FAQ
First time home buyer? Investor looking to expand your portfolio? Here’s a list of some of the most commonly asked questions.
[Pre-Construction] What is the difference between Occupancy vs Final Closing?
Occupancy (when you get keys to your new home) and the Final Closing (when you will take title of the property and need your mortgage) are not the same thing. The period between Occupancy and Final Closing is called "Interim Occupancy Period". During this time owners may live in the unit by paying the developer a monthly interim occupancy fee which is comprised of (i) Interest on the unpaid balance of purchase price, (ii) Estimated property tax (iii) Projected common element fees. It's important to note and common in today's market place that the Occupancy and Closing Date DO NOT coincide.
[Buying] Looking to purchase my first home, what's the process?
1. How Much Can You Afford: obtaining a pre-approval before your search will set accurate expectations
2. House Hunting: deciding on the property type, location, nearby landmark and infrastructure
3. Put in an Offer: putting together a winning offer with the right terms and conditions that protects you is important
4. Expert Help: Appraisers, Lawyers, Mortgage Lenders, Insurance Brokers are all integral part to the transaction
5. Time to Celebrate: Welcome to your new home, the release of the keys also represents a new chapter so take the time to celebrate and share the joy with family and friends.
[Selling] What are some cost and fees that I should be aware of if I want to sell?
While amounts and type of fees varies case by case, below is a list of the common expenses for owners.
Realtor's Commission
Legal Fees
Closing Adjustments
Bank Fees
Repairs or Replacements
Home Stage
Moving Cost
Capital Gains Tax
[Rental] What is rent control? Is my unit under rent control?
In Ontario, The Residential Tenancies Act sets out the rights and responsibilities of landlords and tenants. Every year the government provides a rent increase guideline calculated using the Ontario Consumer Price Index. If your building is first occupied after November 15, 2018 then it is exempted from rent control and there is no maximum increase restriction.
Got more questions? Get in touch today.