Buying New Homes

Pre-sale and new build purchase contracts are unique. Navigating through terms such as...

And others, should only be done with competent, licensed representation.

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Rescission Periods:

A rescission period is your time to reflect on the purchase that you have just made, or anticipate making, and more importantly to read through the disclosure statement that accompanied the purchase agreement. You may rescind your purchase agreement by serving written notice on the developer within 7 days after the date of the purchase agreement and the time that you have acknowledged receiving the disclosure statement. That’s the short story, for the full version, contact us.

Disclosure Statements:

In British Columbia, all new developments of five or more units are subject to the Real Estate Development and Marketing Act which governs how a developer markets and sells development properties.

The Act requires developers to provide a Disclosure Statement to Buyers which discloses, among other things, the following:

  1. The Background and Experience of the Developer
  2. The Purchaser’s Rights of Rescission
  3. Permitted Uses of the Development
  4. Phasing of the Development
  5. Strata Information, Bylaws and Budgets
  6. Parking Entitlements
  7. Utilities and Services
  8. Description of the Land Title
  9. Construction and Warranties
  10. Local Government Approvals and Finances
  11. Handling of Purchaser’s Deposits

This document, while lengthy and comprehensive, should be read and understood by the buyer before firming any contract. Let us peruse and explain it to you.

Lien Holdbacks:

Brand new homes in BC are subject to liens being placed on the title of the home if a contractor or supplier was not paid for the product or service that went into the construction of the home. The Builders Lien Act provides rights and imposes obligations on most of the parties within the construction project in addition to their respective rights under their contracts. It is the law in BC and it must be adhered to. In most situations an amount of money (10%) should be held back by the conveyancer for a specified period of time to ensure if a lien is going to placed on the home, there will be financial resources held in trust to satisfy the claim. Ask us about exceptions to this practice.

Specification Sheets:

When buying a home that is yet to be built, it is often possible to have some input into the way the home shall be built and finished. In a new build condominium, this seldom means more than picking between 2 or 3 colour schemes which will dictate the colour of the flooring, cabinetry etc. In a single family dwelling it may be as extensive as laying out rooms, adding vaulted ceilings, customizing electrical and plumbing rough ins etc. This specification sheet must accompany the contract of purchase and sale, to the extent that, one would not be enforceable without the other.

There are advantages and disadvantages to either scenario. Call us anytime to discuss these.

Built Green:

Built Green is a national initiative committed to building residential homes in an environmentally responsible manner. With this comes sustainability and energy efficiency, as not all builders are building to Built Green standards. If you are concerned with the preservation of natural resources, reduction of pollution, ventilation and air quality, and the improvement of home durability, ask us for a list of Built Green builders on the South Island.

2-5-10 Warranty:

New homes built in BC by licensed residential builders must be covered by mandatory, third-party home warranty insurance. Home warranty insurance is a limited policy of insurance covering construction defects in a new home, ranging from cosmetic imperfections in your drywall to structural issues in your foundation. Various items are covered for varying amounts of time. It is most often referred to as the 2-5-10 Warranty. The coverage stays with the home which means it is transferable to subsequent owners. Ask us which items are covered and which aren't.

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7948 Lochside Dr Central Saanich - CS Turgoose
$849,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
7950 Lochside Dr Central Saanich - CS Turgoose
$899,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7864 Lochside Dr Central Saanich - CS Turgoose
$849,900
4 Bed | 4 Bath | 2,646 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7874 Lochside Dr Central Saanich - CS Turgoose
$699,900
3 Bed | 3 Bath | 1,779 SqFt
Listed with RE/MAX Camosun
7882 Lochside Dr Central Saanich - CS Turgoose
$699,900
3 Bed | 3 Bath | 1,780 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7924 Lochside Dr Central Saanich - CS Turgoose
$899,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7928 Lochside Dr Central Saanich - CS Turgoose
$849,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
7932 Lochside Dr Central Saanich - CS Turgoose
$824,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7940 Lochside Dr Central Saanich - CS Turgoose
$824,900
3 Bed | 4 Bath | 1,711 SqFt
Listed with RE/MAX Camosun
Open House
Open House - Fri, Oct 18th to Sun, Oct 20th, 1:00 pm to 3:00 pm
7866 Lochside Dr Central Saanich - CS Turgoose
$699,900
3 Bed | 3 Bath | 1,779 SqFt
Listed with RE/MAX Camosun
105 - 110 Presley Pl View Royal - VR Six Mile
$435,000
2 Bed | 2 Bath | 1,005 SqFt
Listed with Royal LePage Coast Capital - Chatterton
Open House
Open House - Sat, Oct 19th to Sun, Oct 20th, 1:00 pm to 3:00 pm
620 Selwyn Close Langford - La Thetis Heights
$569,900
3 Bed | 3 Bath | 1,446 SqFt
Listed with Royal LePage Coast Capital - Westshore
Open House
Open House - Sat, Oct 19th to Sun, Oct 20th, 1:00 pm to 3:00 pm
612 Selwyn Close Langford - La Thetis Heights
$559,900
3 Bed | 3 Bath | 1,446 SqFt
Listed with Royal LePage Coast Capital - Westshore
107 - 110 Presley Pl View Royal - VR Six Mile
$455,000
2 Bed | 2 Bath | 1,034 SqFt
Listed with Royal LePage Coast Capital - Chatterton
4251 Pullet Pl Saanich East - SE High Quadra
$999,000
3 Bed | 4 Bath | 1,954 SqFt
Listed with Sutton Group West Coast Realty
4259 Pullet Pl Saanich East - SE High Quadra
$1,200,000
5 Bed | 5 Bath | 2,933 SqFt
Listed with Sutton Group West Coast Realty
501 - 5388 Hill Rise Terr Saanich East - SE Cordova Bay
$1,539,900
2 Bed | 2 Bath | 2,047 SqFt
Listed with Pemberton Holmes - Cloverdale
507 - 741 Travino Lane Saanich West - SW Royal Oak
$599,900
2 Bed | 2 Bath | 875 SqFt
Listed with The Condo Group Real Estate
214 - 110 Presley Pl View Royal - VR Six Mile
$434,000
2 Bed | 2 Bath | 981 SqFt
Listed with Royal LePage Coast Capital - Chatterton
Open House
Open House - Sun, Oct 20th, 2:00 pm to 3:15 pm
2264 Markinch Pl Sidney - Si Sidney North-East
$979,900
3 Bed | 3 Bath | 1,740 SqFt
Listed with RE/MAX Camosun
203 - 741 Travino Lane Saanich West - SW Royal Oak
$608,800
2 Bed | 2 Bath | 933 SqFt
Listed with Royal LePage Coast Capital - Chatterton
404 - 745 Travino Lane Saanich West - SW Royal Oak
$1,189,000
2 Bed | 3 Bath | 1,426 SqFt
Listed with Royal LePage Coast Capital - Chatterton
3314 Mesa Pl Langford - La Happy Valley
$709,900
3 Bed | 3 Bath | 1,994 SqFt
Listed with Pemberton Holmes - Cloverdale
6248 Dwyer Cres Zone 03 - Duncan - Z03 West Duncan
$497,000
4 Bed | 3 Bath | 2,300 SqFt
Listed with Maxxam Realty Ltd.
310 - 1029 View St Victoria - Vi Downtown
$420,000
1 Bed | 1 Bath | 446 SqFt
Listed with Royal LePage Coast Capital - Chatterton

NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.