Carmen and Jordan welcome their special guests, Maria Durdan and Bilal Mirza from Simpson Wigle Law, to discuss what every investor should know prior to purchasing a pre-construction condo. Both real estate lawyers, Maria and Bilal share what clauses to look out for and how to set yourself up properly so that you can ensure your best interests are covered. Brimming with knowledge and advice, Maria and Bilal offer an insightful glimpse into both the complexities and the vast potential benefits of these investments here today.

Episode Highlights:

·   How Maria and Bilal got into their current roles ·   The process involved in purchasing a pre-construction condo ·   Standard and key contract items and conditions to be aware of ·   The importance of diarizing important dates and reviewing adjustments ·   Recommendations for purchasers ·   Assignment clauses and fees ·   Key aspects to look at if considering to use these for short term rentals ·   Warning clauses ·   The importance of having a lawyer review your documents   Quotes:    “It’s so important to understand the community you’re buying into.”   “You have to use reasonable efforts.”   “At the very least you want to cap them.”   “It’s very important for people to be prepared and understand this whole thing.”   “Your condo is developed for a certain amount of occupants. If you start doubling that, the wear and tear is there, replacement is a lot faster than you budgeted for.”   “Our investors or buyers, homeowners, really need to have a lawyer review their condo docs before they waste the day away, and then, the next thing you know, they’re stuck in a contract and have no way of exiting.”   “Short term pain for long term gain.”   Links:   30 Minutes to Wealth homepage: https://www.30minutestowealth.com/   To contact Simpson Wigle Law: Web: www.simpsonwigle.com Email: [email protected] Tel: 1-800-434-4414 (toll free)