Read Like a Lawyer - 5 Critical Items in Pre-Construction Purchase Agreement in Toronto

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Күн бұрын

#CondoWong #TorontoCondos #TorontoRealEstate #Pre-ConstructionCondos #PurchaseAgreement
www.condowong.ca/
When you purchase a pre-construction condo, you sign a 30-50 page agreement with the developer in 5 minutes.
Even if you get a lawyer's review, do you think the lawyer is going to read through all 50 pages?
Most likely not.
There must be some critical items that the lawyer would be looking out for, right?
Dan is going to share with you 5 critical items that you should look for, so you can just read like a lawyer.
If you like this video and want to see more similar videos, hit the like button and comment below.
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The CondoWong Story - www.condowong.ca/
From an Engineer to a Real Estate Broker
Dan came to Canada alone in 1991 after he finished high school in La Salle College in Hong Kong. He graduated from the University to Toronto with a degree in Electrical and Computer Engineering. He worked in a few giant technology companies designing chips for high definition TVs. A high pay job was just an illusion of stability as engineers in the high-tech industry were famous for long working hours and layoffs.
Stocks? Real estate? Start a business? He decided that the best option at the time would be to buy a couple condos and rent them out. His condo buying experience of “Sign here, sign here, sign here. Congratulations! Bye!” inspired him to put engineering and real estate to put engineering and real estate together to create value.
He started a real estate brokerage with his own brand “CondoWong”. In 8 years’ time, he had over 100,000 views on his KZfaq videos and he has helped 2,297 clients build more wealth.

Пікірлер: 15

@dhaffsandigan 2 жыл бұрын

Great....

@chadpescod-realtor3308 4 жыл бұрын

Great video. Very informative.

@harlanmichael7088 4 жыл бұрын

Great video, Dan.

@RhondaTang 4 жыл бұрын

Good information

@queenserenity3414 3 жыл бұрын

Thank you. Can you go over phases of construction

@vandatucci6476 4 жыл бұрын

Love your videos. Can you do a video on selling your condo after its been built and before you get possession . thank you .

@condowong 4 жыл бұрын

Sure, that would be selling by "assignment", check out our video on condo assignment: kzfaq.info/get/bejne/l552eNqdqbzQZ40.html Beware of the tax implications when you sell by assignment: kzfaq.info/get/bejne/qtiKo7yK0Lq9cYU.html

@tinayang2862 3 жыл бұрын

Great info!

@queenserenity3414 3 жыл бұрын

Yes it was great info!

@Abcdefghi971 2 жыл бұрын

Hi Dan, I bought a pre-con and was only able to capped the Development Charges & Utilities hook-up. Will the Education Act and Planning Act be under the Development Charges Act?

@pamelaminhou9193 2 жыл бұрын

Is there an exit plan for condo investments? What if my condos are now 20 yrs old and the building is experiencing problems like water damage, special assessments etc. At what point do you recommend selling your condo? Please help 🙏

@saiwaiwu5990 4 жыл бұрын

If An owner signed the purchase agreement originally can He assign to a corporation formed by himself on closing

@condowong 4 жыл бұрын

Yes he can. However, since this is not an immediate family assignment, the deposit amount held by the developer is technically subject to 13% HST.

@jaayclyde21 4 жыл бұрын

Love your videos! Quick question. If two people have co-signed on a pre-construction condo agreement (ie. mother and son), can one of them be removed upon closing (ie. the mom removed so the son can take advantage of the first time home buyers incentives for the son)?

@condowong 4 жыл бұрын

Hi Jay, the mother can assign the unit to the son so that the son will be the sole owner on closing. You will have to check the specific assignment rules and fees in your purchase agreement.