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Simple English definitions for legal terms
presale
Read a random definition: point source
A quick definition of presale:
Presale: When someone buys a house or apartment before it is even built. This means they are buying it based on plans and drawings, and they won't be able to move in for a while.
A more thorough explanation:
Definition: Presale refers to the sale of real estate properties, such as condominium units, before the construction of the property has begun.
Example: A real estate developer plans to build a new condominium complex. Before construction begins, the developer offers presale units to potential buyers. These buyers can purchase a unit before it is built, often at a discounted price.
Explanation: Presale allows developers to secure funding for their projects before construction begins. It also allows buyers to purchase a property at a lower price than they would pay once the property is completed. Presale is common in real estate development, particularly for high-demand properties in desirable locations.