FAQ
What are the advantages of buying a “new” home?
There are many advantages of buying a “new” home including:
- Selecting décor and finishings that cater to the buyer’s satisfaction and personal tastes
- Less maintenance as the home is clean and new, which also results in fewer repairs and expenses
- Set purchase price of your home
- Home warranty
Do I need a lawyer?
Yes, you do need a lawyer.
What is a condominium?
A condominium is a private residence within a larger complex. Condominium residents own the space inside the interior walls, floors and ceilings of their unit but share common areas and amenities with their neighbours.
What is Freehold POTL (Parcel of Tied Land)?
Your townhouse is freehold with a common element laneway, therefore classifying it a POTL.
Is there legislation governing condominiums?
Yes, there is legislation governing condominiums. In Ontario, The Condominium Act 1998, came into effect in May 2001 and regulates most aspects of the condominium formation, purchasing, living in and governance.
Who gets title to a condominium?
Only the purchaser gets title to a condominium.
What do I own outright?
You own the interior of the unit, the parking spot and locker if purchased.
What do I own in common with other owners?
You own the common elements with other owners which include everything in the project other than the units.
Why would I need a locker?
Lockers are used to store additional belongings or off-season gear like bicycles or ski equipment that are not used on a regular basis. They allow homeowners to store items without taking up living space within your home.
Can I buy extra parking or locker units?
Yes, subject to availability. Please contact Shannon Innes si@metropia.ca.
Am I free to sell my unit?
Please refer to your Agreement of Purchase and Sale and review whether or not you have an assignment clause. If you have any questions please contact Jade Hung jade@metropia.ca.
Am I free to lease my unit?
Please refer to your Agreement of Purchase and Sale and review whether or not you have a right to lease. You cannot advertise your unit on MLS or any public search engine until after your occupancy date occurs. If you have any questions please contact Jade Hung jade@metropia.ca.
What is the Condominium Corporation?
A Condominium Corporation is made up of the owners of the units of a condominium and allows individuals to own property while sharing the cost of maintaining common elements. Once the registration of a Condominium is complete, a Board of Directors is elected to manage the corporation’s business needs.
What is an Amendment?
An amendment is a change or addition to your original Agreement of Purchase and Sale. They must be accepted by both Metropia and the Purchaser and must be completed a minimum of four weeks prior to occupancy.
What happens at interim occupancy?
At interim occupancy, you pick up your keys, take possession and can move in to your unit but title has not yet been transferred. Your title will be transferred at final closing.
How is your interim occupancy date established?
Your interim occupancy date is established when construction is completed and has been approved for occupancy by the municipality.
What happens on final closing?
On final closing, title is transferred to the purchaser(s) and you now legally own the unit. If you have a mortgage, it will now take effect.
When is final closing?
Final closing is the date where title of your home is transferred from the developer to the individual purchaser(s) upon final proceeds received to the builder solicitor.
If you have any questions on final closing date, please reach out to Shannon Innes si@metropia.ca.
If you have any questions on final closing date, please reach out to Shannon Innes si@metropia.ca.
How is my moving day established?
You can move in on your occupancy date and booking the moving elevator is required with the on-site property manager.
What is registration?
Registration is when the building has been registered with the municipality and the Condominium Corporation has been established.
Does Metropia have the right to extend the occupancy date?
Builders do have the ability to extend occupancy dates as per the Tarion statement of critical dates in your Agreement of Purchase and Sale.
Will Metropia assist in the management of the property?
Metropia will hire a property management company and once a condominium is registered, a Condominium Corporation is formed and they make decisions going forward.
How will the project be managed afterwards?
It will be managed by third party property management at the direction of the condo board.
What is the Tarion Warranty Corporation?
Tarion is an organization empowered by the government of Ontario that ensures buyers of newly built homes in Ontario receive the coverage they are entitled to under their builder’s warranty.
Visit www.tarion.com for details of warranty coverage.
Visit www.tarion.com for details of warranty coverage.
When does my home warranty expire?
Your home is covered under the standard Tarion warranty. For more information regarding home warranty, go to https://www.tarion.com/homeowners/your-warranty-coverage/warranty-outline.
Who maintains my unit?
You maintain your unit.
Who do I call regarding building maintenance and operation?
You contact the property manager regarding building maintenance and operation.
Who can I contact if I have problems with my new suite/home?
