Buying A New Condominium in Vancouver, BC
Buying A Condo In A New Development in Vancouver, BC
What You Should Know About Contracts
by Geraldine Santiago
If you are thinking of buying in a new development, there are a lot of things you need to do to protect yourself as a new home buyer. It is always important to engage the services of a buyer’s agent or an agent who is familiar and knowledgeable with the sale of new homes and condominiums.Though there may be an on site agent, this is typically a marketing agent or an agent who represent the seller/developer.
Buyers should know that contracts of purchase and sale documents are drawn up by the developer so it is wise if you take the time with your own buyer’s agent to go through the contract ahead of time and in some cases, you might want to take the time to ask your lawyer to help you out with the contract.
Unlike a contract of purchase and sale in a resale home where the buyer is the one who spearheads the condition precedents and subject conditions, the developer for many new projects contain subjects in favour of the seller/developer.
These subjects are very crucial for the buyer to understand and are worded in hard to understand legal terms. A good practice is to take a draft of the contract, and carefully get the assistance from your lawyer to ensure that you understand what the subject clause is and when it must be removed.