As a prospective real estate pre-construction buyer, you’ve likely come across the term worksheet in your search for the perfect property. But what exactly is it, and why is it a necessary requirement for a builder? In this blog, we will walk you through the ins and outs of a pre-construction worksheet, helping you grasp its significance and why it’s important for you to complete one correctly.
A pre-construction worksheet is a digital document provided to the developer or marketing agency of a new residential project. It serves as a comprehensive summary of your preferences as a buyer. The real estate broker acting on your behalf will submit a worksheet, accompanied by a personal cheque or most commonly, a bank draft to the developer prior to the initial allocation process. This ensures that the builder knows what type of unit you are looking for, and also knows that you are a serious buyer that provided a deposit. During the allocation process a developer will prioritize most complete worksheets – with all 3 floorplan choices, a wide range of floor levels and most importantly a bank draft. These worksheets will be matched with units that match the criteria best and that the builder has in their inventory.
Key Components of a Pre-Construction Worksheet:
- Buyer Details: This section of a worksheet will describe purchaser details such as full name, date of birth, occupation and more.
- Suite Choice: Builders require at least one suite choice to be provided however ideally the potential purchaser should be flexible enough to select all 3 suite choices. These suite choices will be organized in priority sequence from 1-3.
- Attachments: Government issued ID & bank draft. In order to be successful, and receive an allocation for your worksheet, a government issued ID such as drivers license or passport needs to be included as well as an image of your bank draft.
Remember, a pre-construction worksheet is your application to the builder with an intent to purchase after receiving an allocation. The strongest and most complete worksheets will always be selected over the ones with missing data or attachments. Despite our solid track record with getting preferred allocations for our clients, we cannot overcome an incomplete or poorly filled out worksheet. Please make sure to put your best foot forward and provide as much detail as possible when you are completing any worksheet section on our website.
