Time and Space Condos (Pemberton) - Real Estate -

[dainvinci]

This from Condo Authority of Ontario explains - you are NOT paying 'rent' PLUS maintenance fees. See: https://www.condoauthorityontario.c...condo/buying-a-condo/pre-construction-condos/

Interim Occupancy​

Interim occupancy occurs in pre-construction condo projects when the builder lets the buyer take occupancy of the condo unit before the declaration has been registered and the title can be transferred to the buyer. During interim occupancy, a buyer cannot make mortgage payments until the condo corporation is registered with the Land Registry Office. The builder will advise buyers of their interim occupancy date as the condo building nears completion. On the interim occupancy date, buyers may take occupancy of their condo unit, but they do not own it yet. Ownership of the condo unit can only be transferred once the condo corporation has been registered with the Land Registry Office.
During the interim occupancy period, the buyer will be required to pay the builder an interim occupancy fee, regardless of whether they move into the condo unit or not. The interim occupancy fee cannot be more than the total of:

• The interest (calculated monthly) on the unpaid balance of the purchase price at the prescribed interest rate
• The estimated monthly municipal taxes for the condo unit
• The projected common expenses fees for the condo unit

Just curious how the interim occupancy would be lower than the total of these three... The interest on unpaid balance seems to be high (one person said 6.34 another said 7.49%). The estimated monthly taxes - would this be lower than the actual taxes? CE fees - again if 100% of fees is charged this element is not lower as well.

 

[Szbjsh]

7.49% is in line with the current rates. What is not in line with the common practice is that Pemberton charges common charges and taxes on the top of 7.49%. Normally, landlord pays common charges and tax rather a tenant. If CC+taxes is about 1K – these money saved for the builder. With 1586 units and 1 year to register a condominium, 1*12*1568 = 18.8 millions paid by the buyers rather by the builder.

Did you raise this issue with your lawyer? Is Pemberton allowed to do this legally? Since you said usually landlord (Pemberton in this case during interim occupancy) should pay for common charges and property tax.

 

[Kama]

We have occupancy day early in August -- maybe it is the reason for differences in the rates

 

[Kama]

pretty high rate...so how do we calculate the rent? is the net difference divided by 12 then multiply by 7.49% (e.g. let say remaining balance is $500K / 12 X 7.49% = $3,750 monthly? Also, is the gym open now?

You should add payment for common areas, taxes, internet etc. ~1K

 

[uk4evr007]

Got the documents from the builder, about a week in advance. Interest on the balance about 7.5%.

Did you issue a cheque (remaining 5%) to your lawyer’s account or issued it directly payable to Brattys LLP?

 

[uk4evr007]

The lawyer sends complete budget: last 5% deposit with adjustments, monthly cheques etc.

Did you issue a cheque (remaining 5%) to your lawyer’s account or issued to the builder’s name directly i.e. in trust?

 

[cgg77]

Does anyone know when 121 Lower Sherbourne is likely to Final Close (as in mortgages and everything)?

Has anyone received their units earlier this year and if so, what floor? Just trying to figure out how long we'll be paying interim occupancy fees...

 

[Kama]

For those who just moved, did you pay the last 5% down payment on the day of occupancy date? Should this be paid on occupancy or closing date? What’s the mode of payment, money order or direct deposit charge?

last 5% on occupancy day, certified cheque to your lawyer in trust

 

[Kama]

Does anyone know when 121 Lower Sherbourne is likely to Final Close (as in mortgages and everything)?

Has anyone received their units earlier this year and if so, what floor? Just trying to figure out how long we'll be paying interim occupancy fees...

My lawyer told me that “things move faster now”, could be 3-6 months. Once he had a case that it took 2 years to close. There is no time limit to the interim occupancy period.

 

[Kama]

Did you issue a cheque (remaining 5%) to your lawyer’s account or issued to the builder’s name directly i.e. in trust?

yes plus adjustments like partial rent for the current months, you need to get the exact total from the laywer.

 

[punkkoala21082]

Does anyone know when 121 Lower Sherbourne is likely to Final Close (as in mortgages and everything)?

Has anyone received their units earlier this year and if so, what floor? Just trying to figure out how long we'll be paying interim occupancy fees...

No idea how accurate this info is, but heard that the final close is happening for all T&S as a whole. And that Pemberton is looking to occupy more of the northern towers before close--I think you're looking at H1 2024.

 

[MewMew]

My lawyer told me that “things move faster now”, could be 3-6 months. Once he had a case that it took 2 years to close. There is no time limit to the interim occupancy period.

There is an "outside occupancy" date which is November 2025 and that is the absolute latest for interim occupancy so there is a time limit per the Tarion Schedule.

 

[cgg77]

Are most folks here renting out their units during interim occupancy?

 

[Kama]

Are most folks here renting out their units during interim occupancy?

We are not

 

[Kama]

Anyone getting mortgage?