Below are the typical steps involved in purchasing a suite at the beginning of a new condo launch. Platinum Agents tend to offer front of line access to the best projects and suites.
1. Selecting the Project
Perhaps one of the most important aspects is selecting the right project. This will involve consultations with your chosen Real Estate Professional.
2. Selecting the Suite
Once you have chosen the project, narrow down your selection for the best suite. This will include a floor plan analysis, the view, a range of floor choices, suite price, and determining how the suite will fit in your budget.
3. Submitting a Suite Reservation Worksheet
Once you determine which suite you are interested in purchasing simply complete a suite reservation worksheet and return it to your Platinum Agent. The worksheet will outline the suite you are interested in and what floors you would like to possible purchase that particular floorplan on. It will also include you contact information, your occupation. In addition, your Platinum Agent will ask for a copy of your ID to confirm that the information on the worksheet is accurate.
4. Confirmation of Suite Allocation
Your Platinum Agent will confirm the suite that has been allocated to you. Once you confirm that you wish to purchase the suite, you will make an appointment to sign the agreement. The suite will be held for you until that time.
5. Signing the Agreement
If the information that you provided on your worksheet is accurate, then the paperwork for the agreement can be prepared before you arrive. You will typically sign multiple copies of the same agreement so that all parties have a copy.
6. 10 Day Recession Period
Once you sign the agreement, you will have a 10 calendar day “Cooling off Period.” The developer is required to give you this time period to review your agreement and suite decision. We recommend that you do the following during this period:
Have a Lawyer review your agreement. A lawyer will read through the agreement and highlight any issues that may be of concern
Get pre-approved by a mortgage broker. If there are any problems within the 10 days, you will be able to cancel the agreement with no penalty.
7. Deal goes firm & Deposits Cashed
On the 11th day, the deal will automatically go firm and the first deposit cheque will be cashed.