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anyone else get a letter with a "confirmed" occupancy date in November now? Does "confirmed" mean it the date cannot change????
 
Last week I received a notice of a confirmed occupancy date Nov 22 for PHASE II. I imagine you will get yours soon. I'm still curious about this 12 month phantom rent that can't be correct. How do they expect anyone to get a guaranteed mortgage rate? I don't know of any bank that will hold for more than 18mos and with all the occupancy delays it's cutting it real close.
 
the 12 month phantom rent is in the agreement. I think we can not help that. I would not worry about the banks. Mine will be 2 yrs in Jan 2011.
 
I reviewed my purchase agreement I didn't see any mention of a "12 month" phantom/occupancy rent in the contract. Which section are you referring to? I don't think this is true and how would you enforce this on ppl who bought in the higher floors? If they pay for 12 months then the ppl on lower floors how moved in at earlier dates end up paying for a longer period of time. When a building gets registered its for EVERY unit at once, meaning no more rent so I don't see how they would enforce 12 months for everyone. Someone correct me if I'm wrong.

The bank working with the builder is RBC. Did you deal with them and did they tell you they will hold the rate until closing regardless of the numerous delays?
 
The interim occupancy section 4 states that there is occupancy fee. One should give postdated cheque for 12 months. But I am not sure if or how this applies to confirmed occupancy. If I remember correctly what Chesea said was that she had "interim occupancy" paper not "cofirmed occupancy". Hopefully, does not apply to us. BTW i got the letter for Dec confirmed occupancy. As to the bank, I do not know what is the conditon of your agreement. My agreement is such that the interest is will be determined at the time of occupancy. So it was not fixed that time. That is why I did not see why should the bank have a problem. In any case they are making money.
 
khalid said:
Harsh what floor are you on? i'm just wondering what my occupancy would be since i'm on 11.
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Hey Khalid. I'm on the 6th floor. If we find out Gargamel's floor we can narrow it down since his occupancy is in Dec, or you can wait for your letter to arrive.

Gargamel said:
The interim occupancy section 4 states that there is occupancy fee. One should give postdated cheque for 12 months.
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In section 4(c)My agreement states:"The Purchaser shall provide any number of postdated cheques with respect to the Occupancy Fee as and when the Vendor may reasonably require same."

it does not state "12" at all, not to say they can't ask for that later on as a "reasonable requirement", but I've never heard of any builder delaying registration for a year much less flat out telling purchasers it will be an agreed upon year in rent. Again someone please correct me if I'm wrong about this!!

As to the bank, I do not know what is the condition of your agreement. My agreement is such that the interest is will be determined at the time of occupancy. So it was not fixed that time. That is why I did not see why should the bank have a problem. In any case they are making money.
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Mine is a fixed 5yr rate guaranteed. I won't say the rate but I would like to keep it and not give the bank a way out of giving me a promised low rate at closing(which will probably be in 2011 when rates will be relatively sky high).

BTW the interim occupancy is the legal term for phantom rent. there's no such term as Confirmed occupancy. There's a confirmed occupancy date which refers to the "confirmed" date on which you can move into the unit and thus starting you phantom rent phase. Keep in mind that the confirmed date can be extended as well. Hope that helps.
 
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Obviously the agreements differ. Probably they formulated a new one later. I bought in Dec 2007. I guess it is the same they gave it to the PHASE I purchasers.
 
I got my letter and my occupancy is Dec 16. Now i wonder how much this monthly occupancy fee is? Does it include maintenence fees?
 
To give you an example:

Purchase price :$200.000
Deposit paid to the builder :20% / $40.000
Remaining balance due to the builder : $160.000
You have to pay interest to the builder for this remaining balance. They normally take the 1 year Mortgage interest rate posted from Bank of Canada, which is 3.75% now.
$160.000x3.75%=$6.000/12=$500 monthly.
On top of that you have to pay the condo fees, let's say $200 monthly and also property taxes, calculated based on your purchase price and the property tax rate, let's say 200.000x0.08=$1600 a year - $133.33 monthly

The ocupancy fee will be $500+$200+$133.33=$833.33 monthly until final closing. depending on the building you also need to pay hydro separately.
 
Gargamel said:
Does anyone know a good real state lawyer?
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try Stephen Shub's office (http://www.homelegalcost.com/) 416.222.1882

seems to do good work (high volume though) with flexible office hours and many office locations, PLUS they are cheap ... all inclusive $1340 + taxes (including mortgage registration & title insurance)
 
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