Navigating the Completion of Your Pre-Sale Condo Purchase

Navigating the Completion of Your Pre-Sale Condo Purchase

Completing the purchase of a pre-sale condo is a milestone in any buyer’s journey. While it’s a definitive step towards owning your dream home, the process can sometimes seem daunting. Here’s a simplified guide to ensure you’re well-prepared for this final stage of your property acquisition.

Understanding Completion Dates

Initially, an estimated completion date is provided, but this is subject to change as the development progresses. The crucial date to plan for is the one communicated by the developer in your formal ‘Notice of Completion’. This notice not only confirms your official completion date but also schedules your new home walkthrough—an opportunity to inspect your property and identify any issues for the developer to address.

Mortgage Finalization and Legal Affairs

Ensure your mortgage pre-approval is secure before approaching the completion date. Upon receiving the ‘Notice of Completion’, promptly inform your Mortgage Broker to finalize the necessary financial arrangements, including the appraisal of your new home.

Simultaneously, it’s wise to alert your lawyer or notary about the upcoming completion. They play a pivotal role in clarifying the Statement of Adjustments, which confirms the final payment details.

Move-In Coordination

To avoid the disarray of simultaneous move-ins, developers plan staggered dates. Coordinate with the developer to schedule a suitable time for elevator access during your move. Clear communication with your moving company is equally vital to ensure a hassle-free transition.

Checklist for a Seamless Transition

  • Share your lawyer’s or notary’s contact details with the developer.
  • Arrange your pre-move inspection or homeowner walkthrough.
  • Communicate the official completion date with your mortgage broker.
  • Meet with your lawyer or notary to finalize the financial details.
  • Book the elevator and organize your move-in schedule.

Remember, the ‘Notice of Completion’ is your blueprint for these final steps. Avoid relying on preliminary estimates and maintain direct communication with your developer and real estate team.

At Principle Property, we understand that your home is more than just a space—it’s where life unfolds. Our advisors are dedicated to supporting you throughout the Lower Mainland, ensuring that your home-buying experience is rewarding from start to finish. If you have questions about completing your pre-sale purchase or need guidance, we’re here to help.