Legal Definitions - presale

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.