Presale Condo Completions in Vancouver – Avoiding Penalties!

Completing on a Presale Condo in Vancouver and Appraisals.

I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about an experience he had during the the Completion of a Pre-Sale Condo here in beautiful Vancouver, BC.

Developers in many cases only give 10 days notice of the Completion of a Presale Condo. During this time sometimes up to several hundred appraisers need to get access to and appraise the soon to be Completed suites.

(Not sure what an appraiser is? Check out this great explanation with video on What is an Appraisal!)

What does Completion mean in Relation to Condo Presales?

Completion is when the condominium that had suites pre-sold or sold off plan is ready for occupation (usually after the Occupancy Permit has been granted) and the transfer of ownership from Developer to Presale Buyer occurs ie the Completion. (For a brief explanation of Completion with Video click here).

Why is it Important to get the Appraiser in ASAP?

Once the Developer gives notice of the Completion, depending on the size of the building, up to several hundred Appraisers may need to get access to Presale Buyers suites in the building over a 10 day period.

During this time, there may be limited access to the building by non-Construction personnel and there is a chance that an Appraiser may not get into see a suite in time to submit their paperwork to allow the Completion to occur on time.

If there is a delay in the Completion due to the Buyers Appraiser not getting in on time, there may be penalties of up to $2000 payable to the Developer for a late Completion.

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Avoid Penalties! – Get the Appraiser in During the Deficiency Walk Through!

When a Buyer is Completing on a Presale Condo, there will be a deficiency walk through that the Buyer is required to have before they Complete. To avoid these penalties mentioned above, its a very good idea to have the appraiser through the new condo when the Buyer does their deficiency walk through.

Looking for Advice on Buying an Off Plan or Pre-Construction Condo?

Check out these Great Videos on How to Buy a Presale Condo in Vancouver!

Looking to Sell that Newly Completed Presale Condo?

Have a look at these Great Videos that explain in detail the process of Selling a Condo in Vancouver!

I STRONGLY ENCOURAGE COMMENTS AND QUESTIONS BELOW!

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  Comments: 5


  1. Hi Mike,

    First of all, I love your blog. It is so informative. You really do Vancouverites a service by maintaining such a useful blog!

    I have a question for you regarding timing. I purchased a pre-sale condo a year ago and my walkthrough is finally happening at the beginning of next month. I’m wondering how long is it typically between the walkthrough and the owner’s move in date?

    I am considering giving notice at my current rental apartment at the start of Sept. but I’m just not sure if the possession date will be pretty soon after the walkthrough or if it might take over a month.

    Any tips you have would be great!

    Thanks


    • Hi Candace,

      Good to hear from you and thank you for the kind words!

      I would wait until you have actually completed on your new home before giving notice.

      I know many people who gave notice too early and have had to scramble to find accommodation when delays in completion and possession arise (they nearly always do!).

      Also, by giving notice once you have completed, there is not as much pressure to move out as quicly.

      What are your thoughts?


  2. Thanks Mike, that’s good advice. I’m going to try getting a more solid answer out of our developer about the final completion date and take it from there. I will keep this posting updated with how this unfolds 🙂


    • Hi Candace,

      Good to hear from you!

      That’s exactly what I would do.

      Looking forward to hearing how it turns out!

      Speak soon,

      M

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