Building a home is exciting and comes with many considerations. We have the tools and expertise to make it a smooth process.
What happens after I have given all my deposits and construction has started on my new home/condo?
The builder will keep you updated on the status of your build. Typically, 30-45 days from completion you will receive a possession letter, which will confirm your closing date along with your walk-through inspection date. Remember to share this with your mortgage associate! Once we receive this, we will schedule a signing date for your mortgage commitment.
What is the standard amount that a builder would require after the initial deposit?
Typically a builder will take a small deposit with your initial offer (-$1000-$2000). Once the offer is executed by the vendor and the purchaser, and financing is approved, the builder will request 5-10% of the total purchase price as a second deposit.
How long can the bank guarantee me an interest rate for?
We are able to get you an approval for six months. You can secure the market interest rate today, if the rate falls, we will reduce your rate; however, if it increases you are protected.
How long should I condition my financing approval on my offer to purchase?
When placing an offer to purchase on a new home/condo build, allow 14 days to get your financing approval in place.
Negotiating a deal with a builder?
When placing your initial deposit on a new home/condo build, please retain a copy of your cheque/draft, a copy of the builder receipt, and a copy of the purchase agreement for your mortgage approval.
Can I sign an offer to purchase without having sold my home?
You may not be required to sell your home to purchase a new one. There are many programs that will allow you to own one than one property. Speak to your mortgage associate to find out more.
What happens if I sign a change order/addendum to the original offer to purchase that was used to secure financing?
Immediately notify your lender if you have signed a change order, as this is a material change in the purchase of your new home/investment. The lender may need to review the file again, and approval may be impacted. The sooner you let the broker know, the more they are able to support you.
Can I get tenancy at will for my new build condo purchase?
With a new build condo, a lawyer cannot close our purchase with the title insurance, and requires the title to be registered at the municipalities land titles office. A builder may grant you tenancy at will, if your closing occurs prior to title registration. This is not an obligation of the builder, rather a courtesy that may be extended.
What if I notice deficiencies in my home during my pre-occupancy walk-through?
Let your lawyer know that you noticed deficiencies, as your solicitor can apply a ‘hold-back of funds’, until the required work is completed. This will allow your purchase to take place.
When do I share my lawyer’s details?
It is important for you to tell your lender and your builder who your lawyer is. This allows us to engage them early on and provide pertinent documents to them in a timely fashion: making your home ownership journey comfortable.
Don’t know what builder to go with? Let us know.
We can work with you to understand your home financing needs: we can direct you to some websites which shares Edmonton’s reputable builders.
Where do I get my keys?
Your builder will release your keys to you once your mortgage has funded, and the vendor has received all funds for the purchase of their property.
The Legacy Suite of Services
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