Pre Construction Projects

THE MUNDEN REALTY PRE-CON EXPERIENCE

Munden Realty Inc. focuses exclusively on partnering with a carefully selected group of builders and developers in the pre-construction space. Our aim is to assist clients and investors in acquiring properties for their investment portfolios.

When it comes to investing in condominiums, there are two options: pre-construction or resale. At Munden Realty Inc., we have the expertise to cater to both options. In the case of resale, the process is similar to residential purchases, but there is an additional consideration. We will ensure that the Agreement of Purchase and Sale (APS) includes a Status Certificate Clause, which safeguards you by incorporating the laws governing the condominium corporation. Your lawyer will guide you through this process.

Munden Realty Inc. is dedicated to providing specialized services and support that enable clients to fully comprehend the intricacies of a pre-construction purchase. It’s important to note that investing in pre-construction developments is a long-term commitment. The completion of such projects can take anywhere from 3 to 7 years. As a buyer, you must be prepared to understand the entire process from start to finish and beyond, as it entails a comprehensive understanding of all aspects, from A to Z.

Research and Selection

Researching pre-construction condominium projects.
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Begin by researching different pre-construction condominium projects in the desired locations. Consider factors such as the developer's reputation, project amenities, location, pricing, floor plans, and anticipated completion date.

Project Launches

Making an educated and informed decision.
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Attend project launches, visit sales centers, and review project materials to gather information and make an educated and informed decision. Project Launches have turned into major Events, so it's important to see beyond the glitz and glamour. When you invest your money into a project, you must ensure you fully understand every detail in the APS. This is a long-term commitment.

Reservation

Securing your desired unit.
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Once you have selected a pre-construction condominium, you will typically need to make a reservation deposit to secure your desired unit. The amount and terms of the deposit will vary depending on the project and developer.

Contract Signing

Entering into a purchase agreement.
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After making the reservation deposit, you will enter into a purchase agreement with the developer. This agreement outlines the terms and conditions of the purchase, including the purchase price, payment schedule, completion date, unit specifications, and any applicable warranties or disclosures.

Lawyer Review

Consulting with a real estate lawyer.
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Review the entire contract carefully and consult with a real estate lawyer if necessary. Clauses and Terms are important to fully understand, including time-lines, extended date changes, additional deposit structures, Assignment Clauses etc.

Payment Schedule

Understanding the purchase agreement.
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Pre-construction purchases typically involve a series of installment payments spread over the construction period. The payment schedule will be outlined in the purchase agreement and typically includes deposit payments at specific milestones (e.g., groundbreaking, floor completion, occupancy). Ensure you understand the payment schedule and budget accordingly. This could also change, and is outlined in the APS.

Construction Updates

Staying informed on the progress of the project.
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Throughout the construction process, the developer will provide regular updates on the progress of the project. This may include newsletters, construction site visits, or digital updates. Stay informed about any changes or delays that may occur and maintain open communication with the developer or their representatives.

Pre-Delivery Inspection

Identifying any deficiencies or issues.
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Prior to the completion of the condominium unit, you will have the opportunity to conduct a pre-delivery inspection (PDI). This inspection allows you to identify any deficiencies or issues with the unit and report them to the developer for rectification.

Occupancy and Interim Closing

Occupying the unit.
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Once the unit is deemed suitable for occupancy by the local authorities, you will be able to occupy the unit, even though the condominium corporation has not been registered. During this interim period, you will pay an occupancy fee to the developer, which typically includes estimated property taxes and maintenance fees. This is something that many do not understand, and these payments may eat away of your Downpayment. You must be fully prepared.

Condominium Registration and Final Closing

Completing the purchase transactions.
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After the completion of construction and the registration of the condominium corporation, you will proceed to the final closing. At this stage, you will complete the purchase transaction by paying any outstanding balances, including the remaining purchase price, closing costs, and adjustments. You will also receive the title to the property and officially become the owner of the unit.

It’s essential to note that the specific processes and timelines may vary depending on the jurisdiction, the developer’s policies, and the terms outlined in the APS, Agreement of Purchase and Sale. Consulting with your real estate lawyer and staying in touch with the developer’s sales team throughout the process is highly recommended to ensure a smooth and successful purchase comes to fruition.

Munden Realty Inc. operates independently from any builder or developer, but we have the expertise and resources to assist you in acquiring units within the highly competitive and profitable real estate industry.

At Munden Realty Inc., we consider it a privilege to work with investor clients. We understand the significance of building equity through real estate and have firsthand experience in this realm through our own real estate investments. Throughout the entire process, we are dedicated to guiding you, safeguarding your equity, and, above all, improving your quality of life.

Choose us, Munden Realty Inc. We are More Than an Agent.

MUNDEN REALTY.