Can I Negotiate When Buying A Pre-Construction Condo?

Purchasing a condominium can be an exciting yet intricate process, especially when it  comes to negotiating a pre-construction unit.



To successfully navigate this process, it is essential to understand the differences  between purchasing a pre-construction sale, an assignment sale, and a resale.



Having the support of a skilled and knowledgeable Real Estate Agent is proven to be  invaluable, as they possess the expertise to negotiate on behalf of the Buyer and  secure the best possible terms.



Below we will explore these concepts and discuss the advantages of working with a  Real Estate Agent.



 

Pre-Construction Sale

A pre-construction sale involves purchasing a condominium unit directly from the  developer before construction begins.



Buyers are presented with floor plans, design options, and the opportunity to customize  certain features.



Negotiating a pre-construction sale includes the discussion of the purchase price,  upgrades, payment structure, and closing dates.



Real Estate Agents play a vital role in these negotiations by ensuring Buyers are aware  of any potential risks while analyzing market trends to determine fair pricing.



It is the Real Estate Agents role to represent their client’s best interests throughout the  process.



 

Assignment Sale

An assignment sale refers to the transfer of a pre-construction condominium from the  original purchaser (assignor) to a new buyer (assignee) before the construction is  completed and the building is registered.



In this scenario, the assignee steps into the shoes of the assignor, assuming their rights  and obligations.



Assignment sales often occur when the original purchaser is unable to or no longer  wishes to proceed with the purchase.



The negotiation of an assignment sale can be challenging as there may be specific  clauses and conditions tied to the original purchase agreement.



As a Buyer, having an informed Real Estate Agent in your corner will help to translate  the language and negotiate in your best interest.



 

Resale

A resale refers to the purchase of a condominium unit that has already been  constructed and previously owned.



In contrast to a pre-construction sale, a resale offers the advantage of immediate  occupancy and a tangible understanding of the unit’s condition, as buyers can visit and  inspect the property before making an offer.



Negotiating a resale generally involves more flexibility in terms of pricing and closing  dates.



It is crucial to engage a Real Estate Agent who can help assess the unit’s value, negotiate  repairs or upgrades, and navigate the legal documentation involved.



Not only do Real Estate Agents provide in-depth knowledge of market conditions and  trends, they also have expertise in negotiation tactics which assist in skillfully  advocating and securing the best possible deal for their clients.



Furthermore, Real Estate Agents have ready access to an extensive network of listings  covering pre-construction sales, assignment sales and resales.



This enables Buyers to explore a wide range of options before making an informed  decision.



When Buyers are ready to make a decision, a Real Estate Agent can also liaise with  their professional network of lawyers, mortgage brokers, and other industry  professionals to streamline the process and minimize any setbacks.



If you are interested in purchasing a pre-construction condo, an assignment  sale or a resale, give me a call at 905-683-7800 and I’ll answer any and all questions you have so you can make an informed decision about which route to go.




 

Thanks for reading today’s BLOG!!!

Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com

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