Time and Space Condos (Pemberton) - Real Estate -

AHK said:
Correct that title cannot be transferred to the owner until the Condominium Corporation is registered. The registration itself has nothing to do with level of occupancy, and vice versa. Buildings can be registered by the City before occupancy has even been started, as happened with the Berczy on Front Street. The developer has to meet the standard prerequisite requirements established by the City for all condominium corporation registrations, prepare and submit the associated documentation, which is then reviewed by the City. Once any outstanding issues, either with the prerequisite requirements or the associated documents are resolved, the City will register the new condominium at the Ontario land registry office, and the condominium corporation is now created. At this point, the land titles can be transferred to the owners.

A note with respect to the condominium Board. When the condominium corporation is registered, an initial interim Board is appointed by the developer - the Declarant's Board. The Declarant's Board manages the condominium until the property manager appointed by the Declarant (the developer) can organize the initial owner's meeting to elect the owner's Board (the turnover meeting). During this time, all decisions and contracts regarding suppliers - property manager, cleaners, security, and so on, are made by the Developer nominally through the Declarant's Board, which consists of the developer's employees. The new condominium corporation has a one year window to replace much of what has been entered into on the condominium corporation's behalf by the developer. This is why it is so important for the new owner's Board to retain independent legal representation for a qualified condominium lawyer as quickly as possible - to review all the agreements entered into by the developer on the condominium's behalf, and for the new board to establish which ones they are able, and may wish to replace the supplier without penalty. After the one year window has passed, the condominium corporation becomes locked into the contracts for their respective contract durations.

One other issue which may be worth clarification - with the Time and Space building be set up as one condominium corporation for the entire building, two corporations (north and south towers respectively) or more. While this may not effect the registration timing that much, it will impact how long it takes to organize and hold the turnover meeting. If there is more than one Condominium Corporation in the building, or if there are commercial components which are separately titled, outside of the condominium corporation, the building will usually have some 'shared facilities' which will be managed through a shared facilities reciprocal agreement. Such agreements can be titled to favour the commercial components, especially if they continue to be owned by the original developer. Again, important for the new Board(s) to get legal advice on board as quickly as possible in order to fully understand the roles and obligations of the condominium corporation and other entities in such arrangements, and to protect your interests.
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Thank you, @AHK. This is an excellent overview. You addressed a lot of my questions concerning Title Transfer. Please clarify, for completeness, if you know this information as an expert within the industry, or did you do your own research.
 
Hello @CDH,

Personal experience. Elected to the Board of our building at the turnover meeting. On the Board for twelve years, ten and a half as which was President or the corporation.

Andrew
 
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Anyone plan to pay in full or pay a higher deposit during occupancy to reduce the interest on occupancy fee?
 
Kama said:
An intermediate solution – to pay some cash upfront e.g. 100K for the builder, not the entire amount, at the interim occupancy period, reduce principle owned the builder and reduce rent for the IOP. This is like investing 100K for 5-7% now. They already rejected this proposal saying that any changes to the payment plan in the purchase plan should have come during the 10 days cooling period.
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Hi Kama. Thanks for sharing this. I am an assignee to a unit and plan to pay in full to save on the interest cost during occupancy. It looks like it is our right to pay in full at occupancy according to the Condominium Act. What was the reason that Pemberton quoted to reject your proposal? Where is the 10-day cooling period written?
 
ALBI said:
Hi Kama. Thanks for sharing this. I am an assignee to a unit and plan to pay in full to save on the interest cost during occupancy. It looks like it is our right to pay in full at occupancy according to the Condominium Act. What was the reason that Pemberton quoted to reject your proposal? Where is the 10-day cooling period written?
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We, in the end, decided not to go through the process to have some flexibility at closing. We have some equity in U.S. that could be used for payment. We also don’t have a good lawyer to do it. 10-days cooling period is written in the agreement of purchase and sale. BS, in my opinion.
 
Does it make sense to file for Tarion warranty? There are a lot of problems with the apartment we bought. Some of them could be fixed by the builder only as A/C etc…
 
Kama said:
Does it make sense to file for Tarion warranty? There are a lot of problems with the apartment we bought. Some of them could be fixed by the builder only as A/C etc…
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I cannot see any reason why you would NOT file with Tarion. They may not agree but Tarion insurance is to deal with construction defects and premium is already paid (by developer). You need to talk to your real estate lawyer.
 
On my occupancy date, the bathroom mirror and vanity light were not installed. HCHO (Formaldehyde) and VOC level went through the roof. Also, not sure if it just me or it also happens to you, the blinds in bedroom are see-through (not black out).
 
ALBI said:
On my occupancy date, the bathroom mirror and vanity light were not installed. HCHO (Formaldehyde) and VOC level went through the roof. Also, not sure if it just me or it also happens to you, the blinds in bedroom are see-through (not black out).
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If it is the only problem, consider yourself very lucky.
 
Are the blinds supposed to be like that? Living room is fine, but seriously bedroom? I can't sleep when the lights shine through the blinds. There is also privacy concerns. Can people see me at night when the room is brighter than outside? If this is the best they can offer, I'd rather they did not do it. I can hire someone to install proper blinds for the bedroom.

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ALBI said:
Are the blinds supposed to be like that? Living room is fine, but seriously bedroom? I can't sleep when the lights shine through the blinds. There is also privacy concerns. Can people see me at night when the room is brighter than outside? If this is the best they can offer, I'd rather they did not do it. I can hire someone to install proper blinds for the bedroom.

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Those are considered sheer blinds. There was an option to upgrade to black out blinds when you chose your finishes. They will still offer privacy. But hard to sleep in.
 
Electrixsun said:
Those are considered sheer blinds. There was an option to upgrade to black out blinds when you chose your finishes. They will still offer privacy. But hard to sleep in.
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I see. Thanks for the info. I bought from an assignment. I guess the original buyer did not choose the proper blinds then.
 
ALBI said:
I see. Thanks for the info. I bought from an assignment. I guess the original buyer did not choose the proper blinds then.
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Presumably you know which options the original buyer chose, you can, obviously, insist on getting these (but no more). Caveat emptor, and all that.
 
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