BBURN
New Member
How are Development and Levy Fees calculated for condos purchased pre-construction in Toronto when the building registers?
How are Development and Levy Fees calculated for condos purchased pre-construction in Toronto when the building registers?
development and other fees that are charged to the builder are already built into the cost of your unit when you purchased.
However if you mean condo closing costs. There are quite a bit.
occupancy fees
common expenses
reserve fund
performance audit
reserve fund study
site review
realty taxes
educational development charge
increased development charges
installation of meters
deposit administration fee
tarion warranty
status certificate
LPIC
Thanks. Yes, this is what I was referring to. I am thinking of buying pre-construction, but how do you calculate all these costs?
you don't. The builder's lawyer will do it at the end and give the invoice to your lawyer to bill you.
Really? This doesn't seem fair to be a surprise at the end. How much are these fees typically? Is there a rule of thumb, like a percentage of the selling price?
Thanks.