Townhouse question

[Claudia]

My son is closing his townhouse tomorrow...but there is a snag

Apparently the condimium is not yet registered...so he can move in and rent....until which time it is registered......does this make sense?

His lawyer phoned and he only needs $837.59 to get in tomorrow....the closing costs will come when it is a registered condo.........

He could have stayed renting from me for longer and not paid all this to Mattamy for rent.....

I find this really weird

I will know more when we get out of the lawyers later today

[K.C.]

Is that his only legal option? To rent from Mattamy? If they can't close him on time don't they owe him compensation instead of him paying them more money?

[jrb]

That does sound odd.........

Keep me posted Claudia as I am suppose to close on Oct 15.

[jrb]

i am assuming Mattamy would deduct rent from the purchase agreement when it is all finalized.

How long will it take them to register the condo.....

[CCHIR]

Are there some condo townhomes from Mattamy. I thought they were all freehold. I just purchased mine in May and it is a freehold, I did not even think it was possible to get a condo townhome.

[Danny]

I specifically asked my lawyer about this possibility when he looked over my purchase agreement over a year ago. What I was told then was that because the condo corp is only responsible for the common elements since the property itself is freehold, then this would not be an issue on closing.
Is your sons townhouse a freehold with common elements? Or is it just a condo townhome?
Thanks for the info.

[jrb]

Danny,

her sons townhouse is behind my block...............

[jrb]

Hi CCHIR,

Townhouses in Phase 1 and Phase 6, are "Freehold Common".

Meaning the only thing common is the street and any grass area at the front by Guelph Ave. We own the land etc and are free to fence in our yards etc.

They are "Freehold Common" because we are not on a city street. So, we pay a monthly fee of $35.00

Townhouses in Phase 4 and 4b, are compteley "Freehold" i believe as they are on a city street.

I hope that helps......

[Claudia]

ok..so he can move in today.........but the condo corp has not been registered, so he rents (approx $27 per day) from Mattamy. He is on Gander Lane which does not back onto a "street" so yes he will have to pay "fees" of $32 per month

His original close date was Oct 8th and we asked for it to be moved up because we are going away and wanted to help him move in cause he helped us soooooo much.

The lawyer suggested that the corp will be registered within a month cause they only asked for 1 cheque....if it happens sooner...he will be reimbused the difference. Funny though...even though the corp is not registered....in Mattamy calculations for rent...they included the condo fee of $32

At least he is in now and we can help him. He did so much work helping us with our move I couldn't have gone away and had a clear mind if I had not helped him.

[Danny]

so what happens if a buyer doesnt want the house until the condo is registered? Would he have the option of not taking it without being charged?

I don't understand how this can happen if the house itself is freehold. And then Mattamy charges a condo fee when technically it doesnt exist yet???? How can they get away with this??

[jrb]

Hi Danny,

The bank called me today and asked me if i had been advised by my lawyer of a delay....

Sounds like so many of the townhouses have to have possession in order to register as a condo complex, I believe....

If i hear of anything more I will let you know.

Jason

[KingandQueenof116]

It happened to me for 3 months and my neighbours for 8 months. Basically the buldng is registered as one unit not as individual townhouses. Once all units on the block are completed the city comes out and has to approve the work before grant permission to the builder register them as individual units and therefore being able to transfer ownership. This is happening most likely because the date was pushed up and not all the units are complete. It is in the contract that if such occasion arises hen the buyer is usually charged the balance remaining on the purchase price and is calculated at the current prime rate, they call it an occupancy fee which is more like glorified rent, this money does not go towards the purchase price, at least it didn't in our case. I'm sure about Mattamy. Let me tell you, a month is nothing to wait, mattamy seems pretty good, with Freure we paid 1200 a month for 3 months, my neighbours for 8 months. It literally broke some people financially!

[Claudia]

do they not have to have a condo board of directors? how can they get anyone on the board until people have moved in and have been asked to sit on the board?

[jrb]

Hi Claudia,

I asked my Lawyer about the condo board etc.

My Lawyer said that eventually Mattamy will likely schedule a meeting with the home owners and a board will be set up.

Hopefully Mattamy will give people a lot of notice for this and ensure they are contacting everyone. I am not sure what the time frame will be on this.