Time and Space Condos (Pemberton) - Real Estate -

It's a fair question of how/why Pemberton continues to "get away" with these massive deficiencies though. I mean, the unit is clearly not ready for occupancy, and the PDI is a day before occupancy.
 
tripwire said:
It's a fair question of how/why Pemberton continues to "get away" with these massive deficiencies though. I mean, the unit is clearly not ready for occupancy, and the PDI is a day before occupancy.
Click to expand...
The answer is simple: purchasers are not doing research into the records of the developers of their possible purchase so that even developers with long records of poor performance sell Units. T&S sold out in a few days. Some developers have had poor records regarding finishes and completion dates for years. If they can sell Units they will keep doing what they do.
 
Yes but shouldn't Tarion and/or the city eventually get involved after a few of these fiascos? I do recall Time and Space selling out really fast - I had walked into their presentation centre a week (or two?) after they launched, and the reception basically fairly rudely waved me away because they were already sold out. Dodged a bullet myself I guess.
 
tripwire said:
Yes but shouldn't Tarion and/or the city eventually get involved after a few of these fiascos? I do recall Time and Space selling out really fast - I had walked into their presentation centre a week (or two?) after they launched, and the reception basically fairly rudely waved me away because they were already sold out. Dodged a bullet myself I guess.
Click to expand...
Tarion is not likely to help until defects are not fixed AFTER a move it and they get a complaint. In addition, I do not think they really inspect construction on a regular basis and nobody monitors the slippage in occupancy dates between the completion date at time of purchase and the date actually ready. Caveat emptor!
 
tripwire said:
Yes but shouldn't Tarion and/or the city eventually get involved after a few of these fiascos? I do recall Time and Space selling out really fast - I had walked into their presentation centre a week (or two?) after they launched, and the reception basically fairly rudely waved me away because they were already sold out. Dodged a bullet myself I guess.
Click to expand...
If you bought anywhere else in DT for around 600 per sqft and it is better quality then yeah you dodged it, otherwise, you missed out )
 
TJYZ said:
Has occupancy in the north towers started?
Click to expand...
Rumour has it that Occupancy of Buildings A & B (on Front Street) is scheduled to start in January. I heard it today (unofficially) from a Customer Care Representative. Remember though, taking Occupancy does not have to closely synch with Moving In, especially for those units bought as investments.
 
CDH said:
Rumour has it that Occupancy of Buildings A & B (on Front Street) is scheduled to start in January. I heard it today (unofficially) from a Customer Care Representative. Remember though, taking Occupancy does not have to closely synch with Moving In, especially for those units bought as investments.
Click to expand...
Oh that’s great news! I haven’t heard anything yet so I was worried by occupancy would be delayed
 
TTCdinosaur said:
I think consumers have power. Uber drivers probably think their customers hate cyclists too. Consumers need to communicate clearly their expectations.
Click to expand...
It is the Uber driver not the customer who will get the fine and I doubt if calling an Uber and saying 'don't block the bike lane' would have any effect!
 
Hey guys - question. For those of you who have already taken occupancy, how long did it take after occupancy date for you to get your name on the property (ie get a mortgage approved and all)?
 
susanzhan1 said:
Hey guys - question. For those of you who have already taken occupancy, how long did it take after occupancy date for you to get your name on the property (ie get a mortgage approved and all)?
Click to expand...
Your Title cannot be transferred to you until after the Condominium Corporation is registered and the Condo Board of Directors is established. I am hearing estimates of mid to late 2024, but typically it happens once overall occupancy hits a certain percentage, set by the Developer.
 
CDH said:
Your Title cannot be transferred to you until after the Condominium Corporation is registered and the Condo Board of Directors is established. I am hearing estimates of mid to late 2024, but typically it happens once overall occupancy hits a certain percentage, set by the Developer.
Click to expand...
Correct that title cannot be transferred to the owner until the Condominium Corporation is registered. The registration itself has nothing to do with level of occupancy, and vice versa. Buildings can be registered by the City before occupancy has even been started, as happened with the Berczy on Front Street. The developer has to meet the standard prerequisite requirements established by the City for all condominium corporation registrations, prepare and submit the associated documentation, which is then reviewed by the City. Once any outstanding issues, either with the prerequisite requirements or the associated documents are resolved, the City will register the new condominium at the Ontario land registry office, and the condominium corporation is now created. At this point, the land titles can be transferred to the owners.

A note with respect to the condominium Board. When the condominium corporation is registered, an initial interim Board is appointed by the developer - the Declarant's Board. The Declarant's Board manages the condominium until the property manager appointed by the Declarant (the developer) can organize the initial owner's meeting to elect the owner's Board (the turnover meeting). During this time, all decisions and contracts regarding suppliers - property manager, cleaners, security, and so on, are made by the Developer nominally through the Declarant's Board, which consists of the developer's employees. The new condominium corporation has a one year window to replace much of what has been entered into on the condominium corporation's behalf by the developer. This is why it is so important for the new owner's Board to retain independent legal representation for a qualified condominium lawyer as quickly as possible - to review all the agreements entered into by the developer on the condominium's behalf, and for the new board to establish which ones they are able, and may wish to replace the supplier without penalty. After the one year window has passed, the condominium corporation becomes locked into the contracts for their respective contract durations.

One other issue which may be worth clarification - with the Time and Space building be set up as one condominium corporation for the entire building, two corporations (north and south towers respectively) or more. While this may not effect the registration timing that much, it will impact how long it takes to organize and hold the turnover meeting. If there is more than one Condominium Corporation in the building, or if there are commercial components which are separately titled, outside of the condominium corporation, the building will usually have some 'shared facilities' which will be managed through a shared facilities reciprocal agreement. Such agreements can be titled to favour the commercial components, especially if they continue to be owned by the original developer. Again, important for the new Board(s) to get legal advice on board as quickly as possible in order to fully understand the roles and obligations of the condominium corporation and other entities in such arrangements, and to protect your interests.
 
Last edited:
You must log in or register to post here.

Back
Top