Contact your on-site customer service office about any problems with your new suite or home.
How are deficiencies actually handled?
Your unit is covered under the standard Tarion warranty and if you have any deficiencies, you should notify your on-site customer service office.
Who maintains the common elements?
The property manager maintains the common elements.
What is a PDI (Pre-Delivery Inspection)?
PDI is when home owners have the opportunity to review their home prior to taking possession to make sure there is nothing missing or deficient.
How many one-on-one appointments will I have with my Design Consultant?
Generally speaking, there will be one appointment scheduled with our Design Consultant.
What comes with my new home and are there any options for me to select from?
All Agreement of Purchase and Sale documents include a 'Features and Finishes' schedule which outline the standard options that come with your new home. Typically, our sales office will have colour boards on display to give you an overview of the colour schemes available, however our Décor Studio will be outfitted with additional options to upgrade.
Why do I need to finalize my selections so early in the process?
As I’m sure you can appreciate, the coordination of the construction of your new home takes a lot of scheduling and organization therefore it is important that when it comes time for your appointment, we need to makes sure all selections are finalized. This will ensure that your choices can be accommodated.
How do I make payment for my upgrades?
Payments are by cheque and made payable the lawyer in trust.
I would like to make a relatively minor alternation to a wall. If I am willing to pay for it, can you accommodate my request?
That is dependant on the site and what stage of development we are in when the request is made.
Am I allowed to purchase my own appliances or materials?
No, you are not allowed to purchase your own appliances or materials as it is a liability issue.
How should I prepare for my décor appointment?
Preparing for your décor appointment can seem overwhelming, but we are committed to make the process easy and enjoyable.
Prior to your appointment we do recommend that you establish a budget of what you want to spend should you choose to upgrade some options. Another useful exercise is perusing home style magazines for ‘looks’ that appeal to you which will make your colour selection process less arduous.
For additional information on how to prepare for your décor appointment, check out http://metropia.ca/how-to-prepare-for-an-upgrade-appointment/
Prior to your appointment we do recommend that you establish a budget of what you want to spend should you choose to upgrade some options. Another useful exercise is perusing home style magazines for ‘looks’ that appeal to you which will make your colour selection process less arduous.
For additional information on how to prepare for your décor appointment, check out http://metropia.ca/how-to-prepare-for-an-upgrade-appointment/
When do I get my keys?
You receive your keys on your occupancy date.
Where do I get my keys?
You get your keys at the customer service office in the building.
Can I buy extra parking or locker units?
Yes, you can buy extra parking or locker units subject to availability. Please contact Shannon Innes si@metropia.ca.
Am I allowed to have pets?
Please take a look at your condo disclosure for rules and regulations regarding pets.
Does my purchase include HST?
Yes, your total purchase price includes HST and the base price is net of HST. If you have questions regarding the HST rebate, please speak to your lawyer or accountant.
What amount do I pay of common expenses?
The amount of common expenses you pay are in the condo disclosure.
What property taxes and utilities am I responsible for?
You are responsible for realty taxes, as well as heat and hydro, water utilities, cable and phone.
Do I need to buy property insurance?
Yes, homeowner insurance is required for occupancy as per your Agreement of Purchase and Sale.
What insurance coverage is provided on the condominium project?
Homeowner must have insurance on the unit and contents insurance.
Do I qualify for a high ratio mortgage insurance by CMHC?
Please speak to your lawyer, accountant or realtor for details on your mortgage.
Who do I call if I still have questions?
Please reach out to Shannon Innes si@metropia.ca, our Director of Customer Relations.
Who can I contact if I need to change my personal information?
Please reach out to our Sales Administration, Jade Hung jade@metropia.ca or our Director of Customer Relations, Shannon Innes si@metropia.ca
FREQUENTLY ASKED QUESTIONS
Condo Glossary
Agreement of Purchase and Sale (APS)
An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a property. The buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are met. The APS will include the floor plan, schedules, personal décor selections, and more.
Board of Directors The Board of Directors is a group of homeowners who are elected to serve the interests of those living within the community. Board members can be elected for the following roles: President, Vice President, Director at Large, Treasurer, Secretary.
Certificate of Completion and Possession (CCP) The Certificate of Completion and Possession includes information that is specific to your home and will include the address of the home, enrolment number of the home, pre-tax price, and the date of possession.
