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Pre-Construction & New Builds

The Ontario Real Estate Market is Hot

With many new residential developments appearing across Ontario, buying a newly constructed home or condominium can be exciting. A new construction home or condo is a property that you are buying directly from the builder, rather than from an owner who has occupied it before you.

One of the biggest mistakes a buyer can make is to firm up a new-build purchase agreement in the interests of saving costs on legal fees. Builder agreements can be over 50 pages in length and contain fine print that allows for increased costs and surprise charges. These charges can add up in the tens of thousands of dollars – hardly worth saving a few hundred dollars on a lawyer. What’s more is that, while new condo agreements have a 10 day “cooling off” period where you can back out of the deal, a builder agreement for a new house may be firm upon signing.

Our lawyers can help you with the following services:

  • Complete a review of the builder agreement and provide a detailed report;
  • Identify hidden costs and have them removed or capped;
  • Identify clauses that commit you to certain actions or costs, such as clauses that deny your right to assign the agreement to another buyer;
  • Identify any irregularities in the agreement, such as materials that may be substituted by the builder;
  • Protect your down payment until the deal is completed and the property is yours;
  • Protect you from being stuck with paying the builder’s taxes;
  • Review all conditional clauses;
  • Explain to you how HST will be paid;
  • Confirm that the builder is registered for Tarion Warranty protection;
  • Advise you of your rights if delays occur;
  • Explain and negotiate closing costs.

Our lawyers understand the new-build purchase process and will evaluate your unique situation to arrive at a solution that works for you.

What you need. When you need it. That’s the DiMinno Rizzi way.

Let us help you!

If you need any help, please feel free to email us and we’ll get in touch with you to determine if we can help you achieve your goals.

Info@drlawyers.ca

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