The Agreement of Purchase and Sale:
GET IT IN WRITING
Wall2Wall Media Susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge Like us on Facebook Search: Condo Guide
Buying a brand-new condo offers an opportunity to get the home you really want. It can be a dream come true and an investment for the future, but don’t forget, it’s also a legal transaction. The term “get it in writing” has never been more important, since it outlines everything your new place will have in, on and around it. Otherwise known as the Agreement of Purchase and Sale, the contract spells out the terms between you and your developer and/or builder. Without it, if there is a misunderstanding or disagreement, it’s impossible to prove what was agreed upon. Since building a new condo is much more complicated than a resale transaction where the property likely already exists, there
is no set Agreement of Purchase and Sale or standard contract. In some provinces, builders may have standard contracts prepared by the local home builders’ association or their new-home warranty program. Builders often prepare their own agreements, so these can vary from one company to another and from province to province. Before you sign a contract, review it carefully with the builder representative, and ask questions to make sure you fully understand what’s in it. Your next step is to then take it to a real estate lawyer and have it reviewed. Once it is signed, it becomes a legal document, so seeking the services of an experienced lawyer is an important step toward ensuring that your dream home becomes a reality.
Onward and upward
Wall2Wall Media Lydia.McNutt@wall2wallmedia.com Follow me on Twitter at Twitter.com/LydiasTweets
Part of your new condo purchase involves a visit to the décor centre, where you’ll make your finish and upgrade selections. Aside from the benefit of getting a never-lived-in home, a new condo also offers the opportunity to customize your suite without having to undergo the pain of a renovation. This process is often met with a range of emotions, from excitement to anxiety. If you find yourself in the “anxiety” category, have no fear. Many builders have enlisted the help of professional design consultants who are there to help you realize your visions of fashion and function. Are you a shower person? Why live with wasted space in the form of a bathtub? Now’s your chance to speak
10 NEW CONDO GUIDE | VOLUME 16 ISSUE 08 | newcondoguide.com
up and see if changes can be made. On the other hand, if you like to indulge in a good soak, why not upgrade to a jetted, spa-style bathtub? Apart from getting the hottest trends and the convenience of customizing your home while it’s in the building stage, this is also your chance to maximize your investment, so think “resale value” when making your selections. Hardwood flooring is a perfect example – a timeless option that you’ll enjoy while you live there, and it will also yield a return as a desirable feature for buyers if you ever decide to sell. Upgrades may add to your bottom line, but remember that your home is your castle, and you should treat it as such. Don’t settle for second best.
A Wall2Wall Publication