08/28/2026
**What happens when you buy a presale and can’t complete?**
Here’s a real-world example every presale buyer should understand.
A couple purchased a presale for **$800,000**. By the time the building was completed, the market had changed, and they were no longer able—or willing—to complete the purchase.
After receiving multiple warning letters, they still didn’t complete. The developer eventually sold the unit to someone else.
The result? **They lost their deposit and were ordered to pay approximately $144,000—the difference between their original contract price and the price the developer ultimately received.**
Why is this important?
Because a presale contract is not simply a reservation. **It is a legally binding contract, and depending on the specific terms and circumstances, the developer may have legal remedies if the buyer fails to complete.**
The biggest lesson is this:
**Don’t buy a presale based on the assumption that prices will be higher when the unit is completed.**
A lot can change over two, three, or four years—interest rates, the economy, supply, and demand.
In today’s more uncertain market, you need to be careful about speculating on future prices.
**Buy a presale because the property makes sense for you—not because you’re counting on the market going up.**
