Posted on: 05-06-07 18:02:24
Quote:
Originally posted by tamilkuravan
Realtors deal with second hand homes. TK A
Above is partially correct. Real estate salespersons deal with both resale as well as new builder homes and condos.
Mostly new builders (new homes only) do not compensate Brokerages (Realtors). Builders hire their own salespeople (one does not have to be a licensed Realtor to sell new builder homes). These people work for builder's best interest and not for the buyer. Often smart buyers get their own Realtor (obviously buyers pay them for services rendered) when dealing with new builders. Smart Realtors know what to do to protect their client's best interest. They assist them with legal advise (apart from helping them choose best lots, models, finishes, neighbourhoods etc). They may put them in touch with lawyers who amend the builder's agreement of sale to best protect the buyer's interest.
In my opinion, one should never sign builder's agreement unless the same has been reviewed by a lawyer who specialises in new homes sale.
New condo builders almost always pay real estate commission to Brokerages. As per the Ontario's laws condo builders give buyers 10 days cooling off period from the date of execution of agreement of sale. In these 10 days buyer has an option go to his lawyer and go through the conditions, costs, terms etc. Lawyers with expertise in new builder sales often send an amendment to agreement of sale to the builder with terms that protect buyer's interest.
Home is one of the biggest purchase that people make in their lifetime, thus it is important to work with a professional who works for you and not the other party.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
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Quote:
Originally posted by amit kaliaThey may put them in touch with lawyers who amend the builder's agreement of sale to best protect the buyer's interest.
So, are you suggesting that Buyer can change the contract? After the change, builder has to agree to it & Why would Builder agree to changed contract? Specially when builder has many other buyers waiting on door.
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Mumbai Maazi Ladki ...
Quote:
Originally posted by Maharaj
So, are you suggesting that Buyer can change the contract? After the change, builder has to agree to it & Why would Builder agree to changed contract? Specially when builder has many other buyers waiting on door.
Yes, you are right. Buyer's lawyer can amend the contract (within the cooling off period). If the builder does not agree then buyer has an option to walk out of the deal.
Not many buyers ask for amendment to contract. Builder does not want to loose clients in lieu of customers waiting at his door (a bird in hand is better than two in the bush). Often builders agree to reasonable demands/ amendments that may end up saving buyer thousands of dollars. You don't get it unless you ask for it. Right?
Regards,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Originally posted by amit kaliaOften they agree to reasonable demands/ amendments.
Regards,
Walkout won't qualify as Reasonable - I think.
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Mumbai Maazi Ladki ...
Well, I had gone through the contract earlier and it seems I will not be able to sell it unless I close on the property. I have not yet approached the builder to see if there are any other options..
I think Maharaj asked what incentive the buyer would have to amending the contract and allowing a sale before closing... especially if they have others waiting at the door..
The only incentive I can think of is they(the builder) can 'buy' back the property from me by returning the initial deposit and then sell it to someone else at the newer appreciated price(both phase offerings have sold out and these homes were selling for 3K more than the price I was offered).
Perhaps I am being naive but it seems it would only benefit the builder if they did so.. anyways, I'll keep investigating to see if I can come up with any other ideas..
You can not sell the "lot" because its not in your name yet....its still under builder name. Couple of my clients have had the same situation in past and they couldn't sell the plot prior to closing. The builder makes the contract verytight not leaving any loop holes for teh buyers to escape. If you buy a resale house there are conditions and even if they are fulfilled sometimes reason do crop up which provide buyer the flexbilty to renogitate or back off the deal (title, liens, enroachments etc etc) but with the case of new house, you really do not have any reason to back off after 10 days are gone. The builder allow and ask you to review the contract with theh lawyer should you want to in those 10 days.
You could check with the builder about having any other buyer for such lot and then you could connect with the buyer directly and have the paperwork changed to such person name however in real world such chances are remote to none. There are houses getting build every corner of Miss more precisely west end Miss.
Long story short, The builder drafts the agreement saying "This is the whole agreement" Many contracts also include a statement noting that "the final Agreement (i.e. contract) supersedes all previous agreements and understandings", or similar wording.
In plain language, this means that any agreements or understandings that are not included in the written contract are not part of the deal.
Any questions, do not hesitate to contact me.
Sumedha Arya
http://www.SumedhaArya.com" rel="nofollow">LINK
416-278-8247
