Why Buy a New or Pre Construction Condo or Home in GTA, Ontario from Us?
What does a platinum agent mean?
In GTA, Ontario, new home or condo builders will generally first select between10 to 20 real estate agents and brokerages to help them sell their pre-construction builds. The so-called platinum agents will sell around 30%~50% of those new developments. After the initial sales, the developer will choose other agents to sell the rest of the builds. Normally, individual buyers will not have access to the builder for up to a half year. The price of the units increases over time, while the availability of premium units commonly decreases.
Why do you need a platinum agent for a new or pre-construction condo?
For a specific new condo or home in Toronto, the platinum agent who has platinum access to those preconstruction builds can normally help you:
- Secure Premium Units at the Best Price
- Lock Incentives & Promotions
- Get Favorable Deposit Schedule
- Cap on Development Charges & Levies
- Free Assignment Clause (Most Projects)
In addition, you will be the first group to access the floor plan, promotion materials, project schedule, etc., which allows you more time to make the purchase decision.
Why choose us to buy a new condo?
- Platinum Access to most new home builds and developments in GTA
- Top value service: streamlined process supported by an experienced, service-oriented team
- A mind-blowing cashback plan by Wei Wang
- Call (647-914-7337) for details: transparent and efficient! You won't regret it!!!
The Process of Buying a Premium Pre Construction Unit
1. Select a unit within your budget. You will have first access to the floor plan from us.
2. Fill out the request (worksheet) to reserve the unit.
• Government ID (Driver's License or Passport)
• SIN number
• Your occupation
• Your contact information: Phone, Email, and Home Address
3. Bank Draft Deposit
- It normally ranges from $5,000 to $10,000, payable to the lawyer of the builder. We will let you know the exact amount around one week before the initial release from the builder.
- It needs to be prepared in advance and a photocopy of the deposit should be sent to us.
- After your unit reservation is confirmed by the builder. The deposit and purchase contract should be submitted to the builder through our brokerage.
- The deposit will be deducted from the down payment required by the builder.
- In case you decide not to proceed with the deal during the 10-day cooling-off period, the deposit will be returned to you, in full, from the builder within no more than 2 weeks.
4. Immediate response is necessary if the reservation is confirmed
- Premium unit allocation frequently requires your confirmation within one minute. If confirmation is not received, the premium unit will be allocated to another buyer.
- Once you get the notification call from me, please reply by email, WhatsApp, or any other written message ASAP.
- Due to the nature of this type of property purchase, you need to be fully committed and prepared to confirm the decision before the time of the notification. Well before the notification arrives, we will help you understand all the possible situations so that you are ready to provide me with the confirmation right away.
- You will have 10 days to rethink the decision without penalty, but if you miss that one crucial moment to confirm the purchase, then it could cause you time and money.
5. Sign the contract electronically and deliver the deposit to our brokerage
6. Prepare the mortgage pre-approval letter
- The letter format and requirements come from the builder, with which will provide you after signing the contract. Commonly, you will need to get the letter from a Schedule A Bank (Big Five Banks). You can also get the letter from a mortgage broker, but be sure that the actual lender is one of the Schedule A Banks.
- The mortgage pre-approval letter will be used by the builder when they go to their to apply for a loan for the construction project. At this time, this letter has no repercussions for you. At a later period, you will have to apply for your actual mortgage, which will be used for the final closing.
7. 10-Day Cooling-Off Period
Take advantage of these 10 days to think through your decision thoroughly. By law, you can notify the builder and cancel the contract at any time within those 10 calendar days without any reason. Your deposit is guaranteed to be returned in full.
You would hire a lawyer to review the thick volume of contracts.
8. During the long construction process, the builder will contact you regarding countertops, wood finishing, tiles, etc.
9. Interim Occupancy and Final Closing
Please review the details on how to buy a pre-construction condo.
10. Get the cashback
The cashback is net and is available within 20 business days when we have collected the commission from the builder after your final closing.
In addition, I welcome you to come down to our office, meet our friendly staff and become comfortable working with me. When you have finished filling out the worksheet and have provided me with a photocopy of the deposit, I will provide you with a written agreement that details the cashback terms.