Interesting story in the Vancouver news this morning….. it seems that there are multiple owners of pre-sale condos….. <\/p>\n
News1130.com<\/a> – Developer forced to stop condo sales amid accusations of selling units to multiple buyers<\/strong>
\nJuly 14, 2006 – 11:35 pm
\nBy: Claudia Kwan (story<\/a>)<\/p>\nDozens of would-be condominium owners are stuck in legal limbo. A developer<\/a> selling four projects in Vancouver and Richmond has been ordered to stop marketing the projects and will be facing a judge in a few weeks. The order stems from a variety of allegations, including the possibility that almost 70 units may have been sold to more than one buyer. The potential issues should make you reconsider jumping into the pre-sale construction market. For now, work is continuing on the projects which include Tribeca Lofts<\/a> and H & H in Yaletown<\/a>, Hamlin Mews<\/a> at 37th and Oak and the Garden City<\/a> towers in Richmond. Rick Valouche with the Real Estate Board of Greater Vancouver doesn’t want to comment directly on the case, but will say there are steps people considering this kind of purchase should think about. “First and foremost they should work with a realtor. A licensed realtor is knowledgeable in working with presales, looking at the special forms that are supposed to be given to us,” says Valouche. It doesn’t cost anything to buy with a realtor and it allows buyers to be protected by a special emergency fund that agents pay into. Valouche says it’s important to take the time to read documents thoroughly even in the heat of the buying moment. There shouldn’t be any pages crossed out or missing in a disclosure statement, and the demand for a 50 percent or higher deposit right away should be a red flag. Valouche says there are lots of resources on the Internet which can help anyone who wants to buy presales. A judge in the ongoing dispute will decide whether it will head to arbitration at the end of the month. No statement of defence has been filed by the developer yet. <\/p><\/blockquote>\n
CKNW.com<\/a> – Buyer beware in real estate<\/strong>
\nJul, 15 2006 – 5:50 AM (story<\/a>)<\/p>\nVANCOUVER\/CKNW(AM980) – Vancouver’s hot real estate market is creating conditions where the buyer must beware.<\/p>\n
That from mortgage consultant Peter Kinch after some real estate have been told to stop selling condos thanks to allegations of duplicate sales and missing deposits.<\/p>\n
Kinch says potential buyers are too often focused on buying quickly instead of doing more research, “There’s this pending sense of ‘If I don’t get in now, prices are going to keep rising and I’d better get in now.’ People are hearing stories of all their friends who have made so much money in real estate and they’re jumping on the bandwagon and I think these are the individuals that are becoming the most vulnerable.”<\/p>\n
He says anyone considering a pre-sale should make sure their contract has a purchase price guarantee and that the developer has a contingency fund to ensure the condos are finished properly.<\/p><\/blockquote>\n
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