Surrey has one of the busiest presale condo markets in the Fraser Valley, and buying presale is a genuinely different transaction from buying resale - the property doesn't exist yet, the contract is with a developer rather than a homeowner, and BC's Real Estate Development Marketing Act requires a disclosure statement most buyers skim rather than read.
The disclosure statement is the actual contract
The disclosure statement sets out the developer's obligations, the building's specifications, and - critically - the developer's right to make changes before completion. It typically permits material changes to finishes, layout, or even the building's amenities within limits the buyer agreed to by signing, which is exactly why reading it before signing matters more than reading the purchase agreement itself.
Why the assignment clause matters most
Between signing a presale contract and the building's completion - often a gap of several years - a lot can change in a buyer's life or in the market. The assignment clause determines whether, and under what conditions, that buyer can sell their contract to someone else before completion rather than closing themselves. Some developer contracts prohibit assignment outright; others allow it only with the developer's consent and a fee. This clause gets far less attention at signing than the price does, and matters far more if circumstances change.
The completion gap itself
Because presale completion can be years out, a lawyer reviewing the contract is also looking at what happens if the building is delayed - what recourse exists, what deposit protections apply, and how deposit funds are held in trust in the meantime. None of this is optional reading; it's the difference between a routine closing and a buyer who signed something they didn't fully understand.
Real estate lawyers in Surrey
Firms tagged for real estate work in Surrey on LawDB include Hashmi Law and Keystone Law Group. Browse the full list of real estate lawyers serving Surrey.