Klieg
Logician
Hi all. I'm currently looking into buying my first place, learning as I go, but I have a few questions about purchasing a condo in the pre-construction phase.
I gather that there can be a gap of several months between occupancy and when a building is registered, but you have to wait until registration before your bank will give you a mortgage.
Being something of a pessimist, I have to ask: What happens if circumstances change enough in the meantime (ie. you lose your job, or the economy tanks even further than it has already) that at registration your bank is unwilling or unable to lend you as much as you require to close the deal? Would the buyer lose their entire deposit with the builder, or are there other options available?
One day I'm sure I'll have this all figured out
I gather that there can be a gap of several months between occupancy and when a building is registered, but you have to wait until registration before your bank will give you a mortgage.
Being something of a pessimist, I have to ask: What happens if circumstances change enough in the meantime (ie. you lose your job, or the economy tanks even further than it has already) that at registration your bank is unwilling or unable to lend you as much as you require to close the deal? Would the buyer lose their entire deposit with the builder, or are there other options available?
One day I'm sure I'll have this all figured out