Oct
7
I was reminded yesterday that when you are working with a builder or developer on a new property, or even any transaction for that matter, you really want to make sure to read everything! There are clauses that developers and builders will put into their contracts that really favor them. They are truly looking out for their own self, and you need to as well. I would suggest having a third party like a lawyer, real estate agent etc. look over the docs with/for you, if you are unsure of anything.
The situation that a client of ours is dealing with is that they purchased pre-built condo in Calgary, and are now wanting to list it as soon as they take possession. The developer had put a clause into the contract that stated that if a condo that was in possession of an owner was to go on sale, whilst the developer still had some units on the market, the developer is able to set the price and who the listing agent is for the owner. This is crazy… first off, the units in this building are now way overpriced that the developer has in their possession, and have told my clients that their unit is worth appx. $120,000+ what the market says it is worth. If this clause holds up, there condo will not sell, as there hasn’t been an MLS sale in this building yet.
Again I say, please make sure you read everything thoroughly, and have someone who knows what they are talking about look at the documentation.
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The Chamberlain Group
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