Tips when purchasing pre-sale condo in today's market
Due to the market condition, many developers are offering great incentives now. Pls make sure you do the following:
1)understand the disclosure statement that is provided by the developer. If you do not understand any part of it, spend some money to get legal advice.
2) Add a clause to say "If buyer don't complete the purchase, this deposit is forfeited as liquidated damages as the sole remedy of the developer".
3) buyers should also want to look at clear language around the completion dates for construction of the units and clauses allowing the developer to delay completion & make changes in finishings or unit layout that also give the buyer a reason not to complete.
This entry was posted on April 5th, 2009
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