Buying A Pre-Construction Condo Online

A Kitchener condominium developer has partnered with BuzzBuzzHome, a website that lists new construction condos and houses in Canada and the US, to allow purchasers to buy new construction condos online. A $3000 deposit is payable by credit card, and two additional deposits, each equal to 5% of the purchase price, are payable by cheque 60 and 120 days after. Purchasers must verify their identity by uploading a copy of a bank, loan or credit card statement and a recent phone or utility bill. The website also offers a ”Get Pre-Approved” button to initiate the mortgage application and pre-approval process. Time will tell if this is the way condos will be bought and sold in the future.