Presale properties can be a great investment, but before you sign that contract, there are key details you need to understand to protect yourself and your money.

1. Estimated Completion Date 

The contract will include an estimated completion date, which is when the developer expects the project to be finished. However, this is just a projection and may not always be accurate.

2. Outside Dates & Possible Delays 

Presale contracts also have outside dates, which allow the developer to extend the completion date due to supply shortages, labor issues, or even changes in government regulations. This means your move-in date could be pushed back beyond what you initially expected.

3. What Happens If There’s a Major Delay? 

If the project is delayed past the outside date, you as the buyer have the right to request your deposit back and walk away from the deal. This clause is in place to protect buyers from excessive delays.

4. Should You Cancel or Wait? 

If the market has appreciated since you purchased the presale, it may actually be more beneficial to wait rather than take your deposit back. In some cases, buyers have made significant gains by holding onto their presale contracts until completion.

Thinking About Buying a Presale?

Navigating presale contracts can be tricky, but I’m here to help! Message me for more tips on making a smart investment in Vancouver’s real estate market.