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Condo questions

investor said:
Big mistake. Huge. Get out while you can! You are obligated yourself to purchase something that doesn't even exist yet! Why would you undertake such a massive risk?

Why on earth would you buy something off a floor plan when there are hundreds of available units for sale right now in that ghastly project?

It never ceases to amaze me how ignorant some people can be when it comes to what typically is the biggest purchase in their lifetime.
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As most good investors know, it's always a good idea to buy something for the lowest possible cost, and the highest return. Pre-construction prices almost always give you a higher rate of return than buying resale, and you get to pick all your own finishings.


Petra said:
1. expect delays
2. You will be able to move in after the downpayments. Your mortgage kicks in when official condo title/registration is signed, which by law, cannot be more than 6 months after closing date
3. Your contract/schedules should include floorplan. That floorplan is part of the contract, though the real condo most likely be just a bit smaller. The current condo I live in, has almost precise measurement to the original floorplan.
4. If they say dual sink, you will get dual sink. They're required to notify you for any changes made to the plan
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I'm a big fan of pre-construction too, but the floor plan is NOT part of the contract. It comes with it, but it likely says somewhere in your agreement that the layout and size could be altered by the builder. Do not buy furniture based on floor plan measurements.
 
investor said:
Big mistake. Huge. Get out while you can! You are obligated yourself to purchase something that doesn't even exist yet! Why would you undertake such a massive risk?

Why on earth would you buy something off a floor plan when there are hundreds of available units for sale right now in that ghastly project?

It never ceases to amaze me how ignorant some people can be when it comes to what typically is the biggest purchase in their lifetime.
Click to expand...

are you joking or just dumb?
 
Floorplans offer an insight of what a purchaser's unit will look like. Unfortunately many people take the size of their living room, i.e. 10' 9" X 23' 4" as exactly what they should get, which is often not the case. Most don't realize that the floorplan is not a legal document. If you come across floorplans of condos built in the 80's & early 90's many developers had small print along the bottom which disclosed that the plan may not be exactly as illustrated.
 
dt_toronto_geek said:
Floorplans offer an insight of what a purchaser's unit will look like. Unfortunately many people take the size of their living room, i.e. 10' 9" X 23' 4" as exactly what they should get, which is often not the case. Most don't realize that the floorplan is not a legal document. If you come across floorplans of condos built in the 80's & early 90's many developers had small print along the bottom which disclosed that the plan may not be exactly as illustrated.
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The floorplan by itself is not a legal document. But the floorplan paper that comes as part of your condominium agreement of purchase, the paper that is identified as ONE of the schedule (i.e. schedule B or C), the one that is mentioned in the contract what the developer has to deliver, IS PART of the legal document. There's no, not as far as I know, condo agreement purchase comes without floorplan schedule.
 
Get the floorplan included in your contract and have your lawyer read the contract, before finalizing the deal. As already mentioned, the plan is usually included as one of the schedules to the contract, but you want to make sure that there is no language elsewhere in the contract which negates that.

Small (and I emphasize small) variations are to be expected. On lower floors, structural elements of the building are larger and the unit may therefore be a bit smaller than "advertised". The opposite is true on the higher floors, as the structural elements of the building become a bit smaller and the apartment space is therefore a bit larger.

According to Tarion, measurements on the floor plan drawings are supposed to be based on a unit halfway up the building.
 
Petra said:
The floorplan by itself is not a legal document. But the floorplan paper that comes as part of your condominium agreement of purchase, the paper that is identified as ONE of the schedule (i.e. schedule B or C), the one that is mentioned in the contract what the developer has to deliver, IS PART of the legal document. There's no, not as far as I know, condo agreement purchase comes without floorplan schedule.
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Just because it comes stapled to your agreement with a Schedule on it does not mean that it is guaranteed to look like that. The developer could staple a photocopy of his ass (Schedule Developer's Ass) to your condo agreement, but that doesn't mean that you own it.
 
rh-7 said:
Just because it comes stapled to your agreement with a Schedule on it does not mean that it is guaranteed to look like that. The developer could staple a photocopy of his ass (Schedule Developer's Ass) to your condo agreement, but that doesn't mean that you own it.
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ask your lawyer, I am not gonna waste my time on your stupid comment
 
snypr said:
2. I have to put four 5% downpayments in first year and another one on interim closing date. Will I be able to move in after paying the interim payment amount or do I have to get my mortgage to kick in at that time?
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As dt_toronto_geek noted, talk to your lawyer. There should be something in your purchase agreement about an occupancy fee and how it's calculated. The interest rate they use may surprise you.
 
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