Cell: 604-855-2521 |

When you decide to buy a property, your REALTOR® will prepare what is known as an Offer to Purchase. The standard form used for this is called the Contract of Purchase and Sale. Once accepted by the parties it becomes the contract between the buyer and seller.  It contains the date of your offer, the description of the property you are making the offer on, the amount of your deposit, the amount you are offering (based on data provided by your REALTOR®), the amount you intend as your down payment and financing details, as well as your name and address and the name and address of the owner of the property you want to buy, subject-to clauses, closing dates, and any special requirements you want to impose on sellers (for example, you want the kitchen appliances).

What happens very often is that when a written offer is presented and the selling party decides to counter offer they do it in writing but consequent negotiating happens verbally - which is okay.  Just remember that while any verbal communication about offers, counter-offers and acceptance of offers can be useful to the parties, in British Columbia a contract dealing with land is not enforceable against the parties unless it has been made in writing and properly signed by all parties to the contract. If you do not have a written contract, agreed to by all the parties, then you do not have an enforceable real estate contract. So if you choose to negotiate the contract verbally, then make sure you get all the changes recorded on the contract and get all parties to sign and initial as fast as you can after the final acceptance.
 
Kind Regards,
Tibor Bogdan
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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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