Wednesday, January 18, 2012

Phantom Mortgages Toronto Condo Law

David Pylyp: Hello, I'm with Shadi Nasseri in downtown Toronto, our condo law specialist. Can I ask about phantom mortgages?

Shadi Nasseri: When you are purchasing a condo in Toronto, one of the first critical dates to keep in mind is the INTERIM Occupancy Date. Essentially also called the Occupancy Date. That is when you get possession of your unit, in the condominium, but since the other units are not yet completed, the condo will not have fully registered yet. The Final Closing Date is still up coming.

David Pylyp: So I pay rent from the date I move in till the date of registration?

Shadi Nasseri: Yes. You are required according to most Purchase and Sale Agreements related to your new condo purchase,
to pay rent or occupancy fees to the Builder, until the time the condo officially registers and switches over to your name.

David Pylyp: What is the average time between move in and closing?

Shadi Nasseri: The average time between move in and closing varies depending on many factors.
One can be the experience of the builder.
Two can be the location of your unit.
It is known that units on the lower floors usually have longer interim closing periods, than ones on the top floors because once the top floor is done
All the units are completed and the condo goes towards REGISTRATION.

David Pylyp: How can people reach you?

Shadi Nasseri: My Toronto Real Estate Lawyer dot com or by telephone at 416 400 6167

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