Totally agree with you about the parking entry. There is always so much confusion around visitors parking and having the dedicated entry for visitors makes it easier. Today, I was able to get all the information from my lawyer. It looks like my parking sport is on level 2 and I am totally okay with that. I am just hoping it's close to the door. On top of that, the fees that we have to pay to the builder are a bit steep but that's expected. Let's hope they are able to register the building soon so it's at least going towards our mortgage. Another thing that surprised me is the additional insurance that we have to get as of our Occupancy date. This is called the "Contents Insurance Binder" with liability coverage in the amount of not less than $ 2,000,000.00. Hopefully it's not too high. I get to sign all my paperwork next Wednesday and if everything goes well I am getting the keys on Thursday!!! :)

shorty_952 said:
Hey Cbc,

Welcome to the board! we cannot wait till your building is ready too for the pool LOL!

Ana,

Im so excited! it looks like they were dry walling the lobby when I went by on Sunday night. Cant wait to see how it turns out..I love our parking garage entry and how we have a dedicated entry for residence only.

Thats real nice.
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Ana said:
Totally agree with you about the parking entry. There is always so much confusion around visitors parking and having the dedicated entry for visitors makes it easier. Today, I was able to get all the information from my lawyer. It looks like my parking sport is on level 2 and I am totally okay with that. I am just hoping it's close to the door. On top of that, the fees that we have to pay to the builder are a bit steep but that's expected. Let's hope they are able to register the building soon so it's at least going towards our mortgage. Another thing that surprised me is the additional insurance that we have to get as of our Occupancy date. This is called the "Contents Insurance Binder" with liability coverage in the amount of not less than $ 2,000,000.00. Hopefully it's not too high. I get to sign all my paperwork next Wednesday and if everything goes well I am getting the keys on Thursday!!! :)
Click to expand...

Hi Ana,

In terms of closing fee's what did your lawyer tell you about that? I'm just trying to get an idea of what we have to pay by the time each of our closings come around. I remember some of you mentioning here it could be anywhere from 2 to 5 grand or even more. Did your lawyer tell you exactly how much the fee's would be to the building on closing?
 
Hi Rex,

She didn't give me a breakdown of all the closing fees, only the fees that I have to pay at Occupancy. On top of the down payment, I see an additional fee related to the Tarion Warranty (registration fee). For me that came to $971 so just account for that as well. My unit is 2 bedrooms so not sure if the fee amount depends on the unit size. Other than that they will just need 12 posted checks. All the other fees would come at Closing. 5K would definately hurt! I really don't expect it to be that high.

rexcal29 said:
Hi Ana,

In terms of closing fee's what did your lawyer tell you about that? I'm just trying to get an idea of what we have to pay by the time each of our closings come around. I remember some of you mentioning here it could be anywhere from 2 to 5 grand or even more. Did your lawyer tell you exactly how much the fee's would be to the building on closing?
Click to expand...
 
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Ana said:
Totally agree with you about the parking entry. There is always so much confusion around visitors parking and having the dedicated entry for visitors makes it easier. Today, I was able to get all the information from my lawyer. It looks like my parking sport is on level 2 and I am totally okay with that. I am just hoping it's close to the door. On top of that, the fees that we have to pay to the builder are a bit steep but that's expected. Let's hope they are able to register the building soon so it's at least going towards our mortgage. Another thing that surprised me is the additional insurance that we have to get as of our Occupancy date. This is called the "Contents Insurance Binder" with liability coverage in the amount of not less than $ 2,000,000.00. Hopefully it's not too high. I get to sign all my paperwork next Wednesday and if everything goes well I am getting the keys on Thursday!!! :)
Click to expand...

I really hope my parking spot is underground, but my lawyer hasn't received my package from the builder yet. Is your occupancy fee less than your mortgage, condo fees and taxes would be each month? Hopefully so! But I've heard about nightmares where the occupancy fee is double the monthly mortgage amount. I hope that is not the case. And I wonder why we have to pay the tarion fee now and not at final closing.

