Purchasing a New Build – some cautions

You’ve seen the floor plan, picked out your marble counter tops and high end washer and dryer. And you have signed the Agreement of Purchase and Sale but were too excited to read the 10 point type.

Did you know you just signed a legally binding agreement. You have 10 days to change your mind -a “cooling off period”. Please take the time to get to a lawyer’s office and have them review with you your rights and obligations and the builder’s rights and obligations.

One of the first things the lawyer might say is that even if it was discussed, if it is not written in the agreement, the builder does not have to do what was discussed.

The lawyer will also tell you that your unit might be smaller, facing a different direction from the plans you just looked at.

The meeting will also detail the costs that you will be facing on top of the purchase price and land transfer taxes. Costs that the builder has incurred and will pass on to you. They can help you minimize some of the costs buy giving you advice as to how you can get the builder to cap the costs.

Go into one of the biggest decisions of your life, with your eyes open. Do not be blinded by marble and shiny accessories. Protect yourself – Get legal advice.

This article is not intended as legal advice but as general information only. Please contact Prince Law Office at 416-469-3443 to get legal advice about your unique situation.

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