Hi,
I was curious what happens when you buy an OTP unit and want the contract-of-sale subject-to-finance. The reason I ask is that the bank usually won't want to know about the sale until close to completion. eg. If the construction time is 3 years they won't want to know about it for 2.5 years.
Then, from the developer's perspective, he could accept the contract knowing full well it might not go through in 2 1/2 years time?
Anyone have knowledge of this?
Thanks
I was curious what happens when you buy an OTP unit and want the contract-of-sale subject-to-finance. The reason I ask is that the bank usually won't want to know about the sale until close to completion. eg. If the construction time is 3 years they won't want to know about it for 2.5 years.
Then, from the developer's perspective, he could accept the contract knowing full well it might not go through in 2 1/2 years time?
Anyone have knowledge of this?
Thanks