Four phases of Condo Preconstruction

Phase One of Condo Preconstruction – Phase One usually lasts from a half a year or until all units are sold. A deposit is required at this juncture and is held in an escrow account.
The Buyer/Client files the appropriate paperwork. A deposit is paid based on the developer’s presentation of necessary information that includes a project description, floor plans and artist renderings.

Phase Two is the Rescission Phase – The Buyer/Client typically has 15 days after the state approved condominium documents are delivered to review the documentation and decide to proceed to Phase Three. This is the time to bail or stay the course.

Phase Three is the actual contract known as the Hard Contract – Typically at this stage, the Buyer/Client provides 20% of earnest money and returns of the documents submitted in Rescission phase. Typically closing follows anywhere from a year and a half to two years.

Phase Four is the Closing – The Buyer/Client will be issued their Certificate of Occupancy. From this point on the procedure is much the same as home buying. The Buyer/Client arranges financing following the inspection of the property.