For your sale to go smoothly, your promoter must work with professionals such as architects, surveyors, and many others. On the legal point, he must be surrounded by people of confidence who will help draft the contracts. Your promoter must indeed be able to offer you guarantees regarding the sale, otherwise, it means that it would not be reliable.
Specific conditions of sale
You must check with him that compensation will be paid if the sale is canceled for one reason or another. This is called a capital cost allowance and this is the standard for sales. You can not decently sign a contract that binds you with the developer for long months without getting compensation if the sale fails.
Different insurances must be provided to you, especially regarding deadlines. Otherwise, the sale could last for many years before you can see a penny.
Finally, Ki Residences Condo find out about the sponsor’s financial situation. You can obtain this information from the local authorities. If a developer is already in financial difficulty, he will not be able to complete the purchase of your land, which, again, will make you lose time before anything else. The competition is tough in the world of real estate, raise the stakes, contact different promoters, in short, play the game of these professionals.
The risks that await you in case of bad choices
Unfortunately, you may have already made contact with a promoter before reading this article. This means that you may not have been aware of the risks you were taking by trusting the first real estate professional to come. To prepare yourself better, here are the main risks that may be waiting for you if you are not careful.
First of all, you can lose money, a lot of money even. If for example, a promoter makes you an offer equivalent to that of an individual, you will eventually lose. Indeed, given the long lead times, it seems logical that a developer pays you compensation for immobilization of the land, in addition to making an offer in theory more advantageous. A difference of at least 15% is expected between the proponent’s proposal and that of an individual.