Arsh Syed, Real Estate Agent & Founder at Real Estate in Toronto

Real Estate in Toronto – REIT

Discovering the best of Toronto's real estate, from downtown condos to suburban family homes. Where Pre-Constructionish Dreams Begin!

FAQs for Buying Pre-Construction Condos, Townhouses, or Detached Homes with Arsh Syed!

How do I reserve a unit in pre-construction projects?

If you’re interested in reserving a suite and are certain about the project, you will be asked to complete the worksheet and submit it with a valid government-issued photo ID. We will then provide further information for choosing your preferred suites.

If you require help in filling out your worksheet or seek additional information about the project and the pre-construction purchasing process, don’t hesitate to schedule an appointment with us.

What advantages do I gain as a buyer when choosing to work with Meta Realty?

When you become a client of Meta Realty, Toronto’s Next Top Platinum Brokerage, we negotiate with the builder for the best price, floor plans, deposit structure, and provide excellent after-sale service. This includes but is not limited to the highest level of access to new projects, the best incentives, and terms.

We do not represent the builder; we represent you and work in your best interest. You also have access to our personal network of mortgage brokers and preconstruction lawyers. Our services to you as a buyer are free.

Is there a cooling-off period for buyers, and if so, what is its purpose?

Yes, a 10-day cooling-off period is provided after you sign the contract to purchase a suite in pre-construction projects. This period spans 10 calendar days, allowing you to review the contract with your lawyer and obtain a mortgage pre-approval letter.

Is it advisable to have a preconstruction lawyer review the Agreement of Purchase and Sale?

Yes, it’s advisable to have a qualified preconstruction lawyer review your contract after you sign it and during your 10-day cooling-off period when purchasing a unit in pre-construction projects. A lawyer can protect your interests and ensure your contract is sound.

Is mortgage pre-approval necessary for buying a preconstruction unit?

Builders often require proof of financing to proceed with a purchase, and while it may not be needed before contract signing, it is typically required within 90 days after signing the contract.

Is HST included in the price for personal use and investment?

If you’re buying Pre-Construction unit for personal use and intend to move in, the prices include HST, and you won’t have to pay additional HST at the final closing.

For investors buying pre-construction, around 13% HST is payable on final closing, with a potential maximum rebate of $24,000. Examining the agreement of purchase & sale and consulting with a legal professional on the HST rebate is vital for all investors.

Do pre-construction condos incur higher closing costs than resale properties?

Closing costs for pre-construction condos may exceed those for resale units, contingent on factors like purchase price, builder, city, and unit type. It’s advisable to review your contract within the ten-day cooling-off period for a thorough understanding of the conditions and closing costs.

Are there undisclosed fees associated with purchasing a pre-construction unit?

No, there are no hidden fees when purchasing a pre-construction unit. All fees must be disclosed in the agreement of purchase and sale. It is essential for all purchasers to review the agreement and have a lawyer advise them on the exact closing cost amounts. If you need assistance finding a lawyer, we can suggest several expert law firms that will thoroughly review your agreement.

Is there a fee associated with selling a pre-construction contract through assignment?

Many builders often allow you to sell your unit before occupancy through ‘assignment.’ This process incurs an assignment fee and legal costs. Reviewing the agreement of purchase & sale and seeking legal advice on the precise assignment fees is crucial for all buyers.

What factors contribute to success in Canadian real estate pre-construction projects?

Success in Canadian real estate pre-construction projects hinges on buying at the right time, builder reputation, and in the right location.

At the core of my commitment as your devoted real estate agent and pre-construction expert, I consider my clients as family. Together, we create a lasting legacy through collaboration and a shared vision that extends to each and every client. For additional details on pre-construction projects and the purchasing process, reach out to Arsh Syed at 416-844-2217.

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