Real Estate

Pre-con closing costs

  • Last Updated:
  • May 11th, 2021 3:54 pm
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[OP]
Newbie
Jan 13, 2021
10 posts

Pre-con closing costs

Hi

I have received soa for pre-con townhouse. As per PA, development charges were capped to 5k but in SOA, they included 5k for park levy and 4K for boulevard charges. Are these charges separate from development charges? I noticed that they mentioned development charges related to land are capped at 5k.
6 replies
Newbie
Oct 10, 2020
56 posts
28 upvotes
Review it with your lawyer but it's likely that only a specific kind of Levy was "capped". All in the wording.
Deal Guru
Feb 29, 2008
14595 posts
10833 upvotes
This is what they do. Speak with your lawyer but it looks like typical builder trickery.
Deal Fanatic
User avatar
Dec 4, 2009
5223 posts
1566 upvotes
Lawyer should have caught the wording when he/she reviewed the PA. There likely wasn't any way these additional charges could have been mitigated (what with people lining up around the corner for a chance to buy) but at least you would have known another money bomb was coming your way.
"I'm a bit upset. I've been grab by the back without any alert and lubrification"
Lucky
Deal Addict
Mar 2, 2017
1713 posts
3037 upvotes
Toronto/Markham
Not to be a monday morning quarterback, but you generally can't rely on your average lawyer for pre con, if they don't specialize in it expect surprises. Never fails.
Realtor, Investor, CPA
Jr. Member
Jan 16, 2021
100 posts
30 upvotes
with people lining up, most of these precon brokers would not budge.. even with lawyer comments, they will likely say no as the next guy is willing to buy with no conditions.
Deal Guru
Feb 29, 2008
14595 posts
10833 upvotes
SargeJ wrote: with people lining up, most of these precon brokers would not budge.. even with lawyer comments, they will likely say no as the next guy is willing to buy with no conditions.
This is very true. Why budge when they have a bunch of buyers who don’t even ask for any revisions because they don’t even have their lawyers review the contract.

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