Time and Space Condos (Pemberton) - Real Estate -

uk4evr007 said:
Would appreciate if you could share your feedback about the PDI, like have they done the work well, etc.
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In a couple weeks... With condo many problems are hidden inside the walls – it would be hard to detect during PDI. Until one starts living there, they would not expose themselves (including neighbors 😊). I am living in a condo now – will check the usual stuff.
 
Kama said:
In a couple weeks... With condo many problems are hidden inside the walls – it would be hard to detect during PDI. Until one starts living there, they would not expose themselves (including neighbors 😊). I am living in a condo now – will check the usual stuff.
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Kama said:
In a couple weeks... With condo many problems are hidden inside the walls – it would be hard to detect during PDI. Until one starts living there, they would not expose themselves (including neighbors 😊). I am living in a condo now – will check the usual stuff.
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What kind of insurance we need for this newly condo. Obviously, we don’t own this yet, so not sure what protection we need here? We’re moving in Aug.
 
Kama said:
Usually insurance coverage is specified in the by-laws
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The Condo Corporation (or the developer until it is formed) will have insurance on the structure of the building. The Corporation's policy will not cover any additions/extras to the 'basic unit' (which is normally described in a standard unit by-law and usually excludes ALL flooring) and an owner who causes damage to the common elements (an overflowing sink) needs coverage to indemnify the Corporation for its deductible - which may be high! In addition to ensuring that you are covered for Indemnification and upgrades to the ‘Standard Unit’, your Unit owner's insurance should cover all your personal belongings and the contents of your Unit. Liability insurance is also a good idea. Most insurance companies offer special condo owner policies that explain what is useful (and some extras that are maybe not worth buying!)
 
DSC said:
The Condo Corporation (or the developer until it is formed) will have insurance on the structure of the building. The Corporation's policy will not cover any additions/extras to the 'basic unit' (which is normally described in a standard unit by-law and usually excludes ALL flooring) and an owner who causes damage to the common elements (an overflowing sink) needs coverage to indemnify the Corporation for its deductible - which may be high! In addition to ensuring that you are covered for Indemnification and upgrades to the ‘Standard Unit’, your Unit owner's insurance should cover all your personal belongings and the contents of your Unit. Liability insurance is also a good idea. Most insurance companies offer special condo owner policies that explain what is useful (and some extras that are maybe not worth buying!)
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I was speaking about homeowners insurance not the building’s one. And the above might not be completely true. Our by-laws, for example, include a waiver of subrogation. In plain English, damage from my overflowing sink needs to be covered for my apartment only. As for the rest of the building or apartments, it has to be covered by the condo or by homeowners insurance of the affected units. They cannot sue me for that.

PS: I have not read by-laws of T&S.
 
Kama said:
I was speaking about homeowners insurance not the building’s one. And the above might not be completely true. Our by-laws, for example, include a waiver of subrogation. In plain English, damage from my overflowing sink needs to be covered for my apartment only. As for the rest of the building or apartments, it has to be covered by the condo or by homeowners insurance of the affected units. They cannot sue me for that.

PS: I have not read by-laws of T&S.
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You are right that you normally are not responsible for damage to other people's units but you normally are for damage to common elements, up to the corporations deductible. That can be quite high!
 
Guswjd0922 said:
My friend just occupied and she gave me a number
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Does she have the cheque amounts she had to prepare for closing? This would be the rent she is paying - same amount every month till final occupancy (when mortgage kicks in)
 
MewMew said:
Does she have the cheque amounts she had to prepare for closing? This would be the rent she is paying - same amount every month till final occupancy (when mortgage kicks in)
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Yes, she prepared 12 cheques to the builder and everymonth same amounts.

On top of interest, maintentance fee, internet and eddy system?



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Guswjd0922 said:
Yes, she prepared 12 cheques to the builder and everymonth same amounts.

On top of interest, maintentance fee, internet and eddy system?



View attachment 490006
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Thank you for sharing. I think many of us are just trying to figure out how much monthly rent will be. Do you know approximately how much each monthly cheque rent was for please? Was it $2000? $1500? Gives us an idea of what to prepare for. Yes, on top of the maintenance fee (this was already provided to everyone in their disclosures).
 
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