Thornhill of Valleys

FAQ

Questions buyers actually ask

The things that come up most often when someone is considering a pre-construction home in Vaughan.

What does buying pre-construction actually mean?
You sign a purchase agreement for a home that has not been built yet, based on plans and specifications rather than a finished house. You pay deposits over a schedule set in the agreement, and you close once the home is complete and the municipality permits occupancy. The gap between signing and closing is commonly measured in years, not months.
How is a deposit structured on a pre-construction home?
Deposits are paid in instalments against a schedule written into the agreement rather than as a single payment. The exact amounts and dates differ by builder and by release, so read the deposit schedule as carefully as the price. Ask what happens if an instalment date falls before a mortgage approval you are relying on.
Can the closing date change?
Yes, and on pre-construction it frequently does. Purchase agreements set out how occupancy dates may be moved and what notice you are entitled to. That section is worth reading closely before signing, because it determines how much warning you get and what recourse exists.
Do I need my own representation when buying pre-construction?
The sales representative in a builder's presentation centre works for the builder. Having someone acting for you is a separate question, and it is worth deciding deliberately rather than by default. You should also have a lawyer review the agreement during any statutory review period that applies.
Is a freehold townhome the same as a condo townhome?
No, and the difference affects your monthly cost. A freehold townhome means you own the structure and the land with no condominium corporation and no common-element fee. A common-element or condo townhome carries a monthly fee for shared areas. Confirm in writing which one a given model is.
What should I check before choosing a specific lot?
Orientation, because it determines light through the day and affects heating and cooling load. Position relative to arterial roads, future phases and construction routes. Grading and drainage on that particular lot. And whether a lot premium applies, which can change the comparison between two otherwise similar homes.