New Townhomes Newmarket

Property inspections for pre-construction properties differ from those for resale properties. It is highly recommended to perform a pre-delivery inspection when buying a pre-construction townhome. A Pre-Delivery Inspection, or PDI, takes place before you take possession of your new home. After the construction is completed and the homes have been viewed, you may conduct a PDI. On the day of the inspection, the builder will demonstrate the different features of the property, such as ventilation, plumbing, and heating. It is the builder’s responsibility to note any damaged or missing parts of the house. This is the time when buyers can determine if they would like to make changes to the final product and inform the builder of the changes they wish to make. PDI forms must be signed after the inspection has been completed.

When you buy a townhome under construction, you will avoid making large upfront payments because deposits are paid in installments. Your payment schedule will depend on the agreement made with the builder. The down payment rate in the Greater Toronto Area is typically 20%, but it can vary depending on the developer. When the deposit is given in, the payment will be divided into several installments. Following the initial 5 percent payment, the next 5 percent is due in 90 days, the next 5 percent is due in 180 days, and the final 5 percent is due 30 days before occupancy.

Land transfer taxes are paid by individuals who buy real estate in Ontario when they purchase land or an interest in land. The buyer must pay taxes upon completion of a transaction. Depending on the type and cost of the property, the amount needed to be paid will differ. In general, rates range from 0.5% to 2.5%. Some first-time buyers may be eligible for a land transfer tax refund. During the purchase of a home, your lawyer will assist you with paying land transfer taxes.