Builder Square One condos 2014
Square One condo market is all geared up to embrace some beautiful new square one condos that will soon be a part of our growing Mississauga skyline.
Parkside Village (The Park Residences) & Pinnacle’s Grand Park Tower 1
The two recent brand new condominiums are Parkside Village (The Park Residences) & Pinnacle’s Grand Park Tower 1. Parkside Village Phase 1 includes three towers, namely The Residences, Grand Residences and Park Residences.
Pre-Delivery Inspection (PDI)
What owners can expect at newly built Square One condos?
Property Management at builder Square One condos
In the first year, the builder employs his own property management company. Once the condominium building is registered the owners form a condominium board who then appoint a condominium corporation of their choice. Sometimes they opt to retain the same condominium corporation based on the performance in the first year.
Until the condominium corporation is not registered, ownership remains with the builder.The owner is allowed to move in into the property once he receives the keys.
During interim occupancy, each purchase is required to pay a monthly occupancy fee, the amount of which is made of the following:
1. Interest on the unpaid balance of the purchase price at a prescribed rate as set under the Condominium Act of Ontario, which essentially comprises a rate equivalent to a conventional one year mortgage rate.
2. An amount representing an estimate on a monthly basis for municipal taxes attributable to the units purchased.
3. The projected monthly common expense contribution for the units purchased as set out under the proposed First Year Budget Statement for the Condominium.
Lawyer role when buying new condos from builder
Your lawyer will be provided with an Interim Statement of Adjustments showing the total monthly occupancy fee to be paid. Based on the amount to be established, you will be requested to provide a series of monthly post dated cheques for these payments. This is the time to inform your lawyer if you would be living in the condominium or if you are planning to use the condominium as an investment. This step is very important. If you decide to use this condo as an investment, that is you plan selling or renting it out, you are required to pay the new builder HST housing rebate back to the builder since this is a privilege to be enjoyed by someone who is moving into the property. This HST portion can always be claimed back once one has rented the property and submitted the new builder housing rebate form to the Canada Revenue Agency.