Newly built or pre-construction condos are very attractive to buyers in the Greater Toronto Area because they offer new materials and warranties, along with the latest home design trends and amenities. But just like any real estate transaction, there are specific rights that you should be aware of as a buyer.
When purchasing a newly built condo, keep these tips from Consumer Protection Ontario in mind:
- You have the right to cancel your condo purchase within 10 days of receiving a copy of the fully signed purchase and sale agreement or the disclosure statement, whichever comes later. This is known as a cooling-off period.
- You can cancel a sales agreement within 10 days of being informed of a significant change to the disclosure statement. This is known as a material change.
- If you make a deposit, the developer must make sure that it is held in trust.
- If you cancel, the developer generally must refund any deposits plus any interest that may be payable.
- The developer must take all reasonable steps to complete the project.
- You are entitled to receive warranties and other protections when you purchase a newly built condo in the province of Ontario. The Tarion Warranty Corporation website is an excellent resource for information related to warranty coverage.
Even if you are looking to purchase a pre-construction condo, it is highly recommended that you consult with a real estate sales professional prior to buying. A realtor will act with your best interests in mind and help you understand all associated fees, documentation, paperwork, building plans and more.
To learn about the benefits of working with a realtor when buying a newly built condo, please contact Deborah Clerk, Real Estate Sales Representative and ASA at Keller Williams Realty Solutions, Brokerage, in Mississauga, Ontario.
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