Are you ever dreaming of owning a pre-construction condo? Take a moment to think about this: your dream home is finally coming together. No matter how good the notion seems, it could be difficult to purchase an apartment before it is developed formally. To have a hassle-free experience with the purchase, you need to have an idea of the legal aspects.  Read on and find out everything about it. 

Why You Must Choose Oakville?

Oakville is a great choice to buy Pre Construction Condos! It is because it has a growing population, sectors, jobs, great services, and plenty of room for growth. It is a great place for both homes and businesses all together. There is beautiful scenery that gives peace and calmness. Additionally, it is close to major cities like Toronto, etc.. 

Here are the legal documents you need during the purchase:

• Agreement Of Purchase and Sale
• The Condominium Home Addendum
• Tarion Warranty Information Sheet
• Disclosure Statement
• Pre-Delivery Inspection (PDI) Checklist
• Interim Occupancy Agreement
• Tarion enrolment fee documentation
• Worksheet detailing buyer information and unit choices

Here are the legal aspects to keep in mind: 

Basics Of Deposit Structure and Fees

The first thing a buyer needs to know about is the opposite structure. It will help in easy transactions. In pre-construction condos, the deposit structure has a higher down payment when compared to resale units. This downpayment is 20% or more. 

Many developers give out a payment structure that helps the buyers spread their payments over a long time and makes the payment process manageable. It is highly essential to first understand the payment structure and its schedule to have an easy transaction process.

Conducting Thorough Due Diligence

When you are purchasing a pre-construction condo, conducting thorough due diligence is extremely important. You first need to know about the developer’s legal background, whether they are legally certified or not and the terms of the agreement of the purchase. Keeping these points in mind will help you make a legally sound purchase. You can also get a professional real estate attorney to ease the process and learn about every detailed legal aspect. 

Understand Condo Regulations

Getting an idea of the condo regulations is highly essential before purchasing them. Get clarity about all the terms and conditions that are involved. Read through the rules, regulations, and restrictions, along with the responsibilities of the buyers involved. 

Here are some regulations that you must check:

• Maintenance costs
• Common area usage
• Renovation guidelines 
• Status Certificate 
• Reserve Funds
• Closing Cost

Mitigation Risks

The last major factor is the mitigation risk, which a buyer should know before purchasing a pre-construction condo. Factors like market volatility, construction delays, changes that occur in the project, or any financial difficulties are included in the mitigation risk. To overcome the issue, you need to do proper planning and risk management. To make the best decision, you need to carefully go through the developer's or builder's earlier records and conduct due diligence. 

Conclusion

Buying a pre-construction home in Oakville before it is built is a great idea!  However, navigating the complicated judicial system takes skill and care. So, to make the best decision while purchasing your Pre-Construction Condos get an understanding of the legal aspects. Make sure you read all the terms and conditions before signing. Lastly, get legal help from professionals to have a smooth buying process.