Quote:
Originally Posted by Expresso
Do commissions come out of pocket from the developer if a realtor is involved?
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On the one that I was looking it, commissions come out of the developer's pocket.
If no realtor is used, commission goes back into the developer's pocket.
Buying realtor's commission is something like 2.55XXX% on the first $100K
1.5XXXX% on the rest.
Quote:
Originally Posted by winson604
Cons
- may not get approved for mortgage on completion
- strata and build quality a question mark
- if market falls while you wait for construction to finish you may end up paying more b/c you already locked into a price
- you have to pay GST
Just to name a few
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Point #1 is important.
While this isn't the same for every build, a friend bought one that isn't ready till 2018.
Within 7 days, they had to come up with 10% down and another 5% before the city approved the building permit.
The builder will not apply for the building permit until 50% of the buildings have been sold.
So when the building is near complete, the buyers will need to make sure they have enough $$$ or borrow enough to cover the remaining 85%.