Godzilla & Buying a Presale Condo in Vancouver – 3 Things You Need To Know!

Godzilla & Buying a Presale or New Condo in Vancouver?!

How does Godzilla relate to buying a presale condo in Vancouver? Let’s find out!

Buying a new or off plan property in Vancouver is highly regulated by the Provincial Government with some legislation call the; Real Estate & Development  Marketing Act (REDMA).

REDMA was developed to protect buyers and to allow them to make an informed decision about the purchase of a new or presale property in BC. There are three ways REDMA does this:

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1. 1. 1. 7 Day Rescission Period – REDMA specifically states that a buyer has 7 days from when there is an accepted offer on a new or presale offer to kill the deal for any reason. An accepted offer with a presale or new property is when the vendor or developer and buyer have agreed to terms and both have signed the offer. This is NOT when the buyer signs the offer only! It is when the Developer or Vendor signs the offer. This is when there is an accepted offer.Godzilla comes into this here. The buyer goes to bed after getting an accepted offer before the end of the 7 day rescission period. The buyer dreams that Godzilla EATS THE BUILDING! The buyer wakes up and is, to say the least alarmed and wants to kill the deal as they believe their dreams come true. All the buyer needs to do is call their Realtor and say they want to exercise their right of rescission. The Realtor would then prepare of get a document from the vendor and have the Buyer sign it. Once the vendor receives the rescission document signed by the buyer, the deal is dead.

   

   1. All Deposits Are Held in a Trust Account. According to Redma all of the deposits paid to purchase a new or a presale condo in the province of British Columbia are held in a trust account. This means that if the developer or the development goes bankrupt the deposits are protected and will be returned to the buyer.
   2. Full Developer Disclosure Statement Required – According to REDMA the developer or the vendor must have a disclosure statement in order to be able to sell the new properties. The disclosure statement is a detail document that allows the buyer to make an informed decision about the purchase. Typically what you’ll find in a disclosure statement is how many units there are in a development, how big each of those units are, when you get your money back if the development is not built in time among other things. The idea behind the disclosure statement is to allow the buyer to make an informed decision about the purchase the 7 Day rescission. Works with the disclosure statement to give the buyer sufficient time to read the disclosure statement.. remember when you’re buying a presale condo be sure to review the documents with your realtor and your lawyer and your account.

Well here is how:

 

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