Closing Closing is when you take possession of your home on your occupancy date.
Common Elements Common elements are all the areas within a community that are not exclusively owned. Examples include the parking garage, roof, amenities, hallways.
Condominium Corporation The Condominium Corporation, created under the Condominium Act, represents the interests of all unit owners and allows individuals to own property while sharing the cost of maintaining common elements. Once the registration of a Condominium is complete, a Board of Directors is elected to manage the corporation’s business needs.
Condominium Declaration A condominium declaration is a collection of documents that creates the Condominium Corporation. The declaration defines the units and common elements of the corporation and specifies the boundaries of them. It also usually has conditions with regards to the use and occupancy of the units and common elements.
Condominium Ownership Condominium ownership involves two parts: 1) separate ownership and title of your home and 2) shared ownership by all homeowners the costs of maintaining and repairing common elements
Disclosure Statement A disclosure statement is a document that provides important information about the future of the condominium.
Exclusive Use Common Elements Certain common areas which homeowners have the exclusive right to use, such as patios and balconies.
Final Closing Final Closing is when the title of your home is transferred to you after the project is registered as a condominium. It typically occurs around 4-6 weeks after registration of the building as a condominium.
Final Tentative Occupancy Date The final tentative occupancy date is determined once the roof is completed for your community and is determined no later than 90 days before your Tentative Occupancy Date. A Final Tentative Occupancy Date could be extended once, by a maximum of 120 days.
Firm Occupancy Date Once your Occupancy date is firm, there are typically no further changes to your date. Your firm occupancy date will only change in the case of an unforeseen emergency.
Homeowners Insurance Homeowners insurance is required through your Agreement of Purchase and Sale. It provides relief if an event that is covered damages your home, property or personal belongings but it is important to understand your policy to ensure that you are protected.
Board of Directors The Board of Directors is a group of homeowners who are elected to serve the interests of those living within the community. Board members can be elected for the following roles: President, Vice President, Director at Large, Treasurer, Secretary.
Certificate of Completion and Possession (CCP) The Certificate of Completion and Possession includes information that is specific to your home and will include the address of the home, enrolment number of the home, pre-tax price, and the date of possession.
Closing Closing is when you take possession of your home on your occupancy date.
Common Elements Common elements are all the areas within a community that are not exclusively owned. Examples include the parking garage, roof, amenities, hallways.
Condominium Corporation The Condominium Corporation, created under the Condominium Act, represents the interests of all unit owners and allows individuals to own property while sharing the cost of maintaining common elements. Once the registration of a Condominium is complete, a Board of Directors is elected to manage the corporation’s business needs.
Condominium Declaration A condominium declaration is a collection of documents that creates the Condominium Corporation. The declaration defines the units and common elements of the corporation and specifies the boundaries of them. It also usually has conditions with regards to the use and occupancy of the units and common elements.
Condominium Ownership Condominium ownership involves two parts: 1) separate ownership and title of your home and 2) shared ownership by all homeowners the costs of maintaining and repairing common elements
Disclosure Statement A disclosure statement is a document that provides important information about the future of the condominium.
Exclusive Use Common Elements Certain common areas which homeowners have the exclusive right to use, such as patios and balconies.
Final Closing Final Closing is when the title of your home is transferred to you after the project is registered as a condominium. It typically occurs around 4-6 weeks after registration of the building as a condominium.
Final Tentative Occupancy Date The final tentative occupancy date is determined once the roof is completed for your community and is determined no later than 90 days before your Tentative Occupancy Date. A Final Tentative Occupancy Date could be extended once, by a maximum of 120 days.
Firm Occupancy Date Once your Occupancy date is firm, there are typically no further changes to your date. Your firm occupancy date will only change in the case of an unforeseen emergency.
Homeowners Insurance Homeowners insurance is required through your Agreement of Purchase and Sale. It provides relief if an event that is covered damages your home, property or personal belongings but it is important to understand your policy to ensure that you are protected.
Interim Closing
Interim closing occurs if your community has not yet become a registered condominium corporation. You take occupancy of your unit but it is before the transfer of legal title since the condominium is not registered. During interim occupancy you will begin to pay a monthly occupancy fee based on the common expenses, taxes and interest on the unpaid balance of your purchase home.
