Condo Living FAQs
What are the advantages of condominium living?
Living the condominium lifestyle has many advantages. You have the security of home ownership in a prime location with the responsibilities of home maintenance reduced to a minimum. If you spend a lot of time away from home for business or pleasure, you have the freedom to go with the peace of mind that your home is secure. Condominium communities provide a warm and welcoming ‘neighbourhood’ with many opportunities to get to know other owners and to enjoy social events and functions. It really does provide for a care-free, enjoyable lifestyle affording you time to do more of what you love.
What are the advantages of buying early in the construction stage?
Buying your condo early offers the best selection of floor plans, floor level within the building and preferred views, with the opportunity to personalize your suite to help make your new Tricar home everything you’ve dreamed it could be.
Is extra parking and storage available?
Just as each Tricar community is unique and different, so are the parking and locker requirements for each one. We do anticipate demand for extra storage and parking and do our very best to determine the number that will be required for each property. During the sales process, our agents will discuss availability and pricing on additional parking and storage with you. It is important to seriously consider your present and future needs when making these decisions at the time of sale as they may no longer be available when you move in.
What deposits are required for my condo purchase?
Two $20,000 deposits are required. The first $20,000 is due upon signing an Agreement of Purchase and Sale. A second $20,000 deposit is required 60 days after a firm sale.
What do I own when purchasing a condominium?
In condominium ownership, your ownership rights consist of two parts, the suite which is individually owned; and the common elements which are shared and jointly owned by all individual owners as condominium corporation members. The suite consists of the premises in which the homeowner lives, within the boundaries described in the condominium documents. These premises are the exclusive property of the owner who is responsible for their upkeep and maintenance.
The common elements are the parts of the development outside of the individual suites. These consist of items like corridors, foyer and elevators, bicycle storage rooms, the parking lot, roadway and lighting, guest suite, lounge, exercise room and other amenity spaces. These are all part of your common elements.
In addition, there are some areas known as exclusive use common elements. Examples of exclusive use common elements are the balconies, private terraces, parking and storage. These areas are for your use only but any maintenance required is the condo’s responsibility.
What is the next step after I purchase a condo from you?
Shortly after your sale is firm, you will be contacted by our Client Relations Representatives to setup a meeting with you to review and consider any changes you may want to make.
Do I get to select my own colours and finishes?
The timing of your purchase and the status of construction of your new home at that time will determine this. Colour selections begin a few months after the commencement of construction. At this time, you will confirm your suite layout, select your finishes such as carpet, tile, cabinets and countertops and may also arrange for any upgrades or specialty items from the available samples that we offer. If you are moving into a completed home, Tricar’s professional designer will have selected the finishes and colours for your suite.
What is an amendment?
An amendment is a document to change any part of your original Agreement of Purchase and Sale. They usually involve changes to items such as lockers, parking spaces, inclusions, upgrades, critical dates, etc. They must be accepted by both the Developer and the Purchaser and cannot alter any other portion of the Agreement.
What is a pre-delivery inspection?
Your Pre-delivery Inspection (PDI) is your first viewing of your new home and your opportunity to make sure everything is as per the contract details. Along with a Tricar Customer Care member, you will review and inspect your suite to ensure it is complete and finished as per the Tarion Warranty guidelines. It’s also more than just an inspection of your suite, it is an opportunity for you to learn all about your new home, how to care for it and your community.
We take the time to ensure you are fully oriented into the condo lifestyle and your new condominium home.
How likely is it that my occupancy date will change?
Your interim occupancy date is the target date upon which it is estimated that your home will be completed and available for occupancy. This date is dependent upon the construction schedule along with factors that may affect that schedule, and the particular location of your suite. You will be kept up to date on the progress of the development, and will be given a revised occupancy date, if required by the builder. When you move into your new home on the firm occupancy date, you may be in the ‘interim occupancy’ period if the condominium has not yet been registered.
What is interim occupancy? What are the fees?
When you purchase a newly constructed condominium, there may be a period between when you take occupancy of your unit and when you take ownership since title to a unit cannot be transferred until the condo is registered. This is known as the ‘occupancy period’ or ‘interim occupancy’. During this period, as per the Condominium Act, you are required to pay an occupancy fee. The amount of this fee is the sum of:
1. Interest on the amount outstanding on your purchase price
2. An amount equal to the monthly condo fee for your unit
3. The estimated property tax
You can avoid paying the interest portion of the occupancy fee if you elect to pay the full balance of the purchase price owing upon occupying your unit.
What is registration?
Registration refers to the formal creation of the Condominium Corporation. Once all the units and common elements of the project have been substantially completed, the builder submits plans and paperwork to the governmental authorities requesting the building be ‘registered’. Following their approval, the condominium’s declaration and description are registered in the land titles office. The entire process may take approximately two to five months following your interim occupancy. Upon receiving registration, purchasers will ‘close’ on their units and ownership is then transferred from the developer.
What happens on final closing?
On final closing, the purchase and sale transaction will be completed. All legal documents will be verified by both parties’ legal representation and will be completed in accordance with the Agreement of Purchase and Sale, final statement of adjustments prepared by the lawyer, any outstanding occupancy fees, etc. At this time, your lawyer will receive a deed/transfer of title to your home (for ultimate registration), in exchange for your payment of the outstanding balance of the purchase price.
How is my moving day established?
The moving process is scheduled beginning with lower floors, working upwards based on occupancy dates. Your Client Relations Representative will be in touch a few months ahead to confirm and to schedule your move in date and elevator time with the building management staff.
What monthly expenses am I required to pay that my condo fees do not cover?
Your additional expenses will include your personal hydro use, your homeowner insurance, phone and internet services, hot water tank (some locations), property taxes and maintenance costs of your personal suite.
What do monthly condo fees cover?
Your monthly condo fees are calculated based on the square footage of your suite and appropriated to the budgeted common expenses anticipated to take care of the building. These expenses include building maintenance such as daily cleaning, garbage removal, landscaping, snow removal, heating and cooling, water, building insurance, equipment maintenance, property management fees, exclusive use of the amenities including fitness rooms, libraries, guest suites, etc. These vary by building dependent on size and the amenities included.
Do I need to buy property insurance?
Yes, as the homeowner, it is your responsibility to obtain a condominium homeowner’s insurance package that covers contents and betterments, which the Condominium Corporation does not provide.
Am I allowed to have pets?
Generally, pets are permitted in condominiums however it is advised that you refer to the specific rules and regulations of your particular condominium of interest, before purchasing. There is typically a limit to number of pets, types of pets and size and weight.