Builder Square One condos 2014

Parkside condos are new 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)

These days the buyers at The Park Residences and The Grand Park Tower 1 are going through the pre-delivery inspection stage of their suites. What this means is that when the new builder delivers the condominiums to the owners, the time is ripe for the owners to inspect the unit. This is an opportunity for the owners to find out the snags or flaws in the workmanship and report it to the builder.
Almost every big builder is registered under TARION (new builder home warranty corporation by the province of Ontario). The new build condominium comes with a warranty up to 7 years.

What owners can expect at newly built Square One condos?

The PDI is part of your warranty coverage under the Tarion Warranty Corporation (Tarion). It provides the homeowner with the opportunity to get acquainted with details of the new home which ensures that the new home has been completed in accordance with the terms and conditions of the Agreement of Purchase and Sales.
The Move-In Manual is offered by the builders upon interim occupancy. On the occupancy date the owner is allowed to move into the property. He receives the keys, parking remotes and a move-in manual. This manual provides basic information about the building, the unit and its components, instructions and the manufacturer’s information for certain items within your condo (i.e. flooring, plumbing,  security alarm, air-conditioning and heating unit etc.) It should be reviewed to learn various aspects of your new condominium unit.

Property Management at builder Square One condos

Grand Park condos - new square one condos 2014

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.

Interim closing

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.

Occupancy fee

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.

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