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.
Do you want to know more about buying a house or condo in Toronto? Here are some resources you will find helpful:
- Home Buying Strategies for the Toronto Real Estate Market
- Best Condos for Downsizing in Midtown Toronto
- Closing Costs Can Quickly Mount: Here Is What You Need to Know
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.
Whether a Buyer is interested in purchasing a pre-construction condo, an assignment sale or a resale, rest assured that an experienced Real Estate Agent can assist in making an informed decision!
Are you ready to begin the search for your brand new home? We are standing by to answer all your questions. Call 416-402-0787 or send us an email for more information or to get started.
