Upside Down + Fuse Condos (Channington/Brownstone, 14s x2, 26s x2, Burka)

SMD said:
Does anyone know whether everyone has to have moved into the building, and the building completely finished before the builder can get it registered? It's only once the building's registered that we gain possession.

Given that the second wave of tenants won't be moving in till March (possibly April?), does that mean that the building may not be registered till May/June?
Would appreciate anyone shedding light on that - thanks
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Yes, everyone has to be moved in and the building completely finished before they register it and we own it.

Once it's registered we start paying our mortgage. From move in until whenever it's registered we pay the interim occupancy fees.
 
thanks MED - that's what I thought. I wonder when they'll get registration...possibly early summer?
 
Quick question for those of you who live at the Standard Lofts at the moment, how's your cellular reception using Rogers/Fido? Thanks!
 
Can't speak to the cell phone reception question, but I did chat with the sales office briefly today, and apparently they will be sending out a few different letters to individuals shortly; mostly to do with closing costs, final down payment installment, occupancy fee, elevator booking etc. This is of course for those on the lower half of the building who still have Dec. 15th as the final occupancy date. Looks like a Christmas move after all...
 
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Does anyone have any updates on progress of Phase 1? Have they finished installing all the windows; any ideas on how the balconies will look?
thanks
 
SMD said:
Does anyone have any updates on progress of Phase 1? Have they finished installing all the windows; any ideas on how the balconies will look?
thanks
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Windows are in up to the 10th floor, I think. No idea about the balconies though. They still have some siding to finish as well, on the upper floors.
 
it may be possible that the balconies won't be done in time for Dec occupancy, its something they may work on later since they're focused on getting everyone in by March... I haven't seen any progress on railings.
 
thanks hatfield. Any thoughts on when the building may actually get registration given that they're working to get everyone in by March?
 
It's my understanding that for the condo to be registered all the suites have to be occupied, for that to happen all the suites have to be sold. If you look on mls they are still advertising units in Phase 1 and have been for months now! I'm wondering what happens if they don't sell or they take a long time to sell beyond March 2013. Can they register the building with unsold units? Do they continue to collect interim occupancy fees off us for a long time waiting for the units to sell? Maybe a question for a real estate lawyer.
 
that's interesting JTri - I didn't know that. Thanks for the reply. May need to refer to a real estate lawyer as you mentioned...
 
JTri said:
It's my understanding that for the condo to be registered all the suites have to be occupied, for that to happen all the suites have to be sold. If you look on mls they are still advertising units in Phase 1 and have been for months now! I'm wondering what happens if they don't sell or they take a long time to sell beyond March 2013. Can they register the building with unsold units? Do they continue to collect interim occupancy fees off us for a long time waiting for the units to sell? Maybe a question for a real estate lawyer.
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What my mortgage broker told me is that the building has to be 70% occupied before the builder can register a condo corp. I'm assuming she knows what she's talking about, but I'm sure double-checking that can't hurt.
 
Hi everyone - I have a quick question that I am hoping someone can help me with. At the time I purchase, you essentially need to prove that you are eligible for a mortgage - however in my scenario (not sure about everyone else), I did not need to fully agree to the mortgage rate or the bank/broker at that time. They explained to me that I was free to go and find a better rate closer to when the condo was ready. My question is around timing - do I need to have the official agreed to mortgage at the time of occupancy, or at the time of closing? I think it's closing but I'm not sure. The rate I was given was terrible and I just want to make sure I don't screw myself over by not getting a better rate at the right time. Any help on this would be great :) Thanks!
 
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