Questions asked by every CONDOMINIUM PURCHASER Buying a brand-new condominium is a thrilling experience, and that’s putting it mildly. However, when you begin to feel more at home in your new surroundings, you may have some questions. Some of the more frequent examples are listed below. How might my situation be affected by interim occupancy? […]
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PRE-CONSTRUCTION ASSIGNMENT SALE IS ADVANTAGEOUS Things can shift rapidly in life, for better or worse. The Agreement of Purchase and Sale includes a no-assignment clause for the security of both the original purchaser and the developer. It normally takes about four to five years to finish building a condo from the ground up, and even longer
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A New Purchaser of a Condo Under Construction In the pre-construction real estate market, an assignee is the new buyer of a home or condominium who has legally transferred the contract for that property through an assignment sale. A contract for a yet-to-be-built property is being offered for sale or assignment by the original buyer
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How to sell pre-construction condo It is the obligation of the original buyer to abide by the conditions of the Purchase and Sale Agreement. At the conclusion of a pre-construction assignment sale, the new buyer takes over the obligations. Due to the complexity involved, the process must be closely monitored till completion. For instance, an
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Discover before building You’ve been looking for a new place to call home for what feels like forever, but nothing is quite right. Instead, you’ve made up your mind to commission the construction of your ideal house on land you already own. Even while well-meaning relatives and neighbours may offer to help by recommending builders,
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A GUIDE FOR INTERIM OCCUPANCY In some cases, pre-construction condo buyers will be allowed to move in to their finished unit before the rest of the building is ready. This is known as “interim occupancy,” and it is permitted until the city has determined that the building is secure for occupants. Condo buyers often misunderstand
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Five Things to Know Before Purchasing a Condo Buying a new condo is a big investment that demands careful preparation and research, regardless of whether this is your first or fifth condo purchase. In this way, you will know exactly what to expect from your new condo and will be able to buy with confidence.
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A comparison of Open and Closed Mortgages Open mortgages are flexible enough to repay all or part of your mortgage at any point while leading to the continuity of the term without paying any upfront fees. Interest rates on open mortgages are often higher than those on closed mortgages. Open mortgages provide flexibility until you
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How to Purchase a Home in Canada in just 7 Easy Steps? Despite growing housing costs, real estate remains a valuable investment for several Canadians, especially millennials who want to purchase a home. Ever since beginning of the epidemic, record-low rates of interest have created an opportunity for hundreds of individuals to purchase their first
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Canada’s housing affordability declines the most in 27 years. A mortgage for the average home in Canada will cost Canadians more than half of their household income for the first time since the mid-1990s. The National Bank of Canada (NBC) noted in its latest Housing Affordability Monitor report that housing affordability in Canada has worsened
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