Pre-construction condo purchases move fast at launch. This checklist walks through every step from VIP registration to final closing so you are not caught off guard.
By Karan Dhulla · 2026-06-25 · Buyer Guide · 6 min read
<h2>Step 1: Register for VIP Access</h2>
<p>Pre-construction launches release the best units to VIP registrants before the public opening. Register early on the project site, indicate your interest in specific unit types and sizes, and make sure your realtor is registered alongside you so they receive the VIP package as well.</p>
<h2>Step 2: Get a Mortgage Pre-Approval</h2>
<p>Talk to a mortgage broker before the launch, not after you fall in love with a unit. Understand your comfortable monthly carrying cost — mortgage, maintenance fee, property tax, utilities — and get pre-approved for the amount you actually want to spend, not the maximum the lender will approve. Pre-construction deposits are staged, but final closing is when the mortgage is needed.</p>
<h2>Step 3: Understand the Deposit Structure</h2>
<p>Pre-construction condo deposits in Ontario are typically staged: a first amount on signing, then additional installments over the following months. All deposits are held in trust under Tarion deposit protection. The specific schedule for The South Banks Towns will be in the disclosure statement — confirm it before signing and make sure your cash flow can meet each installment date.</p>
<h2>Step 4: Use the 10-Day Cooling-Off Period</h2>
<p>Ontario law gives you 10 days to rescind a new condo purchase after signing. Use this period to have a real estate lawyer review the agreement of purchase and sale and the disclosure statement. Do not waive or shorten this period.</p>
<h2>Step 5: Review the Disclosure Statement</h2>
<p>The disclosure statement is the legal document that governs the purchase. It includes the declaration (condo rules), the initial budget (what your maintenance fee will fund), the reserve fund plan, and the description of the unit and common elements. Your lawyer should walk you through it before you sign anything.</p>
<h2>Step 6: Understand Interim Occupancy</h2>
<p>New condos in Ontario have an interim occupancy period between when you take possession of your unit and when the building is registered as a condominium corporation. During this period you pay an occupancy fee (not a mortgage payment) to the builder. The occupancy fee covers the interest on the unpaid balance, an estimated property tax contribution, and a maintenance fee estimate. Your lawyer will explain the specifics for your suite.</p>
<h2>Step 7: Pre-Delivery Inspection</h2>
<p>Before final closing, you do a pre-delivery inspection (PDI) with the builder's representative. Bring a camera, painter's tape, a notepad, and a helper. Document every deficiency in writing, signed by the builder's rep. This is your most important opportunity to have issues fixed before you take possession.</p>
<h2>Step 8: Final Closing</h2>
<p>Final closing happens when the building registers as a condominium corporation. Your lawyer handles the conveyance, you pay land transfer tax and any remaining closing adjustments, and your mortgage activates. Budget for closing costs beyond the purchase price: LTT, legal fees, title insurance, and builder adjustments.</p>
Sales by Condo Circle — +1-289-400-0110 — Info@condocircle.ca. We do not represent the builder. Renderings are artist's concept. E.&O.E.