L Tower Condos (Cityzen, Castlepoint Realty, Fernbrook Homes) - Real Estate -

We just got notified by our solicitor that our Occupancy Date for mid September appears valid given that he has been asked to begin the paperwork. I would assume that in the upcoming weeks the Pre-Delivery Inspection (PDI) will also be scheduled ...if the date holds. It would like to know if anyone is also close to moving in next month (our unit is halfway up).
 
tampabay said:
We just got notified by our solicitor that our Occupancy Date for mid September appears valid given that he has been asked to begin the paperwork. I would assume that in the upcoming weeks the Pre-Delivery Inspection (PDI) will also be scheduled ...if the date holds. It would like to know if anyone is also close to moving in next month (our unit is halfway up).
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Realtors are advertising units available starting September 1. I also walked past the building today and saw they installed doors to the front entrance (previously was just a plastic sheet covering it). We're close!

As for PDIs, there doesn't seem to be much consistency. I know another unit owner who's occupancy is scheduled for October (about 1/3 up the tower) and he's PDI was 2 months ago.
 
I have my PDI booked for Sept 10.

I've gotten some info from my lawyer, apparently the builder is requiring us to have pre-approved mortgage, $5M liability insurance, and also pay the 5% HST up front, in order to do the occupancy..

Is this normal procedure? anyone know?
 
If they are asking for preapproval again, that's the third time they asked me. The last time was just a few months ago. My question to them if they asked would be when is final closing. I don't want to keep getting preapprovals. I would like to lock in a rate.

The $5 million liability is abnormal. I've dealt with other condos and none asked for that much. I asked a mortgage professional about it this weekend, and they stated its a very high amount. He stated some insurance companies may not offer that high of an amount, and if they do, there will be questions as to why we need such a high amount. He also stated the extra cost shouldnt be more than a couple hundred more than the typical $1 million liability though per year. But he recommended to shop immediately if you have a September move in date.

The HST upfront is not usual either in my opinion. I had builders ask if I was planning to sellwithin a year, and based on this info, charge me the HST if I said yes. I know another individual had to sign a form with another builder stating he is renting it out for at least a year, and he didn't get charged either.

QLee, thanks for bringing up the issues! If you hear more, please post here.
 
I had this messaged passed onto me so it was very brief. I will confirm the details next time I speak to her and post here again.
 
Had my PDI today and it went very well. Almost no issues, other than little touchups here and there. I think my closing will be in the next couple of weeks. The pool area looks like it will great too.
 
riley said:
Had my PDI today and it went very well. Almost no issues, other than little touchups here and there. I think my closing will be in the next couple of weeks. The pool area looks like it will great too.
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Great news riley !! ... thanks for posting.
 
Got an update..

HST : Since i`m living there, lawyer says i don`t have to worry about it
$5M liability : The builder was requiring it, but my lawyer advised that, this was not a part of the purchasing agreement, and some owners have difficulty obtaining $5M liability insurance. I`ve been told that I can go for $2M - not sure if this is the case for everyone, check with your own lawyers
And yes, need pre-approved mortgage

PDI is tomorrow, I will post again if any major issues.
 
Qlee said:
Got an update..

HST : Since i`m living there, lawyer says i don`t have to worry about it
$5M liability : The builder was requiring it, but my lawyer advised that, this was not a part of the purchasing agreement, and some owners have difficulty obtaining $5M liability insurance. I`ve been told that I can go for $2M - not sure if this is the case for everyone, check with your own lawyers
And yes, need pre-approved mortgage

PDI is tomorrow, I will post again if any major issues.
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The bank which hosts the insurance company I use has NO PACKAGE available for people who have bought a property to rent out, but the building is not registered yet. They have owner's policy for after registration, and they have tenant's policy for pre-registration if you're living in it, but NOTHING FOR INVESTORS pre-registration. She said most developers just pay for the insurance while they still own the building. I am pretty livid about this.

And again, has anyone actually received any compensation for the illegal delay?
 
Xenosblitz said:
Realtors are advertising units available starting September 1.
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Is it allowed for realtors to advertise it?
I have a unit in the building. The occupancy day is next week but I haven't had a PDI yet. I want to rent it out. My lawyer contacted the builder for the permission but he thinks I cannot use a realtor to advertise it. But my realtor wants me to sign an Exclusive Listing agreement (standard from OREA but it's not MLS). I don't want to get in trouble with the builder because I'm planning to use a realtor for renting it out.

Also, the builder advertises its own rental management company. I talked to them, and they say all tenants have to be approved by them anyway - does anyone deal with them?
 
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