Rights and Responsibilities

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The developer does not hold your money, it is a third party entity that keeps your money in escrow. When you pay into the escrow, you receive an Escrow Letter every time you make a deposit. 

When you reserve a unit with money, you can withdraw your reservation at anytime before you go to contract. And you will get your money back. When you go to Contract, the developer will require teh first deposit. The money you have reserved you unit with, will go towards the first deposit. You have a 15 day recession period to cancel the contract after you sign

The Contract stipulates the events that trigger deposit payments. Groundbreaking, 12, floor, completion, top off and closing are the regular deposit triggers. At closing you will get the keys for your unit and normally pay the remaining purchase sum at around 50% of the price.

When you sign the contract the developer is obligated to deliver The Prospectus which is a document that in details describes the whole building. That is a binding document. If the developer changes anything in the Prospectus after having signed the contract, you will eb given a certain time to agree to the changes or to withdraw from the contract and get your money back.

We are very well versed in the rules and process of Pre Construction. However, we are not attorneys and cannot give legal advise, so we always encourage clients to obtain legal counsel. We will be happy to present you to attorneys who are assisting our clients.