Condo Advice
Hi there, Need some info from someone that knows about condos. I recently purchased a condo and it will be ready in January 2007. When we went in to pick the colours etc I asked when the occupancy date will be.
They advised me that becasue we are on the 7th floor that the occupency date will be about March instead. I am guessing it will probably be delayed on top of that as well. Which is OK with me.
They said they move in people one floor at at time and continue working on the upper floors while that happens. I am wondering when we finally do move into our suite will we still pay maintenace fees and land tax fees even though we are paying rent as opposed to mortgage? Also they said the pool etc will be finished last so where doe the maintenace fees go if we do have to pay them.
Finally how much will *rent* will be be as our mortgage will be around 1250$ a month.
They advised me that becasue we are on the 7th floor that the occupency date will be about March instead. I am guessing it will probably be delayed on top of that as well. Which is OK with me.
They said they move in people one floor at at time and continue working on the upper floors while that happens. I am wondering when we finally do move into our suite will we still pay maintenace fees and land tax fees even though we are paying rent as opposed to mortgage? Also they said the pool etc will be finished last so where doe the maintenace fees go if we do have to pay them.
Finally how much will *rent* will be be as our mortgage will be around 1250$ a month.
When you move in you'll be paying the interest on the mortage + maintenance fees. You won't be paying property taxes right away because the city is so damn inefficient that it'll probably take 2 years before they figure your tax situation out. And then they'll send you a HUGE tax bill.
How much you'll pay depends on what rate the builder has for the mortgage and what the expected maintenance is. All excess money (i.e. if the pool is not finished yet) will go into the corporations operating budget.
How much you'll pay depends on what rate the builder has for the mortgage and what the expected maintenance is. All excess money (i.e. if the pool is not finished yet) will go into the corporations operating budget.
if at all posible I'd be leary of moving in before all the building services are complete. A good friend of mine moved in before the buildng was done and it took months to get proper buiding sercurity, construction equipment stored in parking spots, a bunch of little things. nothing huge just another reason not to be in a hurry to move in.
i think you need to do a lot more reading on condos.
first place to go is www.tarion.com
when you move in next March, you would have meet with your lawyers. He will instruct you to have 12 cheques ready for the monthly rent payments to the builder.
Since you will be the first ones to move in expect a good 6-9months before "closing". In the meantime, those rent payments are for the builder to pay for property taxes, maintenance, mortgage, insurance, etc.
You don't pay for your own mortgage yet.
When you close, you will then need to pay (if any) prepayments, other closing cost (ie. taxes, levies, land transfer taxes, gst, tarion fee, property tax for 2007, make sure you check if you are qualified for a GST rebate and land transfer tax). You will need to set up your mortgage with your banker to forward the final payment to your builder.
do not take into comment by Circa76
for condos not closed you only pay rent to the builder, no property taxes, no mortgage. Once you close, the builder will give you back the chqs that werent cashed.
if you have phone, cable, you'll need to pay those yourself.
last note when you do the closing you might be surprised that the municipal govt is quick enough to charge you a pre payment for the 2007 taxes (which happened to me...which cost about ~$1600)...so budget a good $4-5K on closing cost.
(on the last question about rent...your lawyers will tell you prior to you moving in, he will ask you to produce 12 chqs)
first place to go is www.tarion.com
when you move in next March, you would have meet with your lawyers. He will instruct you to have 12 cheques ready for the monthly rent payments to the builder.
Since you will be the first ones to move in expect a good 6-9months before "closing". In the meantime, those rent payments are for the builder to pay for property taxes, maintenance, mortgage, insurance, etc.
You don't pay for your own mortgage yet.
When you close, you will then need to pay (if any) prepayments, other closing cost (ie. taxes, levies, land transfer taxes, gst, tarion fee, property tax for 2007, make sure you check if you are qualified for a GST rebate and land transfer tax). You will need to set up your mortgage with your banker to forward the final payment to your builder.
do not take into comment by Circa76
for condos not closed you only pay rent to the builder, no property taxes, no mortgage. Once you close, the builder will give you back the chqs that werent cashed.
if you have phone, cable, you'll need to pay those yourself.
last note when you do the closing you might be surprised that the municipal govt is quick enough to charge you a pre payment for the 2007 taxes (which happened to me...which cost about ~$1600)...so budget a good $4-5K on closing cost.
(on the last question about rent...your lawyers will tell you prior to you moving in, he will ask you to produce 12 chqs)
Quote:
Originally Posted by thelefteyeguy do not take into comment by Circa76 |
Am I wrong? I'd sure like to know because that's exactly what happened to me when I bought my new condo!
[quote=circa76]When you move in you'll be paying the interest on the mortage + maintenance fees. /[quote]
i took your comment literally.
i took your comment literally.
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