Introduction to How to Buy A Presale Condo in Vancouver
In this series of videos, I will explain in detail the process of buying a Residential Presale Condominium in Vancouver, British Columbia, Canada.
(Not sure what a Presale is? Check out this great explanation of Presale Condos Here!)
Who I am:
My name is Mike Stewart, and I am a top producing and award winning Realtor in Vancouver and I specialize in Pre Sale Condos. Since 2005, I have helped my clients purchase Presale condos all over Vancouver and Pre-Sales make up a good portion of my Real Estate business.
Questions are Encouraged!
Should you have any questions at all on the process of buying a Presale Condo, feel free to call me directly at 604-763-3136 or email me by clicking HERE
What We Will Discuss in the Following Videos!
A Presale Condo or Off Plan Property as they are referred to in the UK and elsewhere, is a contract between a Buyer and a Property Developer, were the Developer agrees to supply an as yet unbuilt condo before a certain date in the future in exchange for a deposit and the rest of the amount of money the Buyer agrees to pay when the condo is completed.
The Buyer gives a deposit when they sign the contract to buy the presale. In Vancouver the deposit for presale (off plan) condos is typically total 20% to 25% of the purchase price.
This deposit is usually paid in installments before the property is completed by the Developer, starting with an initial 5-10% deposit when the contract is signed and then the rest of the deposits totalling 20-25% over a period of between 9 months to several years (Depends on how long it takes to build the condo).
Once the property is built by the Developer, the Buyer is required to Complete on the property and pay the rest of the purchase price (Not including deposits already paid). Once the Buyer Completes on the Condo, they can move in or rent it out and it is no longer a Presale.
Check out Episode 1 of How to Buy a Presale Condo 1 | Advantages for Investors
Looking for the Most Recent Up to Date List of Presales Condos in Vancouver?
Check out these Great Presales in Vancouver!
Looking for Advice on Selling in Vancouver? Check out these great videos on How to Sell a Condo in Vancouver!
I STRONGLY ENCOURAGE Questions & Comments Below!