What is the process to Purchase at the beginning of a new condominium launch with a Platinum Agent?
Below are the (typical) steps involved in purchasing a suite at the beginning of a new condo launch. The major difference between purchasing with a Platinum Agent is that (typically) there will be no lining up or scrapping for suites. Platinum Agents typically offer front of line access to the best projects and suites.
1 – Selecting the Project
Perhaps one of the most important aspects is selecting the right project. This will involve consultations with your real estate professional.
2 – Selecting the Suite
Once you choose the project, narrowing down your selection for the best suite. This will include a floor plan analysis, view analysis, individual suite price analysis and how the suites fit in your budget.
3 – Submitting a Suite Reservation Worksheet
Once you determine which suite you are interested in purchasing simply complete a suite reservation worksheet and return it to your platinum condo agent. The worksheet will outline the suite you are interested in and your contact information.
Your agent may ask for a copy of your ID to confirm that the information on the worksheet is accurate.
Below is an image of a typical suite reservation form.
Note: Completing a reservation form does NOT legally bind you to purchase the suite.
4 – Confirmation of Suite Allocation
Your platinum agent will confirm the suite that has been allocated to you. Once you confirm that you wish to purchase the suite, you will make an appointment to sign the agreement. The suite will be on hold for you until that time.
5 – Signing the Agreement
Provided the information you provided on your worksheet is accurate, the paperwork for the agreement will be prepared before you arrive.
You will typically sign multiple copies of the same agreement so all parties have a copy.
6 – 10 Day Rescission Period
Once you sign the agreement, you will have a 10 day cooling off period. We recommend that you do the following during the period:
Have a Lawyer review your agreement – a lawyer will read through the agreement and highlight any issues that may be of concern.
Get pre-approved by a mortgage broker
If there are any problems within the 10 days, you will be able to cancel the agreement with no penalty.
7 – Deal goes firm & Deposits Cashed
On the 11th day, the deal will automatically go firm and the first deposit cheque will be cashed.
