How to Sell Your Condo Episode 10 – Understanding Multiple Listing Contracts for Vancouver Property Sellers
In Episode 9 of How to Sell Your Condo in Vancouver, we discussed marketing strategies…
Open the Georgia Strait or any other local paper and you’ll notice advertisements for apartments and condos. Most of these places don’t yet exist. Why? Because they are pre-sales!
A pre-sale is when a Developer sells a Buyer a property before that property is built or completed. The Buyer purchasing the pre-sales is buying the right to a completed property that will be built in future. In the UK and elsewhere Pre-Sales are referred to as Off Plan Investments.
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Pre-sales are popular with investors and other Buyers because it allows these Buyers to have the benefit of increasing prices without having to pay a mortgage, property taxes, maintenance fees, or deal with troublesome tenants. Pre-Sales also allow owner-occupiers the ability to customize the property they buy.
In the Province of British Columbia, Pre-Sales are regulated by the Real Estate Development Marketing Act and are generally safe when you are buying from a reputable Developer. If you have concerns or questions about the Developer, contact the Home Owner Protection Office.
Check out my list of Vancouver Presale Condos if you’re interested in buying on one of these real estate investments.
If you have any questions on Pre- Sales feel free to contact me at any time.
I would love to hear your thoughts, and questions down below in the form of a written comment.
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