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Presale Vancouver Phone Number
Khash Raeisi (778) 987 7029
Vick Naiker    (604) 722 0460
 
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We'd like you to know that pre-sales have allowed tens of thousands of families to successfully purchase a home. A pre-sale is a contract for the purchase and sale of a unit made prior to the construction or completion of a project. Developers and purchasers enter into contracts that provide for units to be built within a period of time and sold for an agreed fixed price. A certain number of pre-sales are generally required by the financial institutions before they lend money for projects. Purchasers usually pay deposits to the developer’s realtor or lawyer in trust as part of the pre-sale agreement. These deposits are fully protected under the law and are paid back in full to pre-sale purchasers if a project does not proceed. The purchase of a new home will be the largest and most important purchase you make in your lifetime. Therefore it makes sense to protect this investment by doing proper due diligence. suggests the following key points when purchasing a pre-sale unit:

Know who you are buying from

Find out the history of the company you are purchasing your unit from wether it be a condo or a townhouse. What industry experience do they have? What are their previous projects? Are they a well capitalized company? Do they have any project failures in the past? Ask these questions of your professional advisors (your lawyer or a licensed real estate broker), and do an internet search starting with the company’s website. Check their professional associations. Follow them on Linkedin and see what they are saying and what people are saying back.

Use the 7 day rescission period

When you purchase a pre-sale unit, under the law you have up to seven days to rescind the offer. Use this week to read the Disclosure Statement and Contract and to seek professional advice from a lawyer on the contents and implications of your purchase contract, so you fully understand it. If there is something you do not understand, do not be afraid to ask questions – especially of the developer and your professional advisors. This is the reason behind the seven day rescission period. A Lawyer Referral Service is offered by the Canadian Bar Association.

Know your rights and obligations under the contract

The review noted above should certainly include a thorough analysis of the terms that allow for the cancellation of the project – or delays. This includes whether interest will be paid on the amount of the deposit. There may be other rules in the contract, such as the purchasers obligations and the developer’s rights relating to the termination of the contract, and if (and how) pre-sale purchasers can assign (sell) their purchase contracts or units to new buyers. These issues need to be understood as well.

Know your rights under the Law

Developers must follow numerous rules with regard to their disclosure statements under provincial law. For example, in British Columbia, this information is readily available at The BC Financial Institutions Commission website. There is also a Frequently Asked Questions webpage on the site. Several important questions that consumers should ask are answered, including:

  • What information must a developer provide to a purchaser?

  • After a purchaser has signed a purchase agreement, can the purchaser cancel that agreement?

  • How can a purchaser [give] notice [to] the developer that the purchaser is cancelling the purchase agreement?

  • Can a purchaser obtain a copy of the Disclosure Statement and any Amendment from our office?

  • Can a developer change the Disclosure Statement without a purchaser’s approval?

  • What remedies does a purchaser have if the Disclosure Statement contains an omission or misrepresentation, or is amended after the purchase agreement was signed?

  • Can [the BC Financial Institutions Commission] enforce a purchaser’s rights?

  • What can be done if a purchaser believes a developer’s Disclosure Statement is deficient and the developer is still marketing?

  • How can a purchaser make a complaint about a realtor?

  • Can a developer use [a] deposit to construct and market the development units?”

Further information on your legal rights can be provided by your lawyer or contact The BC Financial Institutions Commission.Their contact information is as follows:

Inquiries: (604) 953-5200

Toll Free: 1(866) 206-3030 - outside local calling area within B.C.

Fax: (604) 953-5301

General Email: ficom@ficombc.ca

An assignment is the transference, or any further additions, of a contract to another name before a deal is completed. There are 2 common forms of assignments. One would be assignment without profit, which is transferring the existing contract into a company name or to another person(s).

For instance, a buyer may decide to assign their existing contract into another person(s) name because they can no longer to meet the required agreements.

The other way would be assignment for profit. During construction of a property, the ownership of the property can be transferred, along with the existing contract, to another person(s) before completion. Thus the new owner may now complete the sale when the development is ready.

** Not all Presale contract allow assignments, and those that do will usually have restrictions and fees associated with them.

Warranty Protection – Every brand new constructed property in BC comes with the 2/5/10 Warranty when the property completes. The investor gets a property with a full 2/5/10 Warranty which in most cases means low cost and low hassle ownership during the life of the warranty.

GST and New Homes

When you buy a newly constructed home, condominium or townhouse, the entire purchase price including land is taxable. If the property is to be rented to tenants, the full 7% GST is charged on the purchase price. However, if the home is going to be your primary place of residence, it may qualify for a partial GST rebate, depending upon the sale price.

For primary residences costing $350,000 or less, you will receive a rebate of 36% of the GST paid, to a maximum of $8,750. That means you pay approximately 4.5% GST (not 7%) on the purchase price.

