Buying a new home is an exciting time and it is important to remain informed during the process.
Below are your most frequently asked questions.
Why buy a home in its planning stages?
Purchasing a condo in its planning stages helps you save substantially on the purchase price and allows you to make selections to customize your suite in terms of floor plans, locations within the building and upgrade options.
What are the specific advantages of purchasing a "New" home.
The advantages of purchasing a “New” home include:
- Clean: A home that is new results in less repairs, less maintenance and therefore, less costs.
- Customization: Choose your own decor and finishings in order for your home to reflect your own style preferences.
- Warranty Protection: TARION Warranty Corporation
What is the Tarion Warranty Corporation?
Tarion is a government regulated organization which regulates/licenses all builders and vendors of new homes in Ontario, and provides the following safeguards and benefits to all new home purchasers, including:
- Deposit protection of up to a maximum of $20,000
- Provides a one-year all purpose warranty against defects in workmanship and materials
- Provides a two-year “power train” warranty against defects regarding the electrical, plumbing and heating delivery/distribution systems, as well as violations of the Ontario Building Code’s health and safety provisions
- In addition to providing warranty coverage for the individual unit, (up to a maximum of $150,000), Tarion provides warranty coverage for the common elements of the condominium, (up to a maximum of $2.5 million)
- Protection against major structural defects
- Protection against substitutions of key elements in a new home made without the purchaser’s approval, in those cases where the agreement of purchase and sale expressly allows the purchaser to make choices regarding such elements
- Provides compensation to purchasers for delayed closings
See tarion.com for details of warranty coverage and limitations.
What is involved in establishing my interim occupancy date?
Your interim occupancy date is the target date upon which it is estimated in your agreement of purchase and sale, that your home will be completed to permit occupancy. This date is dependent upon numerous factors, including the achievement of a threshold level of sales to permit the commencement of construction of the condominium building, and the particular location of your suite. You will be kept up-to-date on the progress of the development, and will be given a revised occupancy date, once it has been established by the builder. Even though you will be moving into your new home on the firm occupancy date, you will not be getting title to it at that time, since the condominium will not be registered.
What Is Registration?
According to the Condominium Corporation, registration is complete once the builder’s plans and paperwork are submitted to the required governmental authorities and all of the units and common areas within the project have been completed within a reasonable capacity. The condominium’s declaration and description are registered under the land titles office, with the approval of the necessary governmental authorities. The registration process can take an estimated time between three to six months of closing your interim occupancy.
Does LDG Have The Right To Extend The Occupancy Date?
Yes. LDG has the right to extend the occupancy date prior to the original date provided that a minimum of 90 days notice is given and it is within 30 days of the roof assembly. LDG can extend the final tentative occupancy date by a maximum of 120 days, provided that a written notice of 90 days is given before the original date. In the case that the final extension is necessary, the occupancy date status will change from final tentative to firm.
Please note that as defined by the Tarion warranty, “the builder is not responsible for delays caused by strikes, fires, civil insurrections, floods or Acts of God.”
What can I expect at interim occupancy?
• An occupancy agreement must be signed 5-10 days prior to your firm occupancy date.
• Post-dated cheques for your anticipated occupancy fees must be supplied to LDG by your lawyer.
What is a Homeowner Orientation (HOO)?
Your Homeowner Orientation is the statutory Tarion PDI Inspection of your new home and serves as an orientation to learn all about your new home, it’s care and your community.
We spend the time to make sure you are fully oriented into the condo lifestyle and your new home.
When do I receive my keys?
Your keys will be provided on the date that you take possession of your newly purchased home and are included in the closing package delivered to you by your Concierge, when applicable.
Closing Package Contents:
• Two sets of keys for your home
• Two sets of mailbox keys
• Access fobs for common areas
When Is Final Closing?
Final closing is the date upon which you will receive title to your home (unit), and will occur approximately four to six weeks after the condominium (including all requisite by-laws) has been registered.
What is involved in final closing?
One can expect the following on final closing:
• The purchase and sale transaction governed by your agreement of purchase and sale will be completed in accordance with the statement of adjustments prepared by LDG. This will account for outstanding occupancy fees, realty taxes, common expenses, etc.
• Once the payment for the outstanding balance of the purchase price is made, your lawyer will receive a deed/transfer of title to your home (for ultimate registration).
What are the factors involved in establishing my move in date?
Your moving day is established based on the orderly system starting with the lower floors and finishing at the Penthouse. It is common for corridors and lobby areas to remain unfinished to avoid damage to the final finishes.
What are the benefits of purchasing a locker?
Lockers are used to store large items which do not require access on a regular basis. Typical contents include seasonal items such as bicycles, ski equipment or holiday decorations. Lockers benefit the homeowner by freeing up valuable living space in your home.
Is it available to purchase extra parking or locker units?
Just as each LDG community is unique and different, so are the parking and locker requirements for each community. Therefore a certain percentage of homes must be sold before LDG can determine the exact number of parking and locker spaces available. At this point, the purchaser will be contacted to make an appointment in order to select an additional unit, if available.
Purchasers should seriously consider their present and future needs when making these decisions and keep in mind that parking spaces and lockers are not available for rent from the Property Management firm or LDG after the condominium residence is complete.
Can I select my own colours and finishes?
Your ability to select colours and finishes depends on the status of your home.
Pre-Construction Condominiums: Colour selection begins shortly after the commencement of construction. You will be contacted by a Home Matching Representative to arrange for an appointment. At this time you will have the opportunity to make selections regarding colours and finishes (such as carpet, tiles, cabinets and countertops) and upgrades or specialty items.
Completed Homes: LDG will have selected some of the finishes and colours for your suite.
Do I need to purchase property insurance?
Yes. It is the homeowner’s responsibility to obtain a condominium homeowner’s insurance package to cover contents and betterments. This is not provided by the Condominium Corporation.
What is an amendment?
An amendment is a formal document to change any part of your original Agreement of Purchase and Sale. Amendments must be completed four weeks prior to occupancy and must be accepted by both LDG and the Purchaser and cannot alter any other portion of the Agreement.
I am interested in a High Ratio Mortgage Insurance by CMHC. What do I need to qualify?
Mortgage insurance is required if your down deposit is less than 25% of the purchase price and protects the lender against payment defaults. Mortgage insurance is purchased through your lender therefore requirements vary.
The following requirements need to be met to qualify for mortgage insurance:
• The home being purchased must be your principal residence.
• Credit and income requirements vary on financial institution.
Insurance Premiums apply. Please speak with one of our Sales Representatives for further details.
Are pets permitted in my new home?
As a general rule, pets are not permitted in LDG condominiums. However, please refer to the regulations and rules as they pertain to the specific building of interest.
Let’s Build Your New Home
Speak to one of our Sales Representatives to learn more about existing communities and available residences.
75 Cascade St., Hamilton, ON
+1 (905) 637-4400