when do u need lawyer when purchasing pre-sale condo?

[being_manny]

Hey everyone

I'm little confused re when we need a lawyer when purchasing a pre-construction condo. The place I'm interested in have a occupancy date of fall 2012.

I'm wondering if anyone can advise on when I actually need a lawyer? Is it right after you sign the Agreement of Purchase and Sale (during that 10 days cooling period), so the lawyer can review the document? Or right before the occupancy date with all the mortgage stuff?

Thank you

 

[andrejeffry]

Hey everyone

I'm little confused re when we need a lawyer when purchasing a pre-construction condo. The place I'm interested in have a occupancy date of fall 2012.

I'm wondering if anyone can advise on when I actually need a lawyer? Is it right after you sign the Agreement of Purchase and Sale (during that 10 days cooling period), so the lawyer can review the document? Or right before the occupancy date with all the mortgage stuff?

Thank you

Both times.

But you don't pay for his service if the sale doesn't go thru. In other words, you only pay for his service after the closing date/registration date. My lawyers actually reviewed 3 separate docs from 3 separate developers, cause I backed out on 2 other developers before the 10 days ended

Find a reliable lawyer before you sign anything. After you sign the Agreement of Purchase, take the docs to your lawyer. Let him review it during the 10 days period.

Again, try to negotiate as much as possible with the developers. For my case, I negotiated non-structural floor plan change and maximum delay period. Have those negotiated items on an addendum to the agreement.

Ask your lawyer what else you can negotiate

 

[being_manny]

Thanks for the info, andrejeffry. Did u have a good lawyer? If it is, can you share the name?

sorry sound kinda dumb, but do you negotiate those items (non-structural floor plan change and max delay period) with the sales rep at the site or have the lawyer put in the clause during the 10 day period and go back and forth with the developer?

Another thing I thought of is the capped closing fees. Read many stories that the closing fees can add up at the end to thousands.

Both times.

But you don't pay for his service if the sale doesn't go thru. In other words, you only pay for his service after the closing date/registration date. My lawyers actually reviewed 3 separate docs from 3 separate developers, cause I backed out on 2 other developers before the 10 days ended

Find a reliable lawyer before you sign anything. After you sign the Agreement of Purchase, take the docs to your lawyer. Let him review it during the 10 days period.

Again, try to negotiate as much as possible with the developers. For my case, I negotiated non-structural floor plan change and maximum delay period. Have those negotiated items on an addendum to the agreement.

Ask your lawyer what else you can negotiate

 

[andrejeffry]

Thanks for the info, andrejeffry. Did u have a good lawyer? If it is, can you share the name?

sorry sound kinda dumb, but do you negotiate those items (non-structural floor plan change and max delay period) with the sales rep at the site or have the lawyer put in the clause during the 10 day period and go back and forth with the developer?

Another thing I thought of is the capped closing fees. Read many stories that the closing fees can add up at the end to thousands.

I pm-ed you his contact. I used him three times. Two times for buying pre-built condos. One for selling.

I negotiated with the sales rep. In my case, I have some walls removed to make the place more open. But that's for personal preference. Put it on addendum and have the lawyer to review the addendum. There are items that you and the lawyer can negotiate and put the clause in the agreement to cover your bases, like maximum delay period

yes closing fee can add up, but I don't know the detail. Usually first time buyer doesn't get hit as much.

 

[newbuyer]

I pm-ed you his contact. I used him three times. Two times for buying pre-built condos. One for selling.

I negotiated with the sales rep. In my case, I have some walls removed to make the place more open. But that's for personal preference. Put it on addendum and have the lawyer to review the addendum. There are items that you and the lawyer can negotiate and put the clause in the agreement to cover your bases, like maximum delay period

yes closing fee can add up, but I don't know the detail. Usually first time buyer doesn't get hit as much.

how late typically or reasonably the maximum delay period for builder? Let say for Emerald city, it says the expected occupancy date is Dec 15,2011.

 

[andrejeffry]

how late typically or reasonably the maximum delay period for builder? Let say for Emerald city, it says the expected occupancy date is Dec 15,2011.

I'd say expect delay between 6-12 months.

My first condo was delayed up to a year.

My second was actually on time.

Although, the first condo was done with almost no defect inside the unit. Everything is tight, close to perfect. My second place, which is a loft, came with tons of defect inside the unit.

 

[simuls]

how late typically or reasonably the maximum delay period for builder? Let say for Emerald city, it says the expected occupancy date is Dec 15,2011.

It really depends on the height of the building, the floor you bought on, and when the shovels hit the ground, as most builders give a blanket date to all units at the beginning, knowing full well that there could be 6 months or more difference between occupancy on the first and 40th floors.

My current condo I will occupy about 2 years later than originally quoted and my last was about 1 year behind. Both downtown king west. 1 Canderel, 1 CanAlfa.

 

[robert-laws]

right before the occupancy date you need a lawyer

 

[Embie]

Thanks for the info, andrejeffry. Did u have a good lawyer? If it is, can you share the name?

sorry sound kinda dumb, but do you negotiate those items (non-structural floor plan change and max delay period) with the sales rep at the site or have the lawyer put in the clause during the 10 day period and go back and forth with the developer?

Another thing I thought of is the capped closing fees. Read many stories that the closing fees can add up at the end to thousands.

hi,

can you share the name of your lawyer? I got my Agreement of Purchase yesturday (which means my 10 days has started) and I need a lawyer. Any help is greatly appreciated!

thanks!