PRE-CONSTRUCTION CONDO
Pre-Construction Condo
A pre-construction condominium purchase can involve occupancy and final-closing stages. Understand the agreement before committing.
Review builder documentation
Provide every schedule and related disclosure document. Ask about adjustment provisions, occupancy, assignment terms, and financing assumptions.
Track notices and deadlines
Send builder notices promptly and keep your lender informed. We explain the legal steps relevant to your transaction and agreed scope.
Review during the applicable review period
A pre-construction condo agreement may come with disclosure documents, prescribed information, and rights governed by Ontario condominium law. Identify when each document was received and seek advice promptly about the applicable timeline.
The full package is important
Send all schedules, amendments, incentives, deposit terms, and notices. The legal review should consider these documents together rather than only the price and floor plan.
Interim occupancy, adjustments, and changes
Interim occupancy is different from final ownership closing. The agreement and notices may address occupancy charges, completion timing, permitted design changes, and additional adjustments.
Budget and financing
Discuss the relevant charges and how final financing will be arranged. A long period between signing and completion can require updated lender approval and a revised closing budget.
Assignment and final registration
Transferring your purchase contract before final closing may require builder consent and involve fees, restrictions, and tax consequences. An assignment is distinct from selling a completed resale unit.
Plan before committing to a transfer
Provide the original agreement and any proposed assignment terms. We discuss the legal requirements and coordination with tax and financing advisors, including the obligations that may remain with the original buyer.
Track the documents throughout construction
A pre-construction file can evolve over a long period. Keep each notice and advise us when your plans or lender arrangements change. We discuss the contract’s legal requirements at the relevant stage rather than assume that the initial review answers every question arising before final completion.
Documents to prepare
- Builder agreement and disclosure package
- Deposit records and amendments
- Occupancy and final-closing notices
- Assignment proposals and financing updates
Let’s discuss your next step
Contact Maki Law for practical guidance on your property transaction or construction matter.
416-991-4775 · contact@maki.law
136A Avenue Rd, Toronto, Ontario M5R 2H6
MAKI LAW
Address
136A Avenue Rd
Toronto, Ontario M5R 2H6
Contact
416-991-4775
Fax: 416-981-3420
contact@maki.law
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General information only. Contact our office for advice about your circumstances.