Folks, my brother just put a hold on a pre-construction condo as an investment with a closing date of late 2014. He has not signed the agreement yet so he still has time to back out if necessary.
I have experience with the house-building process but I don't know much when it comes to condo-building process. Is there any pitfall that he should be aware of? I know it's hard to visualize what the unit would look like based on the floorplan but that is all he has to go with for now. Is delay typical for condos in the Ottawa market? Tarion is there to protect the buyer, supposedly but are they?
My brother won't live there when the unit is complete so it's not the end of the world if the unit does not turn out exactly like what is in the plan right now but it's certainly good to know what we can expect so that there is no surprise.
Anyone bought pre-construction condos before, esp. for investment and any tips on things to watch out for?