Buying Condo From a Builder
If you're thinking of buy a condo from a builder, you're probably wondering whether you should hire a real estate lawyer or do it all by yourself. Of course, we're biased (we are a law firm after all)…but here's why you should hire a lawyer:
- Many buyers decide to buy directly from the builder, but that salesman at the attractive model suite works for the builder, not for the buyer. It is his job to get the best price for the builder. It doesn't matter to him if you get the best price or not, or if you sign the dotted line that restricts your ability to rent or re-sell the condo–he is dedicated to ensuring what's best for the builder, not you. How can you trust that guy?
- Yes, when you hire a real estate lawyer to buy a pre-construction condo, you have to pay them. But don't be tricked into thinking that if you don't hire a lawyer, that you'll be able to save the money that would have been the lawyer's fee. That money will find its way to the builder's sales team pocket (or perhaps the builder's). You don't come across buyers who got a discount because they did not hire a lawyer. Do you?
- Buying a condo from a builder is complicated – mainly due to the involvement of the legal complexities. Would you like to be that buyer who found out that they signed a contract that restricted them from selling their condo before completion? We think we know the answer.
- Yes, builders do not negotiate. But there ARE things that an experienced lawyer make negotiable for you. Did you know that closing costs for pre-construction condos can cost you a significant amount of money? A lawyer can help you cap them.
If you decide to hire a real estate lawyer to buy a condo from the builder, make sure you partner with Home Legal Cost. We have a broad experience in walking our clients through what can be an overwhelming process, such as buying a pre-construction condo.
We serve: Toronto, Mississauga, Brampton, Caledon, Markham, Etobicoke, Scarborough, Richmond Hill, Ajax, Aurora, Pickering, Don Mills, Weston, North York, East York, Rexdale, Willowdale and Downsview.