Presale Condo Payment Schedule
How Do Deposits Work For Presale Condos?
It is common practice to see anywhere from 15-25% due for deposit schedules paid over a period of time throughout the project, generally around 18 months. The developers know certain local real estate agents and recognize their efforts in assisting buyers, agents like Ravi Bhindi with iPresale can assist you.
An example of how a presale condo deposit schedule would work goes something similar to model:
Example of Payment Schedule
Let’s say $1,000 upon writing an offer.
Then you have the remaining 10% of purchase price upon the 7 day rescission period.
You then have the additional 5% due at the 12 month mark.
After that you have the additional 5% due at 18 months.
The result of this in a total is of 20% due over the course of 18 months for a presale condo deposit.
To sum up, when dealing with a presale condo deposit there is usually an initial deposit upon writing, another deposit due after the 7 day rescission period, and then one or two more deposits over a period of time. The deposit is typically paid in a bank draft form or wire transfer.
You are not allowed to pay a deposit by a personal cheque. Discuss this with the entity that is receiving the deposit, along with your contract to find out how to pay the deposit and the exact name it should be made out to.
How Payment Schedule Work
With presale properties, they are paid over a period of time. Typically a set amount is required when the agreement is first signed.
That agreed upon amount is then held in trust by the developer’s lawyer or sometimes their real estate representative’s brokerage.
Then once you have put a deposit down on a presale, you have a 7 day right of rescission.
If you decide during this 7 day period of time that you will not be proceeding with the project, then you are entitled to receive your initial deposit back.
Alternatively, if you proceed with your purchase and pass the 7 day rescission period, then the developer will have a specified deposit schedule in the original contract.
Local developers and banks know certain local real estate agents and recognize their efforts in assisting buyers. Agents like Ravi Bhindi with iPresale can assist you.
Enlist A Season Real Estate Agent
Whether you’re looking for a condo pre-construction or resale, it’s always best to work with a real estate agent that is experienced in the Greater Vancouver Market. By working with an agent who has experience in both pre-construction and resale condos, you can rest assured that you’ll get all the information you need to make an informed decision about your next purchase.
For more information on condo developments in Surrey, contact the team at Ipresalecondos.
Ipresale Condos is not just an agency that sells real estate, but our agents believe in educating each client deal with their own professional situation. Please call or text at 604-825-8881 or email at info@ipresalecondos.com
