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canadianrealestatemagazine.ca

in reviewing any

agreement, and

consult your lawyer

and realtor before

buying a new condo.

Developers have a

legal team writing

contracts for them

and sales staff to try

to enamour you with

the project. Doesn’t

it then make sense

to have someone

represent your interests when you walk

through the door at the sales office?

Backed by a strong team, you may

be able to get a developer to make

changes to the purchase agreement

for items such as finishings or other

things to your liking. But I’ve never

Plan ahead

There are a few things you can do to

soften the blow:

Buy on higher floors:Typically the

highest floors have the shortest

occupancy (phantom) period

Buy only from reputable

developers: Although occupancy

fees are high and get paid directly

to the developers, builders are

not in the rental business and

they don’t want to prolong the

period any longer than necessary.

A reputable developer will have

a good track record, and be able

to inform you what their standard

timeframe for occupancy is. But

don’t take the sales staff’s word for

it. Ask for proof of the company’s

track record

Expect delays and plan for them:

Developers rarely meet occupancy

or closing dates. If you are buying

a new development, delays are the

norm, not the exception

Chad Bradley is a sales representative

with Coldwell Banker Terrequity

Realty, Toronto

seen a builder accept any

changes to the clause

covering occupancy fees.

If none of these

suggestions appeal to

you, and you’re set on

buying a brand new

condo, buy resale –

right after the building

is registered and the

property is deeded. This

is the only way to not

have to pay occupancy

fees, and you won’t have to wait five

years for your unit to be completed.

Tampa, Tucker GA and Greenville real estate