Greater Vancouver new presales (or Vancouver presale townhouses) is a market that allows for great purchasing opportunities for buyers. These buyers can be looking for homes in Vancouver, or those looking to invest in real estate with presales. Presale markets differ from the traditional resale market, and we have compiled information that can help outline the process and the advantages or disadvantages of Presley for potential buyers.
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The Greater Vancouver presale market and the presale market in British Columbia falls under the governing of the Real Estate Development Marketing Act and prioritizes protection of the buyers. In addition to having a regulated marketplace, as a buyer you should be aware of 3 important points regarding presale properties.
As a buyer, you have a 7 day period after an accepted offer to cancel the contract. This 7 day period to cancel a presale contract is known as the “7 day recession period.” Having the ability to cancel in this time for any reason at all is beneficial as it offers you peace of mind knowing that if you’re worried about financing in the future, decide you don’t like the property or you put all your money on black at the casino, you have the right to cancel the contract right there and then.
Your deposit is held in trust, and not sent to the developer until the completion of the property. This means that should a problem arise with with construction or the developer declares bankruptcy, your deposit will be returned in full.
The developer will provide you with a Disclosure Statement, which outlines important information regarding the property, such as what’s included in your purchase, the size of your unit and what the property will look like upon completion
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