Condominiums are attracting more buyers than ever before as the condominiums are combining the affordability with carefree living and the latest amenities. In June 2010, nearly 33 percent of all sales were comprised by condominiums and about a year ago they comprised nearly about 29 % of transaction.
The service of real estate professionals is retained by many buyers when buying a resale condominium. While considering new construction development, some of the people are not aware that it is equally important to consult a REALTOR as in other cases.
There are number of variable with which the individual should be aware when choosing a new condominium suite and the REALTOR can guide individual to steer clear of any potential pitfalls.
It might be allowed by the purchase agreement to the builder to substitute the gleaming stainless appliances with black or white or any other alternatives. The finishing features might not be exactly the same as were shown in presentation office. Even the room sizes and ceiling heights can be altered in order to make model suites more attractive.
Role of Realtor
Therefore each and every agreement must be carefully reviewed by the legal counsel and the REALTOR will also be very helpful as
- REALTOR will also help to identify the most important features for the individual so that the agreement must clearly enclose all those specific features.
- As the REALTOR has many contracts in the community so he will have a good knowledge about the developers. Therefore he will be able to give an insight into current owner’s experience with the developer selected.
- The REALTOR will help to compare a developer’s value proposition to others currently available in market, by using the access to RealNet. RealNet is a database which includes 99% of all the developers greater than 15 units in size in GTA.
Withdrawal of offer
Withdrawing an offer does not apply to condominium transactions where as it is allowed through legislation in the purchase of new condo for a 10 days cooling off period. In this period the individual will be entitled to rescind the offer.
Purchasing a condominium involves buying a concept and the individual’s emotions are heightened when a major portion of financial resources are involved. Therefore it will be wise to have a REALTOR as he is aware of many variables and thus can safeguard interests throughout the process.