Glossary · Offers, contracts and closing
Presale
A presale is a contract to buy a home in a development before it's built, usually with deposits paid in stages and completion years later.
Under BC's Real Estate Development Marketing Act, a presale buyer has seven days after signing (and receiving the disclosure statement) to rescind. The developer's disclosure statement sets out the budget, timing and what can change before completion.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
