If it’s your first time buying a pre-construction condo, you’ll quickly learn that the process can feel quite rushed. The competition for Toronto pre-construction condos is high, so to ensure you fully understand the process and the steps to purchase, let’s take a closer look at builder worksheets, or as we like to call them, suite request worksheets.
Pre-construction condo sales in Toronto launch in different phases: Platinum, VIP, and a public launch. Although it’s worth mentioning that some projects have been known to sell out before even reaching the VIP or Public launches. The earlier the phase, the better the prices.
If you’re able to get in on a pre-construction launch with a Platinum or VIP agent, you’ll save some dough, get first access to the best floor plans, and can sometimes take advantage of investor incentives like discounted parking or free kitchen islands, as examples.
WHAT IS A SUITE REQUEST WORKSHEET?
Once floor plans have been released to agents, interested buyers are asked to submit a “wish list” of three to five suites to their agent by filling out the suite request worksheet. Suite request worksheets increase your chances of getting your preferred suite during a sales launch. They act kind of like a promise ring: it means you’re serious about buying but it doesn’t commit you to taking the unit if you aren’t fully decided.
By submitting a worksheet, you increase your chances of getting your preferred suite. It shows the condo developer that there are interested buyers and agents are then allocated suites based on the worksheets they submit.
This does not guarantee your agent will be allocated your first or even second choice, but it does help. In case there is an overwhelming demand for one or two particular suites, interested buyers are asked to provide three to five options as alternatives.
In addition to your three to five suite requests, you’ll also need to fill out a lot of personal information such as your occupation, social insurance number, and a copy of your driver’s license. Your social insurance number and photo I.D. are required to verify your identity and your SIN number, in particular, allows you to earn interest on your deposit while the project is underway.
As we mentioned, the process can move quite quickly, so when interested buyers are asked to fill out these in-depth worksheets within a few days of previewing the floor plans, we understand their hesitation. Remember, you are not committed to purchasing any of your suite requests if they are allocated to your real estate agent.
Buyers who do move ahead to sign a purchase of agreement and sale have a ten day rescission period during which they can choose to cancel their decision to purchase.
SET YOURSELF UP FOR SUCCESS
The best way to ensure the process moves smoothly is to have a preliminary call with your agent prior to a sales launch. Discuss with them your budget, the type of unit you’re interested in and if you’re buying as an end-user (to live in the unit) or an investor.
If you haven’t already, get a mortgage pre-approval to ensure the budget you have in mind is in line with your finances. If this is your first time buying pre-construction, download our Pre-Construction Investment Guide for more information on deposit structures, timelines, and expected returns.
If you’re interested in buying pre-construction, set up a call with us today to get the ball rolling. We’ll help find you a property that suits your budget, specifications, and ensure you feel confident in your purchase. See what pre-construction condos are launching this fall here.