What People are Asking us
Do I pay a higher price if I use a Platinum Producer to purchase a unit at Daniels Erin Mills project?
No, the prices are the same, using or not a Platinum Producer. The builder compensates directly the Platinum Producer based on their current sales program policies. There is not impact on the sale price for the buyers.
The benefit of using a Platinum Producer are: You are being represented by a knowledgeable Real Estate Broker which is able to advise you from an independent point of view about the better units, best layouts, best future value for your investment, the best exposure, pros and cons about sizes, prices, cost of carrying, and a mathematical financial advice about the future return on your investment.
The answer is connected to many factors in consideration: your personal motivation, the use for investment or end user, personal financial position, your life style, and your future plans in the horizon of your investment.
Do the following calculation: a) Square Footage of the unit, not counting the balcony and multiply by $0.49, b) Add $45 per parking, and c) Add $12 per locker. Example: for Hazelton model, 1 bedroom, 1 washroom, 595 Sqf x $0.49 = $291.55 + $45 + $12 = $348.55/month
You get: Hot Water, Cold Water, Central Air Conditioning, Heating, Full use of Common Elements and amenities area, 24 Hours Concierge, Building Insurance, Parking, and Locker.
You are responsible for the cost of Electricity (to run your unit lighting, appliances, and any device you have plugged), your Cable-TV, Phone, and Internet.
The first year condominium maintenance fees are basically warranted by the builder as per the Condominium Act during the first year of operation. If there were any deficit during the first year of operation then the builder will be covering any deficit as long they are properly justified. After the first year of operation the Board of Directors elected by the unit owners will be setting the budget for the second year and make any adjustment if necessary for the normal operation of the building. As there are many contracts involved in the operation of a building (like concierge, common areas cleaners, elevator maintenance, exterior window cleaning, garage power wash, snow removal, landscaping, electricity bill for common areas, gas for heating, electricity for central air conditioning, etc.) usually the contracts are affected by the rate of inflation and it is expected to be increased in the future years based on that factor.
The municipal taxes are estimated as 1% of the purchase price, as per the builder. For example, your purchase price is $300,000, then your annual taxes will be $3,000, which is $250/month.
If I am buying as an investment property, how I can find a tenant for my unit and who can take care of managing the property on my behalf?
We are in the real estate market for a complete solution. We can help you finding a good qualified tenant, do the interview/verification of references process, and provide you with a report for you to be able to make an informed decision. Once the tenant has moved in, we can continue managing the relation with your tenant along the term of the tenancy. Our fees are fairly set as the in the rental market industry, and we always take care of a good treatment to our past and recurrent clients in term of applicable fees.
You can reach, Juan Santos, Broker of Record, Daniels Erin Mills Platinum Producer, Office: 905-232-5000, Cell: 416-881-5826. Available 7 days, and able to answer any question by phone, or meet with you based on an appointment.
Your Daniels Erin Mills Platinum Producer will be available to answer any question you may have during the whole purchase process, including the understanding of the purchasing documents, structure of deposits, warranties from the builder, Pre-Delivery inspection, and all the next steps until you get final ownership of your unit.
The construction period is estimated to be approximately 2 years, meaning Summer of 2016. At the moment of signing your purchase documents you will get a date when the builder is ready for delivering the unit to you. Such date is around Summer 2016, and the assignation of occupancy dates are usually done from the lower floors first progressively to the higher floors.
You will be notified a date near the occupancy date which is to conduct a Pre-Delivery Inspection with a representative from the builder. Your Daniels Erin Mills Platinum Producer is available to be present with you at this meeting to help you making notes about any minor deficiencies that can be present after the unit has been built and prior to your occupancy date. At the end of the meeting you will receive a report of the deficiencies found at the unit as part of the Home Warranty Program from Tarion. Those deficiencies will be addressed by the builder for you to receive a unit in a good workmanship construction matter.
This project is registered under the Home Warranty Program from Tarion. Tarion is an independent organization who looks after the warranties from builders for new built units. The process is well described at Tarion website, and has different warranty periods, like 30 days, 1 year, 2 years, 5 years, 7 years, 10 years. For each warranty period there are items that are warrantable by the program.
At the moment of signing your purchase documents you will receive a full copy of all the documents related to your particular purchased unit plus the Disclosure Statement documents from the Condominium Corporation which will be created after builder registration. During the first 10 days counted from the date of signing the purchase, called the Rescission Period, you can review the documentation alone, with your Daniels Platinum Producer, or with lawyer. If during those 10 days you find that the unit is not a good fit for you due to any reasons including financing approval, lawyer’s opinion, or any personal reason, you are entitle to return the purchase documents and have your deposit cheque back without penalties, of course you will be signing a form called Rescission Form where you acknowledge returning the unit and Disclosure Documents and is not more liable for the purchase. At this moment the builder can re-assign the unit to a new purchaser.
Yes, during the 10 days Rescission you should look for mortgage financing for the purchased unit. You can use your own mortgage representative, or your Daniels Platinum Producer can recommend you at least a couple of choices for obtaining your mortgage approval. You have to take in consideration that the mortgage approval should be valid for the extension of the construction period, which is until Summer 2016.
You have the option to have your lawyer reviewing the purchase documents including the Disclosure Statement to guide you through the many pages you are receiving. Your lawyer will be able to explain you in easy terms about what is included in the unit, what are the common elements, what is the budget for the Condominium Corporation, warranties, datelines, and obligations from each party. You can use your own lawyer, or your Daniels Platinum Producer can recommend you some good lawyers that can guide you in the legal matters.
Six to nine months before from your occupancy date you will get contacted by the builder’s Décor Center for an appointment to choose the color or type of items in your unit, like flooring, counter, ceramic tiles, kitchen cabinets, faucets, etc. At this meeting you are also able to select some upgrades, if you wish to have any, from a selection of options. Of course upgrades will have an extra cost. By personal experience, your Daniels Platinum Producer can advice you that you don’t have to do upgrades in your unit, as the standard quality of finishes are very good.
There are some costs involving in the closing of the transaction. The most relevant closing costs are: a) Land Transfer Tax (your Daniels Platinum Producer can calculate you this cost), b) Builder’s closing costs (using a Daniels Platinum Producer has the advantage that the builder closing costs are capped to a fix amount, so you know what exactly you are paying for them in advance, this advantage is for limited time and subject to be changed by the builder, so get in contact with your Daniels Platinum Producer for more updated information), c) Any charge applicable by your mortgage provider, if any, d) Lawyer’s fees and Legal Costs (your Daniels Platinum Producer can help you estimate those costs).
My life have changed during the construction period, am I able to resell my unit prior to the time of title transfer/ownership?
Yes, there is a way to handle this type of event in your life. The topic requires a more careful explanation of how this can be handled. Your Daniels Platinum Producer can explain you in more detail, which is one of the many advantages of working with a Daniels Platinum Producer, call: 905-232-5000 or Cell: 416-881-5826.