Maintenance Fees Maintenance Fees are fees that you pay monthly for your contribution to the operation of the building. These fees are typically calculated based on the percentage of ownership that is attributed to each unit that can be owned within the condominium. These fees contribute to the overall expense of running the building and are mostly calculated on a square footage basis.
Mortgage Approval Mortgage Approval must be provided within 30 days of signing your Agreement of Purchase and Sale.
Mortgage & Financing Most homeowners need financing to complete their final closing. It is best to discuss with your financial advisor, realtor and lawyer the different options and what would be best for you.
Occupancy Date Occupancy Date is when you take legal possession of your new home and are able to move in.
Occupancy Fees Occupancy fees are to be paid by a purchaser to a builder to live in the suite on a month-to-month basis until Final Closing. These fees include monthly maintenance fees, monthly realty taxes and monthly interest on the balance of your purchase price.
Occupancy Fees – Cross Phase Expenses A Cross Phase Expense is a common element expense that is in a different phase of your community and are required to pay if additional items, such as a locker or parking spot, were purchased
Outside Occupancy Date An Outside Occupancy Date is the latest date that an Occupancy Date can be extended to.
Registration/Condominium Corporation Registration is when the Condominium’s Declaration and description are formally approved by the City and a Condominium Corporation number is issued, forming the Condominium Corporation.
Reserve Fund A reserve fund is a fund that the Condominium Corporation sets aside to cover the large repairs of the common elements of the condominium.
Stub Period/Stub Payment Stub Period covers the first payment of Occupancy Fees and is paid by a certified cheque at Interim Closing.
Tarion Tarion is an Ontario government organization that ensures buyers of newly built homes in Ontario receive the coverage they are entitled to under their builder’s warranty. Visit tarion.com for details of warranty coverage
Tentative Occupancy Date Tentative Occupancy Date is an estimated target date that your unit will be complete and you can move in. Occupancy Dates go from Tentative, Final Tentative and then Firm. The tentative occupancy date is the most optimistic date of completion and there could be multiple changes as construction progresses.
Title Insurance Title Insurance protects you and your lender’s against losses relating to a home’s title. This insurance is optional but common for new home buyers.
Title/Taking title Title means you have legal ownership of the unit and occurs at Final Closing
Maintenance Fees Maintenance Fees are fees that you pay monthly for your contribution to the operation of the building. These fees are typically calculated based on the percentage of ownership that is attributed to each unit that can be owned within the condominium. These fees contribute to the overall expense of running the building and are mostly calculated on a square footage basis.
Mortgage Approval Mortgage Approval must be provided within 30 days of signing your Agreement of Purchase and Sale.
Mortgage & Financing Most homeowners need financing to complete their final closing. It is best to discuss with your financial advisor, realtor and lawyer the different options and what would be best for you.
Occupancy Date Occupancy Date is when you take legal possession of your new home and are able to move in.
Occupancy Fees Occupancy fees are to be paid by a purchaser to a builder to live in the suite on a month-to-month basis until Final Closing. These fees include monthly maintenance fees, monthly realty taxes and monthly interest on the balance of your purchase price.
Occupancy Fees – Cross Phase Expenses A Cross Phase Expense is a common element expense that is in a different phase of your community and are required to pay if additional items, such as a locker or parking spot, were purchased
Outside Occupancy Date An Outside Occupancy Date is the latest date that an Occupancy Date can be extended to.
Registration/Condominium Corporation Registration is when the Condominium’s Declaration and description are formally approved by the City and a Condominium Corporation number is issued, forming the Condominium Corporation.
Reserve Fund A reserve fund is a fund that the Condominium Corporation sets aside to cover the large repairs of the common elements of the condominium.
Stub Period/Stub Payment Stub Period covers the first payment of Occupancy Fees and is paid by a certified cheque at Interim Closing.
Tarion Tarion is an Ontario government organization that ensures buyers of newly built homes in Ontario receive the coverage they are entitled to under their builder’s warranty. Visit tarion.com for details of warranty coverage
Tentative Occupancy Date Tentative Occupancy Date is an estimated target date that your unit will be complete and you can move in. Occupancy Dates go from Tentative, Final Tentative and then Firm. The tentative occupancy date is the most optimistic date of completion and there could be multiple changes as construction progresses.
Title Insurance Title Insurance protects you and your lender’s against losses relating to a home’s title. This insurance is optional but common for new home buyers.
Title/Taking title Title means you have legal ownership of the unit and occurs at Final Closing
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