Example #1

You buy a new home for $250,000. The 7% GST is $17,500, less a 36% rebate of $6,300. So, you pay $11,200 in GST.

The maximum rebate is $8,750. The rebate for new homes costing between $350,000 and $450,000 declines to zero on a proportional basis. Here is how it works.

For each $1,000 of purchase price above $350,000 the maximum rebate of $8,750 is reduced by 1%

Therefore if your purchase price is $370,000 you are $20,000 over and must reduce the maximum rebate by 20%. As such the maximum rebate of $8,750 reduced by 20% equals $7,000.

For a home priced at $370,000 the GST payable, at 7%, is $25,900.

The adjusted maximum rebate is $7,000 so the GST payable is $18,900.

Adjusting the maximum rebate continues until the rebate is reduced by 100%, there is no rebate, which occurs at homes priced at or above $450,000. New homes selling for $450,000 or more do not qualify for a GST rebate.

BC Property Transfer Tax

Property Transfer Tax is a provincial tax that is payable upon the purchase of real estate in British Columbia. The tax is equal to 1 % on the first $200,000 and 2 % percent on the remaining balance. For example if a property is purchased at $500,000 you would pay 1% on the first $200,000 & 2 % on the remaining $300,000 which is $2000 + $6000 = $8000 for the PTT. There currently is an exemption for first time buyers but there are a number of requirements to qualify, including:

(a) Must be the purchase of a principal residence;

(b) The purchaser must be a Canadian citizen or permanent resident of Canada;

(c) The purchaser must have resided in the province of British Columbia for at least one year immediately prior to the application to register the purchase of the principal residence;

(d) The purchaser must not have previously owned an interest in a principal residence anywhere in the world;

(e) The fair market value of the land and improvements must not exceed $425,000 and partial exemptions for homes between $425,000 - $450,000.

(f) The amount borrowed to finance the purchase, and registered against title, must be 70% or greater of the fair market value; and

(g) The amount borrowed must have a term of at least one year.

These are major requirements which should be reviewed with your lender or lawyer to ensure that you qualify.

Not entirely true, although negotiating is more complex for a Presale, Presales Vancouver focuses on bringing you the top discounts with your best interest in mind. And if the price on your desired presale is fixed, upgrades, deposit terms or optional items can still be negotiated as we often receive exclusive deals and incentives from development teams.

Developers may change pricing and promotions during any course of their presales. They are able to reserve the rights to change as they need to adjust to fluctuating markets and competitors, having said that, the price and terms agreed to on your contract will be exclusive to your purchase.

Not at all. The developers could save money because they would not have to pay commission to a nonexistent realtor, but the Competition Act for BC Real Estate makes it difficult to exclude Realtors from a sale - subject to private listings. As long as it is NOT an exclusive listing, commissions must be paid.

In fact, developers who understand the benefits of repeat business value the assistance of a qualified Realtor to a buyer. Developers do not discriminate against realtors, instead they offer Realtor discounts and are happy to work together. Their relationship with repeat Realtors continuously bring buyers and often gets the Realtor first priority for VIP Presales BEFORE releasing sales to the general public.

No. A Developer, or a seller, uses a sales person to represent themselves during a Presale. Majority of the sales representatives are NOT licensed agents as they work entirely under the developers, however, personnel's representing marketing companies hired by the developer are licensed because they retain greater responsibilities and are liable for the information provided.

Although sales representatives are suggested to provide information to potential clients, many would forget that the sales agents are there to represent their employer, the developer. Thus they cannot negotiate against their employer nor interfere or sabotage a sale due to personal interests. This is not to say they are not helpful or dishonest, rather they are mainly there to represent their employer.

Presales Vancouver operates with the best interest of all clients and is truly 'Real Estate made simple.'

Khash Raeisi of Sutton Group West Coast Realty is one of the two Co-Founders of PresalesVancouver.
Speaks fluent English & Farsi
He is an active Realtor in the Residential and Commercial market as well as Presales.
No matter what type of Real Estate transaction you're looking to make, he will be able to guide you step by step from the beginning to end.
"Real Estate Made Simple"

Vick Naiker is one of the two Co-Founders of PresalesVancouver.
He has been involved in the Real Estate industry since 2007, and has been a licensed Real Estate Agent since 2010 working with Sutton Group West Coast Realty. He realized his passion is to help families find their perfect homes when he became involved with a group of investors selling new construction projects.

Vick's hard work and determination has led him to become an award-winning Agent within the Greater Vancouver Real Estate Board. Vick has qualified for the Medallion Club award for the past two years which recognizes the sales achievement of the top 10% of Real Estate Agents in the Greater Vancouver area.

Vick is fluent in both English and Hindi, and has learned to understand Punjabi. In his spare time, he enjoys feeding his family home cooked meals and swimming laps at the Community Pool.

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