Canchris7
Active Member
I am on the 22nd floor of tower three and have a final occupancy date of August 28
Emerald City Condos (ELAD Canada) - Real Estate -
- Thread starter newbuyer
- Start date
I am on the 22nd floor of tower three and have a final occupancy date of August 28
enigma0t2
New Member
Nice! I'm actually exactly halfway beneath your location on the 11th floor. I'm actually kind of surprised that your occupancy date (Aug 28th) and mine (Aug 25th) are so close to each other even though we're a whole half-a-building apart. I always thought there is a phasing in of the suites.
Anyways.... since you live so close to the top floor (25), I wonder if this mean that we won't have too many months of paying phantom rents then.
Canchris7
Active Member
That is my hope. I bought fairly recently so these our the only dates I have known. The building is ahead of schedule and I believe they are giving some folks who were given a later occupancy date the option to move in early.
newbuyer
Active Member
does anybody knows how to $25,000 credit works or apply? When I purchased the unit, $25,000 credit toward the purchase price is included in my agreement. It says $25,000 credit upon closing. The closing time is fast approaching now.
Does it mean when I go to bank and get a mortgage I just request a mortgage for the purchase amount minus the $25,000? Or, do I request for the full amount (without the $25,000 credit), and the builder will send me check for $25,000?
Does it mean when I go to bank and get a mortgage I just request a mortgage for the purchase amount minus the $25,000? Or, do I request for the full amount (without the $25,000 credit), and the builder will send me check for $25,000?
You're going to get a statement as to just what you owe -- including adjustments and other fees. It's not as simply as the purchase price less the deposit.
Canchris7
Active Member
Further to Pink Lucy's comment, this statement should come from your Lawyer. Is that correct PinkLucy?
newbuyer
Active Member
Well...my lawyer only sent me a notice just yesterday about the closing date in May. I haven't received any other statement of adjustments or antyhing like it. Should I request it now? Is it normal that I haven't received it until now?
It's been a few years, but yes I think the statement comes from the lawyer -- that's why you have to give his/her name to the developer. The statement of adjustments comes pretty much at the last minute. I pulled mine out -- it includes the agreed sale price less any rebates and plus/minus taxes and tax rebates. Then it lists all of the deposits and any interest (none!) on those deposits. Then it lists the taxes owing and what the vendor has paid for taxes so far, then the monthly occupancy fees and what has been paid for those (you'll get credit for partial months). Then you've got development fees and education charges before you finally arrive at what you owe them! Mine is a two-page document with everything itemized.
And after all of that, you'll get the bill from the lawyer
And after all of that, you'll get the bill from the lawyer
newbuyer
Active Member
It's been a few years, but yes I think the statement comes from the lawyer -- that's why you have to give his/her name to the developer. The statement of adjustments comes pretty much at the last minute. I pulled mine out -- it includes the agreed sale price less any rebates and plus/minus taxes and tax rebates. Then it lists all of the deposits and any interest (none!) on those deposits. Then it lists the taxes owing and what the vendor has paid for taxes so far, then the monthly occupancy fees and what has been paid for those (you'll get credit for partial months). Then you've got development fees and education charges before you finally arrive at what you owe them! Mine is a two-page document with everything itemized.
And after all of that, you'll get the bill from the lawyer
I gave my lawyer name to the builder already.
What taxes owing? The purchase tax is included already on the purchase price. Geez...I don't even know why I have to care about what vendor has paid for taxes. We haven't been paying for occupancy fees. Only the "ghost" rental fee.
Canchris7
Active Member
Land transfer taxes
enigma0t2
New Member
I remember last year, in the sales office, the salesperson (Karen) basically took the price of the suite, and subtracted the $25k from it, added $1k for each floor above the suite's listed price, added costs for parking lot. And that's how she came up with my final purchase price that's in my contract. So in that sense, the 25K credit has already been accounted for for me.
I don't know if that's how yours work though.
enigma0t2
New Member
The cynic in me is worried that, because they are rushing to meet these early dates, that there will be all sorts of construction shortcuts that will be taken. Perhaps I'm just feeling negative from reading all about the issues that the Tower 1 people have seen so far.
newbuyer
Active Member
With mine, the full purchase price without the credit is on the sales agreement, but there is also appendix for the $25k credit as well. The parking and locker was included in the price for me, and they were not extra.
enigma0t2
New Member
So does that mean the calculation of your phantom rent does NOT take the 25K into account? If I recall correctly, that number is partially based on your final purchase price minus whatever deposits you've paid.