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 walkthrough.
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!