Presales and new developments, reviewed with the same rigour as a resale.
A presale is a contract first and a home second. Understanding the contract is what protects you.
What I review before recommending a project.
- Deposit structure
- Timelines and possible delays
- Assignment rules
- Developer track record
- Location and what gets built around it
- Comparison with the resale market
Who a presale makes sense for.
It depends on your timeline, your financing and how much flexibility you have if the completion date moves.
What to ask before signing.
- What is the full deposit schedule, and what happens if one is late?
- Where is my deposit held until completion, and who holds it?
- What is the estimated completion date, and how far can the contract move it?
- Does the contract allow assignment, at what cost and with whose approval?
- What exactly is included, and what is an upgrade?
- When does my rescission period start, and from which document?
If the answer to any of these is not in writing, it is not an answer.