What Is The 10 Day Recession Period For Your Newest Pre-construction Purchase?
Register Now06.30.20
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Buying
In today’s blog post, we talk about what the 10 day cooling period is when purchasing a pre-construction condo. What does it mean and what am I supposed to do during this time period?
If you have ever purchased a pre-construction condo, you know that when you go in for signing, there are loads of papers to sign to have the agreement executed from the builder. There are many more papers you have to sign in comparison to a resale purchase. This is why, by law, developers have to give all buyers ten days to review the Agreement of Purchase and Sale, and all other pertaining documents with their lawyer.
The ten day cooling period benefits buyers as it gives you that extra time to be able to get your lawyer review and pre-approval in place. Just like a conditional period in a resale purchase, it works basically the same way with pre-construction. This is advantageous to the buyer because it gives you that time to get all these things done.
Just like a conditional period in a resale purchase, it allows you to back out of the deal with your full deposits returned.
Luckily, you’ll be working with our team to get you first pick and best incentives on your next pre-construction purchase so hopefully you won’t need to back out as you’ll already be making money on your investment a few weeks in!
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