If you had to ask... then you probably need a realtor to cover your ass when the paperwork doesn't work out.

you better negotiate a good 'giving back' offer from the developer because the reward is much more in favour for the Developer's agent.

I've done a few resale without a realtor. Make sure to double/triple check all the documents to make sure they are filled correctly. I've had cases where the Developer's agent spelled my name incorrectly.

Sure hope its 12,000$ in decorating costs per every 500k of purchase price :drunk:

The commissions for a realtor is about...
3.1% for the first $100k, then 1.15% for every additional 100k

$12k on $500k purchase is too high.

I would say it's more like $7-8k in realtor fee's for a $500k sale.

it will be an achievement if you can get 5k+ for kick back on a 500k home. if they are open to it without hesitation, it sounds more like a desperate realtor looking to close a sale.

I guess the question is why NOT use a realtor? It doesn't cost you anything.

You lose the developer's kick back incentive. instead having the whole pie, the developer now has to split it in half with the realtor.

Maybe find a way to negotiate with both the realtor and developer for a kick back to meet somewhere in the middle.

If the developer kickback is anywhere around $3-4k, I would just go with the developer.

Realistically, what can happen to you in a pre-sale? If there is a big project, I wouldn't be worried about being screwed over. Besides, what is a realtor going to help you with besides helping you with the paperwork?

If the realtor is competent, s/he will just check the disclosure documents to make sure everything is good, but there's not much else the realtor can do.

You can write in clauses that you can grandfather in regardless of what the strata enacts later.

Things like being allowed to work on your car in the parking lot, being allowed to out and not be included as part of the rental restrictions, etc etc.

thank you everyone for your feedback and suggestions.

I don't think stratas are allowed to restrict rentals anymore. Those are only grandfathered for old stratas that had those restrictions in place before.

I think it was because of the housing shortage, stratas aren't allowed to restrict rentals anymore.

You have a source for this?

The developer sets up the first set of bylaws, which are usually the standard bylaws with some amendments. 12 months later, the council will hold an AGM and can put forth any bylaws they want to the owners for voting and approval.

If an owner came along and said they signed something with the developer (who by this time is now long gone) that allows them to not follow the bylaws or rules everyone else voted on for approval, I'd be inclined to tell them they can't do that.

The only way I can see that happening is if the clauses are written in the title as a covenant. Which seems highly unlikely for a strata condo.

Not sure about clauses, but from my families experience in past condos. They abide by any bylaws in the disclosure statement. Things like pet and rental restrictions are grandfathered to the original owners if implemented after.

It's admittedly from a few years ago, but when we were looking to buy our first home, presales were part of the ones we looked at. A few of them mentioned writing in clauses to be grandfathered into our contract before the development is done.

Yes and no.

All residents abide by the bylaws filed by the developer and are in the disclosure statement.

Once a council takes over, if at the next AGM, the owners vote and approve to amend the bylaws to add pet, rental or age restrictions, anyone who already has a situation that would be contrary to the new bylaws are given an exception until their situation changes.

For example, if you have a dog, you get to keep your dog until you no longer have that dog. But if you don't have a dog, you don't get to ignore the new bylaw and get a dog (contrary to the new bylaw) because you're an original owner.

Open Road Auto Group getting into the RE game now.

https://openroadautogroup.com/blog/r...ly-project-e15

Gotta admit, from experience, I'd stay away from any first-time developer, no matter who it is, if buying a presale again.

don't they already own and build their dealerships? So technically they aren't really that new with RE. I'm sure they've poached a number of PMs and DM's from other Developers.

Theory sounds correct. I don’t know the details but my moms always been grandfathered into no rental restrictions with her units. Despite having no tenant previous to any new bylaws. Saying that, she is a realtor and maybe did write some “clauses”.

seems like a boutique architecture firm. if they partner with a good builder and their subs, could work out. have fun building to step 4 in CoV EleGiggle

I got $3.2K back on $520k Purchase. $5k is pretty the entire sellers commission before broker fees and taxes lol

OUCH...who got their property taxes notice recently? (2021).

$5281. before grant. blech....

ours was over $6k =(

How does that compare to last year? How much of an increase is that?

Shxt... is it that time of the year again?