The closing date is when the ownership of the condominium suite is registered and transferred over to the buyer (you) from the builder. This registration cannot take place until all the suites in the condominium building have reached a degree of construction (as set out in the regulations of the Condo Act). However, before the [...]
All suite pricing is sold net of the HST rebate to qualified purchase. In the event that the purchaser does not qualify (eg. Not your primary residence, not a Canadian Citizen/Resident) will have to pay an amount equal to the HST rebate to the vendor on closing. As stated in the Purchase and Sale Agreement; [...]
Each individual or Corporation entity can purchase a maximum of 2 suites.
Yes, your cheque will be deposited immediately.
Your lawyer must notify the vendor within the 10 day conditional period, where your deposits will be returned to you in full.
When buying a pre-construction condo from a reputable developer, your purchase is covered by the Tarion Warranty Corporation, TRION provides deposit protection of up to a maximum of $20,000. Any deposits greater than $20,000 will either be held in Lawyers trust account. This way, in the unlikely event that the condo project is not completed, [...]
No, the contract will be non-negotiable and no modifications will be permitted.
No, however it is your responsibility to deliver the Agreement of Purchase and Sale (APS) to your lawyer once it has been accepted. There will be a conditional period for lawyer review for 10 calendar days (not business days). Once the 10 calendar days has been reached, your APS will be firm and binding, unless [...]
4 post-dated cheques (see above) Lawyer’s contact information including email Social Insurance Numbers (SIN) Valid Government issued licence or passport
Deposit structure is as follows: $5,000 due the day of signing Balance to 5% @ 30 days 5% @ 90 days 5% @ 120 days Cheques will be payable to Wynne, Pringle, Jeske & Kovacs, In Trust 5% of balance due of the Purchase Price will be payable on the Interim Occupancy Date.