Friday 5 July 2013

Visit with Owners

We went up to take a look at the building on the weekend and had enough luck to meet two of the current residents. On the first floor a lovely lady and her friend were admiring the outside when we chanced by so we struck up a conversation. She was gracious enough to allow us in to see her place. Wow! Very nice fit and finish. She indicated it was very quiet. Lots of light. We had a great conversation with them and enjoyed the visit very much. Thanks! (You know who you are.)

As we exited her place one of the new owners on the second floor happened onto her balcony and of course we had to say hi. She has closed but not moved in as she is redoing the floors with hardwood. She indicated she was really happy to be finally in. So, we have met two of our new neighbors already and we don't move in for a little under 5 weeks.

On that, my wife has calculated all the potential closings and PDI dates based on those that have occurred so far in case you are interested. More to come on that shortly.

12 comments:

  1. But we don't close until the building is registered?

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  2. You are right of course, I meant interim closing. This is the closing to start paying rent until the building is registered when we finally close and actually own the unit. This is still anticipated to be around November I think.

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  3. I'm curious about timing. They have my move in day as August 22nd, which is a Thursday. Is it mandatory that I move in that day or is there some leeway?

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  4. I think it is mandatory that you do the interim close that day but you can delay moving in. However, Haven has scheduled your move for the day you close along with all the other owners who are closing so getting another date to move in might mean a wait of one or two weeks until a time becomes available. There is only one elevator used for moving and two moves a day tis it up for quite a while unless someone else later than you also delays, opening up a slot.

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  5. Hi, sorry I am confused. My occupancy date is August 14th. Is that day that I will be closing (with lawyer, mortgage, etc as normally do) and own the unit? Or that day I will be able to move in and start paying "the rent". If so do we know how much are the closing cost (ball park) and the "rent" ?
    Thanks, Ed

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  6. On your occupancy date you will "not" be closing but signing a few papers so you can move in and essentially "rent" until the building is Registered with government agencies upon which time we will all be finally allowed to pay up and own the unit.

    So you will move in on August 14th and pay rent until the building is finished and can be registered.

    From all the messages I have heard so far, the builders are hoping this final stage (registration) will take place maybe in October or November. Until then, we do not own the unit we will be living in, it still belongs to the builder.

    As for closing costs, my research suggests a ballpark of 1.5 to 2% of your purchase price. But then, I have not done this for over 25 years so maybe others can more accurately predict it?

    Maybe some of the current tenants can tell us a ball park rent figure?

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  7. Rent will be same as what you would be paying for your mortgage.

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  8. Hi everyone, I spoke with the site manager and he has told me that final occupancy will be in the summer for sure. My understanding, and correct me if I am wrong is that there needs to be 80% occupancy before the builder can apply to get the building registered and then we will all have a final closing date where we will start paying down our mortgages, until then we pay an interim occupancy fee (essentially rent) until the building becomes registered. I am hoping that the building will get registered in the summer as I have been told because mortgage rates are going up :( My interim occupancy (for haven model) is close to 800 dollars a month which is approximately 250-300 dollars cheaper than my estimated mortgage cost. When I went to the lawyer to sign the paper work I had to provide six post dated cheques and my lawyer fee which was about 430 dollars. He informed me that my final closing costs will be just under 1000 dollars since this is my first home I get a break on the land taxes. Hope this helps everyone.

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  9. Awesome information Sharleen, thanks!
    You are right about occupancy, it needs to be 80% full which places it around end of July or early August by my guess.

    The builder also has to get city and municipal approvals that all the work is completed to their satisfaction (the city and municipality). Then ownership can begin. I still think plan for ownership in October or November if we are lucky.

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  10. I am looking to purchase california shutters for my unit when I move into it in August. I would really appriciate it if someone could post the dimensions of the sliding balcony doors and bedroom window (Unit type is Haven) that way I can get a quote started and start shopping around.

    Thank you

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  11. "Rent will be same as what you would be paying for your mortgage" ....I don't get this comment. If I pay the full amount cash my rent is zero? I don't think so....thus that information is wrong.

    Also during the "rent" period do we pay Condo Fees? In other words do current occupants pay condo fees?

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  12. When I got the break down of what the interim occupancy monthly fee is the condo fee was worked into it. So yes we are paying condo fees in our interim occupancy monthly fee but not the full amount of what it will be once the building gets registered. I hope this answers your question.

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