Final Move-in date : Buyers have a say?

[Granny]

A lot has certainly changed since I bought my first home (a condo) in the early seventies. Now here we are after several decades of bigger and bigger detached house purchases in the suburbs, having bought what I expect to be our last home, a condo apartment downtown. Full circle!

My question to you experienced 'new condo' buying pros out there:

The builders have their 'Tentative dates' which get rescheduled (which is understandable) and the buyer is duly informed. But what about the buyer? Can the buyer push back a final 'Firm date' to fit his/her schedule? Is there any wiggle room allowed the buyer?

I have a hunch I'm about to hear some good stories.

 

[Petra]

I'm not sure on this, though there's a flexibility on when you can physically move-in, you still have to get all the paperwork, final downpayment, etc, done on that specified date.

...oh and you still have to pay that monthly 'rent' thingy

For my loft, what I did was that I asked for an amendment before signing the purchase agreement that I would have a greater flexibility as far as tentative possession date.

 

[Hydrogen]

Sorry Granny, do you mean the day when you take the unit, or the day you move in - as in moving in you possessions? Also, I presume you mean a new unit as well.

 

[Granny]

Sorry Granny, do you mean the day when you take the unit, or the day you move in - as in moving in you possessions? Also, I presume you mean a new unit as well.

Hydrogen!

I feel kind of bad for confusing you so!

I thought I was pretty clear when I asked for opinions from experienced "NEW" condo buyers. I also thought my reference to 'BUILDERS' and their 'TENTATIVE' dates was indicitive of what I was referring to.

But just to remove any lingering doubts in your mind, I'll try and make things a little clearer.

I am referring to buying a new condo and yes, (sigh) the day I 'take' the unit, refers to taking possession of the unit. I would (or could) be moving in with my possessions into that unit at that time.

Read Petra's comments. I think she somehow managed to get the gist of what I was asking.

 

[dpylyp]

Closing Dates

Here are the new terms that will be used in all builder condo offers:


First Tentative Occupancy Date – the date the builder anticipates the unit will be completed and ready to occupy;
Tentative Occupancy Date – a target date if the unit is not ready on the First Tentative Occupancy Date;
Final Tentative Occupancy Date – a new date, which is not final at all, but a new, semi-finalish target date for the builder to provide occupancy;
Firm Occupancy Date – not a firm occupancy date at all, but it cannot be any later than 120 days after the Final Tentative Occupancy Date.

Registration Date is when the building and each individual title gets registered but you have already been paying occupancy rent for a period of 2-6 months.

 

[buildup]

My impression is that you want your occupancy or possession date to be as close to your closing date as possible. I've had a 5-6 month lag and am stuck paying $15k per month comprised of city taxes, condo maintenance fees, and interest-only on the unpaid balance which is a rate of interest of 7.65%. I'd much rather be renting somewhere up until the closing.

 

[nekz]

My impression is that you want your occupancy or possession date to be as close to your closing date as possible. I've had a 5-6 month lag and am stuck paying $15k per month comprised of city taxes, condo maintenance fees, and interest-only on the unpaid balance which is a rate of interest of 7.65%. I'd much rather be renting somewhere up until the closing.

!!
$15k a month
!!

You must have a really nice condo.

 

[buildup]

It will be if I can afford to furnish it.
I actually bought 4 1/2 years ago just getting in now.

 

[nekz]

It will be if I can afford to furnish it.
I actually bought 4 1/2 years ago just getting in now.

Just curious, where did you buy?

 

[buildup]

Its in the downtown Yorkville area. Its been the subject of mixed reviews, which is fair, but I don't want to stir the pot so late or I'll be up all nite. But I'd be pleased to share any info you wish if you send me a message.

 

[urbandreamer]

Surely not the Regency? Or 1 St Tommy?

 

[buildup]

NOT the Regency.