A horror story from one Toronto new home buyer

Although I was shocked to hear this story after meeting a new client this week...the true shame is that I have heard it before. As with any story like this, it does not mean all builders work this way...but at least ONE does.

Here is the VERY reason it makes sense to have a professional realtor accompany you to ANY and EVERY new home or condo sales centre.

2008: Mike (not his real name) had decided it was time to get into the real estate game. A friend suggested he visit a sales centre and get some info. He was hooked on the great spaces he saw. After reviewing some floor plans, Mike decided on the one he liked and moved ahead with his staged deposits totalling 20% of the value.

2009: Mike decides that he wants me to help rent his unit out and is referred to me by a mutual friend. As we review what some of the prices of the units in the area are, I ask him if his lawyer had any issues with the contract when he reviewed it. My jaw dropped as he told me, "I dont have a lawyer chosen yet!"

I DON'T HAVE A LAWYER CHOSEN YET!!!!!!!!!!!!!!!!!!!!!!

The condo is due for possession in a few short months and he has not had the contract reviewed.

My next comment was "Didn't the builder suggest you do that during the 10 day recission period?" He said no.

I am not a lawyer and cannot comment as such. However, I am aware that in many of the contracts I have dealt with from builders, there were levies and fees that do need to be addressed and, in some cases, capped.

The bottom line from this experience is that even if I simply make the suggestion of having a lawyer review the document, it could possibly save a buyer thousands in unexpected costs.

As part of our alliance with RealNet, my buyers have access to over 99% of new builder inventory all over Toronto. It will NEVER cost you more to have me at your side when buying new...but, in a case like this, it could cost you if you DON'T have me in your corner.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Paul Indrigo

Paul Indrigo

Sales Representative
CENTURY 21 Regal Realty Inc., Brokerage*
Contact Me

Blog Archives