I found this article on the Vancouver Sun online. I thought it was important to post because there are a number of pre-sale units in Kamloops for sale, specifically in Sun Rivers and the Dunes Golf Course in Westsyde (Westlinks). Buyers have to know what they are signing when committing to these pre-sale contracts. It’s important to get legal advice or involve your Realtor to help negotiate the pre-sale contract. Just because a developer is asking ‘X’ amount for a pre-sale home, doesn’t mean that the price and terms are not negotiable. After all, real estate purchases are negotiable. Buyers have to get educated and informed when it comes to pre-sales. It is very easy to get caught up with the beautiful, colorful displays and convincing sales people. I have included the article below written by Derrick Penner.
When British Columbia’s real estate cycle was on the upswing, many condominium buyers reaped the rewards of buying so-called pre-sale condominiums which, in many cases, were worth more on closing than the agreed purchase price. Now the cycle is on the downside and a growing number of buyers are finding themselves compelled to honour contracts they signed to complete purchases of units that have fallen in value. They have few options to get out of deals even if they don’t qualify for a higher mortgage.
Pre-sales can be “a win-win transaction” for both buyers and sellers, in the words of an advice pamphlet produced and distributed by the Urban Development Institute and the B.C. Real Estate Association. They allow buyers to pick homes they want to live in, and give developers certainty about their ability to sell and finance projects they are taking the risk to build.
If buyers try to walk away after signing a deal, they can be sued by developers, and risk losing not only the deposits they paid to secure units, but the difference between the current, lower market price, and the price they agreed to pay the developer in their contracts. “What the biggest risk [in pre-sales] is,” said Kenneth Pazder, a Vancouver real estate lawyer, “[that] what you essentially are doing is, you’re playing a futures market in real estate.” Buyers put down a deposit, usually about 15 per cent, and trust that the price they agree to pay reflects the home’s value on completion of its construction when they have to take ownership. “How sophisticated is the average [buyer] to do that?” Pazder asked.
At least six different developers are suing some 74 different buyers for not completing the purchase of homes they’d signed contracts to buy. Pazder is in discussions with a number of buyers who want to counter-sue developers. Developers are required to file disclosure statements that outline their projects’ details and pass them on to prospective buyers. Pazder’s advice for buyers considering pre-sale purchases is to seek legal advice to understand the contracts they are signing and the disclosure statements they are agreeing to accept.
The B.C. Real Estate Development and Marketing Act (REDMA) allows developers to sell real estate before it is built, and sets out the conditions developers have to meet in doing so. One of the conditions is that buyers have a seven-day right-of-recision period — the ability to cancel the contract — if they change their minds. Pazder advises clients to use that period to get a legal opinion on the contract, and to bail out if that opinion is negative. It will cost a buyer $300 or $400 for the service, Pazder said, but he reckons it is worth the fee to understand the potential risks a buyer is assuming in signing the contract.
“Sometimes people feel that they know the price, [the purchase] is going to close in two years, and that’s good enough,” Pazder said. “Then the problem is when, like now, things go sideways.” Pazder said one of the most common questions he gets these days is how buyers can get out of their contracts.
Often, Pazder said, the buyers’ problem is that they can no longer secure a mortgage to complete the purchase at the price agreed to in the contract. Their bank or lender can lend them funds based only on their unit’s current, and lower, market price.
Pazder said contracts often contain language that allow a developer to seek damages greater than the deposit, if the amount the developer has to cut the price of a unit to sell it in the current market exceeds the value of that deposit when a buyer walks away from the contract. Pazder added that in the current market, pre-sale buyers will want to try to limit that clause: “You want [the clause] to say, ‘If I don’t complete the purchase, this deposit is forfeited as liquidated damages as the sole remedy of the developer.’ ”
He added that buyers will also want to look at firmer language around the completion dates for construction of the units and clauses allowing the developer to make changes in finishings or unit layouts that also give them an out. The Urban Development Institute and B.C. Real Estate Association pamphlet includes a checklist of items that are required to be in a disclosure statement.
Savona and Tobiano are located south west of the city of Kamloops at the western end of Kamloops Lake. From Kamloops it’s approximately a 20 to 35 minute drive. This is rural living with few shopping areas and amenities. 
Parts of Savona are classified as 
smaller properties on much smaller lots, some of these properties can be found on Savona Access Road, Watson Drive, Buie Street and Ernest Street. There are often a few mobiles or modular homes for sale in the Savona area. Savona has a variety of outdoor activities to enjoy year round. Swimming, hiking, dirt biking, ATV riding, snowmobiling and 
boating. Savona is home to Steelhead Provincial Park which is located on the south west shore of Kamloops Lake. Visitors to this park can enjoy camping, picnicking, fishing, paddling, swimming and hiking.
Previously six mile Ranch, Tobiano is set on a 1,000 acres overlooking Kamloops lake and surrounded by 17,000 acres of wilderness area. Tobiano is set up like a village resort town with numerous recreational amenities. An 18 hole golf course, 100 slip public marina, equestrian centre, numerous hiking and back country biking trails, cross country skiing and snow 
shoeing are a few of the recreational activities available in and around Tobiano. Tobiano is still a developing community and some of the amenities are in the process of being built. There are numerous homes in Tobiano bordering the beautiful golf course. Summers Landing is a single family home and townhouse development that sits along seven of the golf course fairways. Lake Star at Tobiano
is a townhouse development perched on the bluffs above Kamloops Lake. There are 52 homes in total in this town house development. Bluff, golf and resort lots are available for building your dream home at Tobiano. They range in size from 6,000 to 20,000 square feet. Golf bay and equestrian lots at Tobiano are conveniently located close to the equestrian centre. These lots are some of Tobiano’s largest single family home lots.
This beautiful 3,200 square foot two storey home 
with a full basement is located in a cul-de-sac in desirable upper Sahali. This home has three bedrooms on the top floor and one in the basement. There are two full bathrooms, one two piece bathroom and one three piece ensuite.The master 
bedroom is huge, boasting a large walk-in closet and a private balcony. There is oak hardwood floors 
throughout the main floor.
two car attached garage and five appliances. Beautifully landscaped yard with lush gardens, underground sprinklers and numerous trees provide considerable privacy.
to the popular Sahali Coach Hills and Albert McGowan water park. The elementary school is within walking distance and Sahali Secondary school is a short drive away.