I think we need some resturants or at least a grocery around there. (the Sobeys and Lablaws dont count) Something closer.
Does anyone know whether the Reve Contract has more hidden costs than usual? My lawyer said that Tridel even wants to pass on their lawyer admin costs to the purchaser.. is this normal??? and also, Tridel wants the purchaser to pay for the installation of the metering? Is that normal too? is that something i should be fighing against if possible?
Thanks!
There is nothing can be hidden on the Contract. If I were you that I would like to hire a real estate lawyer review the purchase agreement within the 10 days cooling period to clarify your misunderstanding. Legal fees and meter installation fees are pretty normal. Please keep in mind, there are builders charged education levy, development levy, law society levy, water meter installation fee etc. You will need to pay more closing costs if you buy a unit from Daniels homes, Concord Adex-City Place in comparing to Tridel. Also, you would need to consider selling agent commission 4% or 5% if you want to resale the unit after final closing. Now you would know why resale condos price are higher than preconstruction condos in general.
Hope below information would help you understand there are additional costs at final closing:
Beyond the actual purchase price of the home, there are other costs associated with buying a new home. These are called closing costs and usually are about 2% of the total cost of your home.
Based on a $200,000 condominium in the GTA - some estimated amounts are:
Tarion Warranty Corporation enrollment fee- $520 approx.
Land Transfer Tax $1,725
Legal Fees $750 - $1,500 plus disbursements
Home insurance approx. $450/ year
Hydro Meter (if applicable) $450 - $600
You will also need to allocate costs for moving, storage and decorating in your "new house" budget.