Is Edilcan asking for mortgage approvals yet? I hope not also, I don't want my credit bureau pulled twice unnecessarily because approvals are only good for 120 days and I doubt we would be registered on time. Thus meaning to have another one pulled at final closing.
 
shorty_952 said:
I really hope my parking spot is underground, but my lawyer hasn't received my package from the builder yet. Is your occupancy fee less than your mortgage, condo fees and taxes would be each month? Hopefully so! But I've heard about nightmares where the occupancy fee is double the monthly mortgage amount. I hope that is not the case. And I wonder why we have to pay the tarion fee now and not at final closing.

Is Edilcan asking for mortgage approvals yet? I hope not also, I don't want my credit bureau pulled twice unnecessarily because approvals are only good for 120 days and I doubt we would be registered on time. Thus meaning to have another one pulled at final closing.
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You might want to check with your broker or financial advisor but I was able to make them hold the rate even if the closing takes longer than 120 days. All they have to do is renew the approval and it will be good for another 120 days. They won't have to pull up your bureau again. Every bank should be able to do this. I got my full approval this week and feel more comfortable getting it done now with the rates of today. Regardless, I don't see rates jumping from now until we close but i did it more for peace of mind.
 
rexcal29 said:
You might want to check with your broker or financial advisor but I was able to make them hold the rate even if the closing takes longer than 120 days. All they have to do is renew the approval and it will be good for another 120 days. They won't have to pull up your bureau again. Every bank should be able to do this. I got my full approval this week and feel more comfortable getting it done now with the rates of today. Regardless, I don't see rates jumping from now until we close but i did it more for peace of mind.
Click to expand...

Oh true! my broker said that it was only good for 120 days..he didnt tell me about renewals, but I am glad I know about it. I probably will wait until closer to when I know we are suppose to close before obtaining the pre-approval. I got one last October when I purchased but its now expired.
 
The occupancy fees are about the same as the mortgage fees. Maybe it is $100 to $200 less than the mortgage and maintenance. I haven’t done side by side comparison as I still don't know my exact mortgatge amount and terms. The Occupancy fees are broken down into several parts:
1. Interest on deferred Purchase Money
2. Estimated Monthly Taxes
3. Monthly Common Expenses - 3 amounts (dwelling unit, parking unit, locker unit)
I am not sure if I am doing it correctly, but if I divide up the monthly occupancy fee by the size of the unit (excluding balcony) it comes up to $1.88 per sqf. That might give you a good estimate of what your occupancy amount will be.
The payment for the Tarion Warranty registration fee is required at Occupancy. I think they need it right away to cover your 30 day warranty. The amount is probably dependent on the unit price, so yours might be slightly less.
I haven't heard anything about the mortgage approvals. I think we just have to wait until we receive a notice about the registration date.


shorty_952 said:
I really hope my parking spot is underground, but my lawyer hasn't received my package from the builder yet. Is your occupancy fee less than your mortgage, condo fees and taxes would be each month? Hopefully so! But I've heard about nightmares where the occupancy fee is double the monthly mortgage amount. I hope that is not the case. And I wonder why we have to pay the tarion fee now and not at final closing.

Is Edilcan asking for mortgage approvals yet? I hope not also, I don't want my credit bureau pulled twice unnecessarily because approvals are only good for 120 days and I doubt we would be registered on time. Thus meaning to have another one pulled at final closing.
Click to expand...
 
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Ana said:
The occupancy fees are about the same as the mortgage fees. Maybe it is $100 to $200 less than the mortgage and maintenance. I haven’t done side by side comparison as I still don't know my exact mortgatge amount and terms. The Occupancy fees are broken down into several parts:
1. Interest on deferred Purchase Money
2. Estimated Monthly Taxes
3. Monthly Common Expenses - 3 amounts (dwelling unit, parking unit, locker unit)
I am not sure if I am doing it correctly, but if I divide up the monthly occupancy fee by the size of the unit (excluding balcony) it comes up to $1.88 per sqf. That might give you a good estimate of what your occupancy amount will be.
The payment for the Tarion Warranty registration fee is required at Occupancy. I think they need it right away to cover your 30 day warranty. The amount is probably dependent on the unit price, so yours might be slightly less.
I haven't heard anything about the mortgage approvals. I think we just have to wait until we receive a notice about the registration date.
Click to expand...

