Cash back

ASHBURN, VA

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MELISSA MAHONEY

NewBee

How does cash back on a preconstruction condo work?

Toronto / New Home Q&A

ARA MAMOURIAN

Buzzer

Do you mean when a Realtor or Developer offers you cash back with purchase? If so it simply means that on closing (a few months after occupancy) whoever promised you cash back will cut you a cheque. "Closing" occurs when the condo registers, in other words, transfers from the builder to a condo corporation and all purchasers take ownership. At that point all realtors get paid commissions, all mortgages are transferred and cash back and other cash incentives are honoured. Final closing can take up to a year after occupancy but usually quicker.
Hope that helps. MSG me is you need clarification.
Ara Mamourian, Broker of Record
Spring Realty Inc., Brokerage
Www.SpringRealty.ca
Ara@springrealty.ca
416-628-1088

GRAHAM

NewBee

In the case of M5V where an incentive was recently offered in the form of a $50,000.00 rebate on price it was actually deducted right off the price in the sales office. The project is built and as such regardless of being a builder sale it will close within the month as a registered building, which is probably unique.
Graham Connaughton, Broker
Sotheby's International Realty Canada Brokerage
gconnaughton@sothebysrealty.ca
twitter @gconnaughton
647.500.3798