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by Chris Anderson, PhD
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uction property, you can check out the list of preconstruction offers available in your locality in the newspapers, on the Internet or with your real estate consultant; that is if you have those types of projects in your locale. When you have the list, you can shortlist the offers that are suitable according to your budget and needs. After that you must run a thorough check on the property and the developer on many issues. Certain key reasons are, the going and expected cost of the similar units in that locality; demand supply factors; whether the units are assignable and uniqueness of the property. You must also check for the future or proposed development plans in the vicinity to protect your view. This aspect is important because you might choose to buy an apartment in a preconstruction process at a premium due to the prefect view of lake or waterfront. However, after some time you may find out that another developer is building a project, which may blind your view.
After you have satisfied yourself with the suitability and pricing of the condominium, you can proceed for the reservation. Most preconstruction properties have a nominal reservation amount, which is normally 5-10% of the total cost and can go as low as $1,000. The reservation process has a simple "Intent to Purchase Agreement" in which you hold the right to first refusal. In this phase, you are safe because your money is in escrow account and you can terminate the agreement without any obligation. Of course, the developer is not really bound to any prices yet at this stage either so both sides are in a loose arrangement.
Once the developer gets the needed licenses an |
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