Buying A Home from a Builder: What Should You Know?
Wednesday Oct 12th, 2022
1. Do your research and know the builder developer’s history!
Have you seen other projects completed by this builder developer? Visit other completed projects, and ask the buyers:
Was their unit was completed on time?
Were they given what they were promised?
Did the builder complete all deficiencies in a timely manner?
This applies to all condominium and freehold detached home builders.
2. Do you have the right to assign your unit before occupancy or final closing?
Condominium projects can take several years to be completed. By the time they are done, your circumstances may change. While you may have initially planned to move into the unit, you may – in some cases – need to sell your agreement to someone else before closing.
But it is still better to have this right written in your agreement right away.
3. Check for additional charges
Last but not least, you will need to inspect for additional charges. These additional charges would usually be mentioned in your agreement. Make sure that you understand what the additional charge is all about before you go ahead and make a payment.