Presale Buyer Checklist

How Do You Buy a Presale Condo? What to Arrange Before Committing

A successful presale purchase begins long before you sign a contract. Proper preparation ensures you can act decisively and confidently when you find the right home. Use this presale buyer checklist to arrange your finances, conduct a legal review, and secure professional representation before committing to a purchase.

☐ Secure Mortgage Pre-Approval

Before you start your search, speak with a mortgage broker who specializes in presales. Understand how long construction timelines can affect your financing, interest rate holds, and the final approval process. Knowing your budget is the first and most crucial step.

☐ Assemble Your Professional Team

  • Find a Specialized Realtor®: A Realtor® with presale experience represents your best interests, not the developer’s. They provide expert advice, help you compare projects, and can often offer VIP access to new launches.
  • Retain a Lawyer or Notary: Have a legal professional ready to review the purchase agreement and disclosure statement during your seven-day rescission period. They will protect your legal and financial interests.

☐ Prepare Your Deposit Funds

Presale deposits are typically paid in installments. Ensure your funds are accessible and that you are prepared to meet the payment schedule outlined by the developer.

☐ Understand All Associated Costs

The purchase price is only part of the total cost. Account for additional expenses such as GST, Property Transfer Tax, legal fees, and potential strata fee adjustments at closing.

☐ Define Your Needs and Wants

  • Location: Which neighbourhoods align with your lifestyle, commute, and future needs, like schools or community centres?
  • Home Type: Are you looking for a condo or a townhome? How many bedrooms and bathrooms do you need?
  • Must-Haves vs. Nice-to-Haves: Make a list of essential features (e.g., parking, storage, specific orientation) and desirable amenities (e.g., gym, concierge). This will help you evaluate floor plans and projects efficiently.

☐ Register for Presale Projects

Get on the registration lists for projects in your preferred neighbourhoods. This ensures you receive the latest information, pricing updates, and invitations to preview events.