have everything done with your bank: loan calculations, loans, etc.
3. Pre Contract and Fee
The pre-agreement is signed when the housing association has been formed and is an agreement between you as a buyer and the association. The advance fee is also deducted from the total. In some instances, lease agreements are signed directly, depending on how far the process has come.
4. Choices and options, visit to the residence etc.
As long as your home is being built, you will usually choose materials in the form of wallpaper, tiles, kitchen shutters and more. You often also visit a viewing apartment where you can see the materials in place, and when it comes to approaching, you usually also visit your own home to measure and the like.
A few weeks before occupation, an independent inspector will check your home. Then it’s good if you’re in to see you have all your options in place, etc.
6. Grant Agreements
When the association’s financial plan is approved and registered and all permits are in place, the broker calls you to sign under the tenancy agreement. Then you will also receive information about the final payment, which will usually be paid no later than a few days before the date of access.
If you live in Vancouver you may want to check out grants related to Vancouver Vacancy Tax.
7. Final Inspection
Any month or two before occupancy is the time for final inspection. A quality manager participates in order to approve the entire contract, according to the Planning and Building Act.
Last time to move in!
9. Warranty Inspection
Warranty inspection takes place 2 years after approved final inspection. Any warranties that arise during the warranty period are noted and remedied. After this warranty period, the building itself is covered by a construction fuse insurance that applies for another 8 years after the warranty inspection has been completed.