The Pre Construction Purchase Process
1. Submit Your Worksheet
Once you have determined a specific project of interest, your next step is to pick the desired suite and submit a worksheet. A worksheet is a document submitted to the builder/developer indicating your suite preferences, along with a copy of government-issued identification to specify that you are interested in securing a suite. The sooner the worksheet is submitted, the better your chances of getting your preferred suite allocated to you. Depending on project popularity, developers will often receive hundreds or thousands of worksheets for the same suite. Suites are typically sold on a first-come, first-sale basis. Working with an agent like me, who has Platinum Access to the best developers, projects, and suites throughout the GTA will give you priority selections before the public, as well as before other agents who do not have these developed relationships.
2. Signing the Agreement
Once a suite is allocated to you, you will be designated a "signing date" to secure and sign the Agreement of Purchase and Sale. You will need to bring your chequebook and government-issued identification.
3. 10-day Cooling Period
When purchasing a new pre-construction property, by law, you will have ten calendar days to complete due diligence and review the Agreement of Purchase and Sale. This time frame is known as the "10-Day Cooling Period." During this period, we recommend having the Agreement reviewed by a lawyer that specializes in pre-construction. Upon review, if you decide to withdraw from the purchase during the 10-Day Cooling Period, your cheques will be returned to you without any penalties.