Ok good, that means they may not require it if your lawyer hasn't asked you to provide it. I also got my contents insurance policy today effective for my occupancy date, so that's one less thing I have to worry about. You may want to double check with your lawyer that they don't want a mortgage pre-approval so you won't running around last minute to get one. Is there anything else aside from the post dated cheques that we have to provide?
 
Shorty, where did you get your contents insurance from? Did you shop around or are the prices the pretty much the same? I still don't have mine. Hopefully it's not too expensive. There is nothing else that you would need to provide. You might just have to provide the copy of 2 ids and the name that you want on the title. I will find out more next week when I meet with my lawyer. Btw, does anyone know how late we can pick up the keys on the closing date?

shorty_952 said:
Ok good, that means they may not require it if your lawyer hasn't asked you to provide it. I also got my contents insurance policy today effective for my occupancy date, so that's one less thing I have to worry about. You may want to double check with your lawyer that they don't want a mortgage pre-approval so you won't running around last minute to get one. Is there anything else aside from the post dated cheques that we have to provide?
Click to expand...
 
shorty_952 said:
Ok good, that means they may not require it if your lawyer hasn't asked you to provide it. I also got my contents insurance policy today effective for my occupancy date, so that's one less thing I have to worry about. You may want to double check with your lawyer that they don't want a mortgage pre-approval so you won't running around last minute to get one. Is there anything else aside from the post dated cheques that we have to provide?
Click to expand...

Hey Ana,

Keys are available only until 4pm as thats when the conceirges shift is over. So make sure you can pick them up before 4 on closing day. I got my insurance with Des Jardin who I have my car insurance with. It came up to $289 for the year but will go down after we take ownership of the property and I lower the coverage from 2 million to 1 million after its registered. I went by the condo last night and I see that they put in the conceirge desk in the lobby and started dry walling for the fire place that will be accross from the desk. I think the lobby will look really good!
 
Oh good to know. If that's the case, I will probably have to book the day off. I am going to try and do all the document signing the day prior to my closing so I can get those keys ASAP! :) I called my bank earlier today regarding the contents insurance and I am getting a very similar rate. You are so organized! Impressive! :)
Glad that they are doing some work in the lobby area. When I was there for my PDI it was a complete chaos. I was getting worried.
A few more days for me and I will be messaging you guys from One Valhalla!!!! :)

shorty_952 said:
Hey Ana,

Keys are available only until 4pm as thats when the conceirges shift is over. So make sure you can pick them up before 4 on closing day. I got my insurance with Des Jardin who I have my car insurance with. It came up to $289 for the year but will go down after we take ownership of the property and I lower the coverage from 2 million to 1 million after its registered. I went by the condo last night and I see that they put in the conceirge desk in the lobby and started dry walling for the fire place that will be accross from the desk. I think the lobby will look really good!
Click to expand...
 
Ana said:
Oh good to know. If that's the case, I will probably have to book the day off. I am going to try and do all the document signing the day prior to my closing so I can get those keys ASAP! :) I called my bank earlier today regarding the contents insurance and I am getting a very similar rate. You are so organized! Impressive! :)
Glad that they are doing some work in the lobby area. When I was there for my PDI it was a complete chaos. I was getting worried.
A few more days for me and I will be messaging you guys from One Valhalla!!!! :)
Click to expand...

YAY!! and don't forget to post pictures and tell us what the its like living there thus far and if you hear the noise from the construction and highway! Also, when we register don't forget to adjust your policy from tenant to owner and lower it to $1 million dollar coverage. It will be less risk and less money each year which is great. I am beyond excited for you! Today is exactly 30 days till my move in date and 18 days till my PDI!
 
Hey All!

Anyone know if Rogers or Bell is offering any special promotions for our builing? like 6 months free or anything? I called the sales office and they don't think so.
 
shorty_952 said:
Hey All!

Anyone know if Rogers or Bell is offering any special promotions for our builing? like 6 months free or anything? I called the sales office and they don't think so.
Click to expand...

hey, yeah for Bell, call 1 866 778 5529 for special offerings for Valhalla area (postal code M9B 1S9). Rogers, they offer ultimate bundle for 99.99 a month with 2 years free PVR rental (call at 1-866-305-3013).
hope it helps!
 
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