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  • Mike Tait

Protect Yourself When Buying a New Build

When purchasing new home construction, particularly condo developments, it is so important to PROTECT YOURSELF by having your lawyer carefully review the Agreement of Purchase and Sale before you firm up your purchase.


Recently, many people are having their agreements to purchase nullified (and their deposits returned) with an explanation that the builder has gone out of business, only to see it reopen weeks later under a different name AND for a substantial increase in price from what they've paid for the exact same unit previously.


Or some people, like Soraya Palma are being asked to pay $100,000 more to their builder in order to close due to unforeseen costs brought on to the builder because of the pandemic.


If you are considering purchasing new home construction and when you are meeting with your lawyer to discuss the builder's Agreement of Purchase and Sale documentation, ask them what steps you can take to protect yourself from this happening to you.



https://www.cbc.ca/news/canada/toronto/ontario-condo-developer-suddenly-cancels-years-long-sales-deal-unless-buyers-pay-100k-more-1.6251278?__vfz=medium%3Dsharebar&fbclid=IwAR2I-GrQDxi5s3gikFBZG4AWe9E964vUpv8odVzWEwR-OEqj-4w-eeRtmMc


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