Soon after submitting your Worksheet, we will contact you with an update. If you are lucky and a suite has been Allocated to you by the builder, you will have the option to proceed with a sale or not. If not, the unit will be released to another purchaser.
If you wish to proceed with a purchase, you will be advised of your signing date to sign the Agreement Of Purchase And Sale (APS). You must remember that you will need your government ID and also have a checkbook. There will be deposit cheques that need to be submitted to the builder along with the Agreement of Purchase and Sale.
Closer to your Occupancy date when the building is well into construction, the builder will call you in for a Colour Selection appointment. This is a one on one consultation with decore representatives to help you customize and craft the look of your new home. Here, you will be choosing the finishes, colour, and any upgrade packages that will make your condo truly yours.
PDI stands for Pre-Delivery Inspection. This is a guided and thorough inspection of your suite with a representative of the builder. This is the moment to inspect for any items that may be scratched, marred, damaged, missing or incomplete. All items discovered will be noted and corrected by the builder. Your condo should be perfect when you take possession.
Interim Occupancy occurs when the condo building is almost complete and is safe and legal to be lived in. The building is still awaiting final completion of work and cannot be registered with the city yet. While you can live there or possibly rent it out, you still do not have ownership title and you cannot register a mortgage at this time. The Interim Occupancy Period can last anywhere between a few months to a year or more. During Interim Occupancy, you will have to pay the builder a rent until you reach Final Registration or Final Closing. This rent is called Occupancy Fees. These fees will be similar to a typical monthly carrying cost for the unit. They are calculated based upon an estimation of monthly property taxes, monthly condo fees (lower than usual), and the interest on the unpaid balance of the unit’s purchase price.