New Condominium Purchases - Three Cautions

Buying a brand-new condominium has many advantages. Buyers tend pay a lower purchase price and often there is no GST/HST payable. New-built also often means more options and decision-making power on the unit's features and upgrades. But before rushing to sign the purchase agreement, buyers should be aware of several drawbacks. Our post this week looks at some of them.

Buyer Be Informed

What some buyers may not realize is this: buying a new condominium is somewhat different from buying a resale condominium. In both cases, the buyer has to get a status certificate to ensure there are no lawsuits against the condominium and that there is a healthy reserve fund.

However, there exist a few sues unique to brand-new condo purchases which don't apply to resale purchases. Those include: