I have to pay the Land Transfer as I used to live with my parents and I used to be a co-signer.
 
How is the Occupancy fee determined? Obviously it gets deducted from the total mortgage amount later, but I'm wondering how much I can expect to pay. Any ideas?
 
mark024 said:
How is the Occupancy fee determined? Obviously it gets deducted from the total mortgage amount later, but I'm wondering how much I can expect to pay. Any ideas?
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The occupancy fee doesn't get deducted from the mortgage. It's called 'phantom rent' as it disappears.

Like I mentioned before, it's the interest on the outstanding balance + admin fees + estimated property tax. The big portion goes to the banks, the admin pays for building maintenance and the property tax goes to the city. Vandyk gets none of it, and none of it is deducted from our balance :(

I don't know what kind of interest is being charged for the occupancy fee, but I believe it's a bit higher than the market rate. Maybe 3.5% @ 1 year? Again, not sure.

If it was 3.5%, it would be around $900/month for a 225K unit (200K outstanding @ 3.5% + plus admin fees and property tax). Again...just estimating.
 
what do you think are the necessary fees needed for everything. I feel that it would cost us more than $5000, that is, not including land transfer costs, and not including occupancy fees. It's time for a lawyer to tell us all the costs.
 
I think it's around 2-2.5% of purchase price. Lots of fees....lawyers, utility hookups, education levy, Tarion enrolment etc.

So a $200,000 unit should be around $5000....hopefully :D

First time home buyers get a $2000 rebate for the Land Transfer Tax. There is also the HST rebate...I don't remember if Vandyk included the rebate in the purchase price. I hope not haha
 
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I'd also like to know is this tarion warranty a one-time payment? or do we pay every year. I read that the builder pays for this. Why are they asking us for the money as per contract?
 
The Tarion fee is a one-time enrolment fee that Vandyk would have paid prior to construction. They may have included it in the original purchase price, but I doubt it. Check the contract and see what it says.

Updated%20Warranty%20Fee%20Table.jpg
 
If you take a look at page 6 of the contract...

12. D (iii)
...the purchaser agrees to deliver to the Vendor....
"...a certified cheque reimbursing the vendor for any hydro service connection charges and/or hydro network meter charges and/or hydro energization in respect of the Condominium and/or the Property, the cost of the Warranty Corporation enrollment fee for the Property or any portion thereof,.."

And if you go to page 11 of the contract….

28. The purchaser agrees to adjust or reimburse the vendor for the following, namely,
“the cost of the tarion enrollment fee.”
 
Hopefully all of the cheques are just in case, I don't see why it would take them that long to register as a condo corp, with pretty much everyone moving in, in like a 3-4 month period. How much are they asking for on the post-dated cheques? I wonder how much is completed inside the units at this point. Vandyk seems quick to ask for money always, yet doesn't keep anyone in the loop with construction updates at all. Don't forget, once you take occupancy, you are responsible for the hydro as well. I also noticed it stated the hot water tank was a rental in the contract, I wonder who that is under contract with, hopefully the fees are not too high.
 
layla said:
If you take a look at page 6 of the contract...

12. D (iii)
...the purchaser agrees to deliver to the Vendor....
"...a certified cheque reimbursing the vendor for any hydro service connection charges and/or hydro network meter charges and/or hydro energization in respect of the Condominium and/or the Property, the cost of the Warranty Corporation enrollment fee for the Property or any portion thereof,.."

And if you go to page 11 of the contract….

28. The purchaser agrees to adjust or reimburse the vendor for the following, namely,
“the cost of the tarion enrollment fee.”
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Thanks for that. As expected, we'll be paying for it.
 
zzz said:
Hopefully all of the cheques are just in case, I don't see why it would take them that long to register as a condo corp, with pretty much everyone moving in, in like a 3-4 month period. How much are they asking for on the post-dated cheques? I wonder how much is completed inside the units at this point. Vandyk seems quick to ask for money always, yet doesn't keep anyone in the loop with construction updates at all. Don't forget, once you take occupancy, you are responsible for the hydro as well. I also noticed it stated the hot water tank was a rental in the contract, I wonder who that is under contract with, hopefully the fees are not too high.
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More updates would be nice... I don't know why more builders don't have their own updated/inside pictures for purchasers to see.

As for the progress...I haven't gone in a week due to all the holidays and not much work being done over the holiday, but the southern units had their lower kitchen cabinets in last time I went. The north side seems to be getting drywall done now.

I'll try to get some pictures this weekend.
 
This was posted on the Vandyk Facebook page yesterday - guess we're getting our final dates sometime next week:

65131_480231752022672_1645149064_n.jpg

These letters are the first steps of preparing for the Park 570 closings! Congrats to our new home owners!
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