Teska Building Lots

Teska develops Plans of Subdivision that create building lots in desirable rural areas in Ontario. Lots vary in size depending on the requirements of the Municipality and the layout of the land. Roads are built to Municipal standards. Utilities are often buried in the roads. Some developments are well treed, other close to water; all have park-like settings and feature amenities such as children’s play area, horseshoe pit, BBQ and picnic area. Our concept provides a financial plan that will greatly assist customers in getting construction financing.

After you have selected a lot and settled with our Sales People on the price, Teksa offers you a Reservation Agreement. The Terms are 10% of the lot purchase price at the time of signing the Reservation Agreement. The Customer then has one year (the choosing period)to decide on the house they want and the builder they want. Teska has several builders that we can recommend, however, customers can engage their own builder should they wish. A one year extension can be provided for a fee. At end of the choosing period Customers convert their Reservation Agreement to an Agreement of Purchase and Sale and a closing date is determined. Customers would provide a 25% down payment upon signing the APS (the Reservation Fee is converted and forms part of the down payment thus requiring the Customer to provide only another 15% to close. Upon closing Teska will provide a VTB, Vendor Take Back, mortgage for the balance of the Sale, 75%. This VTB will contain provisions for Teska to postpone the mortgage in favour of your construction financing company. This means that you are providing the full value of the lot as equity towards your home, which will reduce or eliminate your requirement to provide additional cash toward your home construction. Customers can assign the lot to the builder and Teska will wait to have VTB paid out until completion of the home and you move in. Usually paid out from the finished home mortgage. Should a Customer wish to retain the lot for future building, Teska will hold the VTB for two years with no interest. An extension (after the first two years) on the VTB can be up arranged for up to three years at 4% per year, with monthly, interest only, payments