Does anyone know if it is possible to pay outstanding balance at the interim occupancy date? I understand that taking mortgage would not be possible at the time.
 
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Kama said:
Does anyone know if it is possible to pay outstanding balance at the interim occupancy date? I understand that taking mortgage would not be possible at the time.
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I was wondering the exact same thing. I don't know the answer yet, but I will ask my Customer Care Administrator.
 
CDH said:
I was wondering the exact same thing. I don't know the answer yet, but I will ask my Customer Care Administrator.
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I asked my lawyer, but he did reply to me. Just sent me to talk to the builder.

Here what I found:


Condominium Act, 1998

Right to pay in full

(3) Despite any provision to the contrary in the agreement of purchase and sale, before the expiry of the time period mentioned in subsection 73 (2) for rescinding the agreement, a purchaser may elect to pay in full, on assuming interim occupancy of the proposed unit, the balance of the purchase price remaining after deducting the amounts paid under the agreement before assuming interim occupancy. 1998, c. 19, s. 80 (3).
 
Kama said:
I asked my lawyer, but he did reply to me. Just sent me to talk to the builder.

Here what I found:


Condominium Act, 1998

Right to pay in full

(3) Despite any provision to the contrary in the agreement of purchase and sale, before the expiry of the time period mentioned in subsection 73 (2) for rescinding the agreement, a purchaser may elect to pay in full, on assuming interim occupancy of the proposed unit, the balance of the purchase price remaining after deducting the amounts paid under the agreement before assuming interim occupancy. 1998, c. 19, s. 80 (3).
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May I ask why do you wanna pay in full at the interim occupancy?
 
GTAConstruction said:
May I ask why do you wanna pay in full at the interim occupancy?
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Interim occupancy period is just a period for paying rent to the builder for an undefined period and at the rent sent by them. Money lost. Some money could be saved by paying upfront.
 
Kama said:
Interim occupancy period is just a period for paying rent to the builder for an undefined period and at the rent sent by them. Money lost. Some money could be saved by paying upfront.
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An intermediate solution – to pay some cash upfront e.g. 100K for the builder, not the entire amount, at the interim occupancy period, reduce principle owned the builder and reduce rent for the IOP. This is like investing 100K for 5-7% now. They already rejected this proposal saying that any changes to the payment plan in the purchase plan should have come during the 10 days cooling period.
 
I was walking by on the Sherbourne side of the south building and saw a pdi sign. Then two people walked out of the office and I found out from them that they are taking occupancy of a lower unit sometime in July.
 
Below is what I have collected regarding interim closing (also referred to as First Occupancy)
South West Tower:
  • 3rd or 4th floor - June 19th Interim Occupancy (PDI complete)
  • One of the Townhome (No idea which) - August 30th (Received notice for interim closing but not PDI)
  • 10th to 14th floor - mid August (Received notice for interim closing but not PDI)
South East Tower
  • 18th Floor - pushed back to Feb 2024
  • 10th Floor - early August (Received notice for interim closing but not PDI)
 
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