Recommend: lawyer to review pre construction agreement

[Kobegolf]

First time buying preconstruction so need some expertise from a lawyer with experience reviewing such contracts.

Any idea of cost?

[Jeffc]

For new builds, my experience is builders won't alter the contract so you can have a lawyer look it over but the chances of anything being changes is slim and none.

[davepratt]

John Zinati. 416 321 8766. He might do it for free if you use him to close. As Jeffc said, the lawyers will point out the key details but these builder agreements are so one sided and if you try to make changes, most will say fine go buy something else.

[Kobegolf]

Thx. I just need to know what I’m looking for and if there are any red flags to pull out

[Playthru]

Thx. I just need to know what I’m looking for and if there are any red flags to pull out

I was charged $250 for the review and correspondence to the builder/developer. No changes were allowed but if you are doing it for the first time you might benefit from knowing what the limitations are in plain language.

[Frorose]

We have used Korman’s Law for multiple pre construction deals. They have been able to negotiate a few changes (depends on the builder). Pre construction is not selling as fast as last year so there might be a little flexibility, If you are buying in the final phases, there is sometimes more room to negotiate changes. Prices don’t change but elements of the contract can be played with.

Last year I helped clients with several pre construction deals. Be careful what builder you are dealing with. Some much better than others.

[mrcltuch31]

I used John Zinati as well and was pretty satisfied. I got an 11-page document listing all the things I should be aware of, e.g., how the development charge cap covers and does not cover. Then there was a list of 12 items to be amended in the purchase agreement, but the builder accepted only a couple of minor changes.

[ZackWry4]

Thanks a lot for your answers! It turned out to be very helpful for me. I think 250$ charge for a worth consultation deserves all credits. It's not a fortune when it comes to serious things that we must do properly. By the way, IDK if it's the right place to ask, but I wonder if you folks ever received a Wells Notice. I ran into this article https://www.hg.org/legal-articles/4-...s-notice-61958 which comprises some useful tips. I wonder how did you answer these notices? I will highly appreciate any advice you could provide!