For our final post in our series on closing costs for new build condos, we will take a look at more complex costs that are payable upon closing. In previous weeks, we looked at the down payment and legal fees, as well as applicable taxes. This week we'll look at Tarion, development charges and utilities.
One way to help facilitate a smooth closing after you have purchased a condo is to budget for the closing costs. Every closing as specific expenses that relate to the purchase of the property, including applicable taxes and legal fees.
When you first purchase a new build home, it can be both an exciting and confusing time. For condominiums, it can be even more so, especially when it comes to closing costs. There are several different fees and expenses to settle when closing a condo deal.
For most residential real estate purchases - both houses and condos - there is a grace period where you may retract your offer before it is accepted. But once that offer is accepted - barring any conditions that are not met - the deal is generally done.
In a nutshell, occupancy fees are paid to the builder when you move into a new condo before construction is completed. It's possible to have people start moving into finished units of a condominium while other parts of the building are still being worked on.
There has been a noticeable decline in mortgage activity amongst Canadians. Generally speaking, younger individuals - ages 38 and younger - seem to be struggling to break into the residential real estate market. While overall home sales have been down year after year, the areas that have seen activity are from individuals aged 54 and higher.
Owning a condo unit is different than owning a detached house. Certain privileges that house-owners enjoy can differ in a condo because of the shared living areas and shared expenses. Instead of having a private backyard, you may share a common outdoor terrace. Instead of talking loudly with a friend on the porch of your house, you may have to keep noise to a minimum in certain shared areas in a condo.
Purchasing a condo can be a very busy time for homeowners. Sometimes certain details can be forgotten as more and more information is absorbed. A topic that may be confusing to some condo owners is the type of personal property you can keep on your balcony or other external facilities.
The Cannabis Act has been passed, and legislation is set to take effect starting October 17, 2018. But are you aware of what that means for you as a home owner? How will this legislation affect what you do in the privacy of your condo unit?
The short answer to this question is that some repairs are handled by unit owners, and some by condo management. The distinction between the two should be carefully outlined within the condo corporation's declaration and by-laws.