Homebuyers are Given a New Tool to Help Them With Presales of Real Estate
Buying real estate can be very stressful for many people and buying real estate that has not yet been built can be even more stressful. It also come with some risks. The disclosure statement that the developer gives you, most of the time allows the developer to do changes, and even cancel the project if they do not get enough presales. We always recommend that you have your lawyer read the disclosure statement and discuss the details with you.
This applies to all types of real estate that is presold; from a small bachelor suite to a prestigious penthouse, so talk to us or your favourite lawyer before taking the plunge.
The British Columbia Real Estate Association (BCREA), the Canadian Home Builders’ Association of BC (CHBA BC) and the Urban Development Institute (UDI) are pleased to introduce a new tool to assist homebuyers in the purchase of homes under development, also known as presales.
“Over the years, thousands of British Columbians have entered into contracts to buy new homes before the construction of their homes had begun or during the construction period,” said BCREA President Scott Veitch. “The Presale Cross Reference List helps ensure homebuyers are aware of the unique considerations involved in purchasing these properties.”
The Presale Cross Reference List is intended as a starting point for homebuyers to determine whether enquiries, advice or clarification is needed when navigating the purchase of a home in a multifamily development under construction. Buyers unfamiliar with such projects may require extensive consultation with knowledgeable professionals who have experience with presale investments.“Presales are an excellent vehicle for purchasers to buy a new home and often result in cost savings for the purchaser. However, as with any investment, consumers need to understand what the opportunities and risks are to make an informed decision,” said Maureen Enser, UDI Executive Director.
“CHBA BC is pleased to partner with BCREA and UDI and be a part of this great tool that will assist REALTORS® in disseminating reliable information about presales to consumers who purchase products that our members build,” added M.J. Whitemarsh, CHBA BC Chief Executive Officer. “This joint effort is the culmination of extensive work by industry to enhance consumer confidence and further raise the bar of professionalism within residential construction.”
For the complete article please folow this link: http://www.bcrea.bc.ca/news_room/2008-07-24Presales.pdf.
If you are thinking of buying into the presale market in Victoria or have questions in general about real estate in Victoria Bc please do not hesitate to contact us.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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