It is advisable to retain a lawyer at the very beginning of the pre-construction condo purchase. A lawyer will help you to review the Agreement of Purchase and Sale (APS), as well as other documents that you will need to review and sign throughout the purchase process. Depending on your needs, a lawyer’s main goal will be to help you save time and money, while simultaneously helping you understand legal terms and protecting you from the financial risks that can be associated with a pre-construction condo purchase. Understanding these important legal terms can mean the difference between giving the condo buyer a preferred right or imposing a heavy financial burden on the buyer. In short, involving a lawyer early in the process can help you to successfully complete one of the biggest financial decision of your life.
A mortgage is not required until final possession. Final possession is typically 3-5 years after the first round of sales for a condominium in Toronto. At the time of the final possession, the deposit money that you have already paid will be applied to the purchase price.
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