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Protecting residential purchasers in preconstruction real estate transactions

Wednesday, September 27, 2017 @ 9:25 AM | By Lisa Corne

In the case of preconstruction home sales, with rare exception, developers dictate the terms of purchase agreements. It is therefore not a surprise that these terms are regularly drafted in a manner that is favourable to the seller. Given current market conditions, and the overwhelmingly high demand for homes, as a practical matter, purchasers are unlikely to succeed in negotiating better terms from a developer and must accept the terms dictated by the seller or risk losing the property to the next purchaser in line....