“With private access to these exciting new developments, our clients receive a wealth of incentives, including first choice of units, best floor plans and locations, exclusive discounts, reduced deposits, the best price, and much more”- Erin
“First met Erin on the One Burrard project and I was very, very fortunate to be able to purchase 3 units for my family. Her enthusiasm is contagious and passion in real estate beams through her infectious smile. If she doesn’t have what you want, she will scour the earth to find it for you. Sincerest intentions followed up with great punctuality, having Erin on your team will definitely put you on real estate map.”
As Head of the Pre-Sales Department with Price Emery Real Estate Group, Erin skillfully leads a networking team (SEERA Networks) of over 900 members. This powerful leadership role allows Erin to work closely with Vancouver’s top developers to negotiate the best pre-sale investments in the region for her team’s clients. With a deep-seated knowledge of the fine art of real estate, coupled with an incomparable drive for getting the job done efficiently– and beyond expectation
Erin understands the relationship between homebuyers and real estate agents must be based on trust, mutual goals and understanding–this is why Erin always keep your interests first and foremost.
I walk clients through the entire process of presale buying. I believe it’s important the purchaser knows all the information and risks when purchasing a presale.
What is a Presale?
Presales are strata developments sold by a developer prior to the completion of the building. They can be either residential or commercial units. In order to purchase a presale unit, a partial deposit is required upon writing, with the remaining deposit balance spread over a length of time. Deposits are held in a trust account until the building is completed. Once the deposit is paid in full, the remaining purchase price will be due upon completion of the building. Deposits differ across developments, and can range from 10%-35% of the purchase price. If a purchaser wishes to withdraw from a presale, cancellations are possible as long as they are completed during the rescission period. It is advised to seek legal counsel when purchasing real estate.
Over the course of the project’s development, there will be amendments to the disclosure statement. These are additions or revisions to the original disclosure statement. Some developments allow the purchaser to “assign” their newly purchased presale once a reasonable length of time has passed, in accordance with the terms of their contract. An “Assignment” is selling one’s contract to another person or company prior to completion. The assignment is sold “as is” with no changes unless the developer approves them. The new purchaser will take over the contract with any additional upgrades or discounts that are in the contract. This means the following: if there is a discount, the end user will receive it. If the contract has upgrades, the end user will be responsible for paying for them. The end user will also have to pay all closing taxes, including GST, PTT, and lawyer fees, etc. It is advised to consult an accountant to learn more about these additional fees.
As project completion nears, there are a few steps to be taken in preparation for the closing of the unit. Financing can be done through a mortgage broker/ Bank prior to the completion. The developer and/or marketing company will also arrange for a walk-through of the unit with the purchaser to ensure there are no deficiencies. You will meet with your lawyer or notary to finalize the last documents. Once these steps are complete, the final step is to move in.