Emerald City Condos (ELAD Canada) - Real Estate -

enigma0t2 said:
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.
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Check your docs. Do you have the appendix for the $25,000 credit? Mine says that as long as I am not in default I will get the $25k upon closing.
 
PinkLucy said:
and property taxes

occupancy fees are the "ghost" rental fees
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Sorry I don't understand. If occupancy fees are the ghost rental fees, that means the occupancy is over than $1000 per month!? On the docs says that my occupancy fee will be about $300 per month.
 
You're confusing maintenance fees with occupancy fees. Maintenance fees are what you pay once you close; occupancy fees are what you pay before closing.
 
newbuyer said:
Check your docs. Do you have the appendix for the $25,000 credit? Mine says that as long as I am not in default I will get the $25k upon closing.
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My docs don't mention the 25K credit at all. No appendix. On the other hand, I was there to see them figure out the math. And so, I saw that the 25K was being subtracted from the suite's price in formulating the final purchase price. The schedule of when I put in my 5%, 10% and 15% deposits were all calculated based on that final purchase price. So in this sense, the 25K credit has already been applied to me. Presumably, the occupancy fee (phantom rent) for me would be assessed with the 25K credit in mind, since it's been formulated into the final purchase price for me already.

Perhaps, this is just one of those small differences that the sales office decided to change with regard to how they deal with buyers from building to building? You are in Tower 1 and I'll be in Tower 3. Talking to them about other issues with regard to Tower 3, I always got the impression that, they changed a few things about how to approach Tower 3, almost like a "lessons learned" from Tower 1 and 2.
 
PinkLucy said:
You're confusing maintenance fees with occupancy fees. Maintenance fees are what you pay once you close; occupancy fees are what you pay before closing.
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I think occupancy fee is made up of a few things:
- a large amount is based on the balance remaining on your purchase price
- a portion that is basically maintenance fee
- a portion that is basically property tax

The exact math used to calculate all this is a bit of a mystery to me. But I always had the idea that this is what occupancy fee (or phantom rent) is.
 
^^^ Yes. So when you close, which probably won't be on the first or last day of the month, they'll prorate all of those amounts and credit you accordingly (since you pay up front for each month). Then your first maintenance fee amount will be prorated for the remainder of the month and then be the same month to month going forward. And of course you'll then pay your property tax separately.
 
Think of occupancy fees as rent..we are all essentially renting from the builder until the condo closes. there is a sheet your lawyers would have given you that has the different fees.
i believe there were 3 different fees..the first were the occupancy or "phantom rent" then it had maintenance fees and property tax..both will probably remain the same or similar. the first fee will stop and be replaced by your mortgage etc.
 
condo wannabe said:
Has anyone look into this promo from Emerald City?

http://emeraldcitylife.ca/1-99-four-year-fixed-rate-mortgage

Does this apply to new buyers or existing as well? Seems to be a good rate for fixed. Variable is higher than that now.
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On the surface it is definitely a good looking rate, however it does state that "conditions apply". I have found that in some cases when you look beyond the rate and start to compare thinks like pre payment terms, and penalties if you want to sell before the end of the term and other associated costs, the advertised rate may not be as attractive.
 
newbuyer said:
Holy Molly! Does it apply to buyers at phase 1?
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My guess is that it applies to purchases of remaining inventory in the three phases as an incentive to help push sales of remaining units. While I wish it were available to those who have already purchased, I have a feeling it does not. Certainly worth a phone call though.
 
Canchris7 said:
My guess is that it applies to purchases of remaining inventory in the three phases as an incentive to help push sales of remaining units. While I wish it were available to those who have already purchased, I have a feeling it does not. Certainly worth a phone call though.
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Just called the sales office. You're right. The 1.99% only applies for new buyers. People who have already purchased a suite are ineligible.
 
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