[Flaco7]

I was just informed by my lawyer that we will require insurance with $2 million in liability coverage. Can anyone else confirm that this is correct as this seems high as the insurance policy I set up had a standard $1 million in liability coverage. I was told that I will not be given my keys until I can prove this coverage.

Flaco7, as you have already moved in and gone through this whole process, were you required to prove $2M in liability insurance before your keys were given to you?

yes you will need it. you ned to provide your lawyer with this info. the reson for the 2 mill i that just in case there is a fire/flood in your condo and you damage say the condos under you, on top of you and to the sides of you, 1 mill will not be enough to cover their damage. I looked around and it seems that 2 mill is the norm. I shopped around. if you want the name of my guy let me know.

 

[mrl14]

Yeah you need $2m in contents insurance before you can get your keys.

 

[bignasty]

When do we have to pay the land transfer tax on this condo?

I read it is at the time the "transfer" is registered. Not sure what exactly that means in terms of new condo lingo. Any thoughts?

 

[col. forbin]

Yeah you need $2m in contents insurance before you can get your keys.

i'm pretty sure you mean liability insurance

 

[Joe Camel(Toe)]

i'm pretty sure you mean liability insurance

Content and liability insurance is a huge difference, no?

Flaco, can you PM the contact info?

 

[Joe Camel(Toe)]

When do we have to pay the land transfer tax on this condo?

I read it is at the time the "transfer" is registered. Not sure what exactly that means in terms of new condo lingo. Any thoughts?

When the title is transferred to your name is the time you pay for the land transfer tax. When a building registers and finally becomes a corporation is when condo owners truly become "owners".

 

[mrl14]

Content and liability insurance is a huge difference, no?

Flaco, can you PM the contact info?

My Lawyer said I need Content Insurance for $2 million and then my note here says Liability clause... heh

 

[Joe Camel(Toe)]

My Lawyer said I need Content Insurance for $2 million and then my note here says Liability clause... heh

Content insurance is for things instead the unit? Liability is for the unit itself and surrounding areas, no?

 

[Flaco7]

Content insurance is for things instead the unit? Liability is for the unit itself and surrounding areas, no?

Content insurance = stuff you have in the unit (tv, jewellery, clothes). items you own.

Liability insurance = the unit itself, other units you might damage and anything inside the other units. (things you are liable for).

 

[Flaco7]

Seems like all of you who havent moved in yet will get your parking spot at the same time as you get your keys since I have my spot already. I'm all the way at the back

 

[col. forbin]

come on parking spot 1A!

I called State Farm this morning about the insurance and when I said 2mil content they assured me I was mistaken and that I MUST mean liability.

 

[GPalltheway]

Seems like all of you who havent moved in yet will get your parking spot at the same time as you get your keys since I have my spot already. I'm all the way at the back

Roughly how far is your spot from the entrance to the elevators? I'm assuming there are multiple entrances throughout the garage. Is the garage one big garage for all 4 buildings that you can drive/walk through?

Also, any word on when your locker is supposed to be ready? Is the fitness room in M1 open yet or do you know when it is supposed to be ready?

Sorry for all the questions.

 

[coldstudios]

I was just informed by my lawyer that we will require insurance with $2 million in liability coverage. Can anyone else confirm that this is correct as this seems high as the insurance policy I set up had a standard $1 million in liability coverage. I was told that I will not be given my keys until I can prove this coverage.

Thanks so much for the heads up about this. This put me in a bit of a panic, but at least we know now. I hope things got sorted out for you too.

For those that have moved in already, are there any other things that have not been mentioned that are required while they hold our keys hostage?

Good luck to everyone for a smooth move-in!

 

[Flaco7]

Roughly how far is your spot from the entrance to the elevators? I'm assuming there are multiple entrances throughout the garage. Is the garage one big garage for all 4 buildings that you can drive/walk through?

Also, any word on when your locker is supposed to be ready? Is the fitness room in M1 open yet or do you know when it is supposed to be ready?

Sorry for all the questions.

um, Me walking it is about 2 minutes, the fiancée walking 5 minutes from the elevator in P3. They are all joint but for now only M1 and M2 are joint (since M3 & M4 parkings are not done yet. I believe this will be the way to get to the pool in the winter.

Lockers are still TBA, fitness room also TBA, will let you know as soon as I hear anything.

Coldstudios, I cannot think of anything else but if I do I will keep you all posted. just make sure you sign with your lawyer as soon as they get the docs so everything is done ahead of time.

 

[greentea]

Hey guys, thanks for sharing all the info. I'll be in M3, about a yr away .....

Couple of questions about $$$:
1) What are we looking to pay for the $2mm Liability Insurance?
2) Closing fees (I think about $5K, but correct me if wrong)
3) Lawyer fees (approximation)
4) Land Transfer (I'm a first time home buyer so I get that credited)
5) Anything else??

Basically, I just want to have an idea of all fees I should set aside (besides the money I'm saving for my furnishings).

THANKS!!!!!!