Are you considering purchasing a presale property in Vancouver? Presale contracts can seem overwhelming with their legal jargon and stipulations, but there's one specific clause that you should be on the lookout for: the accelerated completion clause. In this blog post, we'll explain what this clause entails and why it's crucial to have it removed from your contract.
What is the Accelerated Completion Clause?
The accelerated completion clause is a provision that may be present in the presale contract you receive from the developer. This clause typically states something along the lines of, "The buyer acknowledges and agrees that the actual completion date may be accelerated before the estimated completion date." In simpler terms, it gives the developer the right to require you to complete the purchase earlier than initially anticipated.
Why Cross out the Clause?
While it may not seem like a big deal at first, having this clause in your contract can pose significant risks to you as the buyer. Here's why:
Financing Challenges: If the completion date is suddenly pushed forward, you may find yourself in a tight spot if you haven't secured your financing in time. Without ample time to arrange for a mortgage or other payment methods, you could face difficulties in fulfilling your financial obligations.
Planning Disruptions: Presale purchases often involve careful planning of moving dates, coordinating with rental agreements, and other logistical considerations. An accelerated completion date can disrupt these plans, causing inconvenience and potential stress for you and your family.
Legal Implications: By signing the contract with the accelerated completion clause, you give the developer the legal right to enforce an earlier completion date. This leaves you little room for negotiation and can have consequences if you're unable to meet the new deadline.
Protecting Your Interests To safeguard your interests and ensure a smooth presale experience, it's crucial to have the accelerated completion clause removed from your contract. This can be easily achieved by working closely with a knowledgeable realtor who understands the ins and outs of presale contracts.
By having your realtor cross out this clause, you can prevent any unwanted surprises and maintain control over the completion timeline. This will provide you with the necessary flexibility to arrange your financing, plan your move, and avoid any unnecessary stress.
I have extensive experience in navigating presale contracts and identifying potential pitfalls, such as the accelerated completion clause. If you're in the market for a presale property, message me below for expert advice and personalized tips tailored to your specific needs!