Real Estate

Pre-con closing costs

  • Last Updated:
  • May 11th, 2021 3:54 pm
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[OP]
Newbie
Jan 13, 2021
12 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
95 posts
62 upvotes
Review it with your lawyer but it's likely that only a specific kind of Levy was "capped". All in the wording.
Deal Expert
Feb 29, 2008
17765 posts
15428 upvotes
Tarrana & The Ri…
This is what they do. Speak with your lawyer but it looks like typical builder trickery.
Deal Fanatic
User avatar
Dec 4, 2009
6648 posts
2716 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
2950 posts
5590 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®
Member
Jan 16, 2021
314 posts
129 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 Expert
Feb 29, 2008
17765 posts
15428 upvotes
Tarrana & The Ri…
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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