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  #1  
Old 2008-04-30, 11:15 AM
nwilliams nwilliams is offline
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Default Mews - interim occupancy?

Hi everyone,

I just got off the phone with my lawyer who has told me Mattamy (in spite of the 4 month delay) still has not managed to get there legal docs in order and I will be taking possession as an 'interim occupancy'.

I'm not 100% sure how this works, and didn't find my lawyer very useful of the subject. Just wondering if anyone could shed some light on it.

As I understand it so far, my mortgage will not start until the interim occupancy is complete, and until then I will be paying 'rent' to my builder. I am of the impression that the rent being paid only covers the taxes and utilities associated with the lot, and that the builder cannot profit in any way from this transaction, but I am unsure.

Also, if I am 'renting' who is responsible for water, hydro, etc? Will Mattamy be turning these things or? Do I need to revise my schedules with the gas & hydro people?

Thanks in advance!
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Old 2008-04-30, 11:25 AM
wickedlady08 wickedlady08 is offline
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I would think that you'd be responsible for the utilities since you'll be using the heat, water, hydro.

Interium means you don't own your condo/village home yet but since you can live in it you must pay for living expenses. I heard of people buying condos downtown and living in them for 6 mnths or move before the builder transferred the ownership over. I think it has to do with the legality of it all. From my understanding in a highrise they must have sold so many units before they can start transferring over or something like that. I read an article on that subject awhile back. I have never bought a condo so this info was all new to me. Interesting to say the least.
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Old 2008-04-30, 11:28 AM
mart242 mart242 is offline
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What happens if the house burns down? Who pays? Your builder? Your insurance? Who pays for your furniture to be replaced?

(ie: you might want to check with your insurance company before agreeing on this)
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Old 2008-04-30, 11:33 AM
daveyc daveyc is offline
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Quote:
Originally Posted by wickedlady08 View Post
I have never bought a condo so this info was all new to me. Interesting to say the least.
I'm pretty sure this situation is different. The village homes in Mews are freehold, not condos. The deal with condos is that they cannot transfer the building to the condo association until a certain # of units are finished.

Just sounds like Mattamy dropped the ball on getting their legal docs in order. Yet another strike against them.

After a 4 month delay you think they would have been able to get things done properly?
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Old 2008-04-30, 11:34 AM
nwilliams nwilliams is offline
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Quote:
but since you can live in it you must pay for living expenses.
This is the part that confuses me. Does this mean I pay the prop. taxes etc, or does this mean I pay rent just like a I would to a landlord, where they are profiting from the exchange.

If they are profiting from this transaction I will be very angry.
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Old 2008-04-30, 11:40 AM
wickedlady08 wickedlady08 is offline
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I don't think they should profit from it, that would be wrong. Your lawyer should be able to asnwer those types of questons. That's what you are paying her for. If she deals in real estate she must know!
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Old 2008-04-30, 11:47 AM
kobayashi kobayashi is offline
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You must be sort of disappointed in your lawyer.
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Old 2008-04-30, 11:49 AM
bmcnally bmcnally is offline
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You could even ask Mattamy. See what their take is on it of who pays what/who then verify with your lawyer (who should know as others have said)
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Old 2008-04-30, 11:52 AM
nwilliams nwilliams is offline
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Quote:
You must be sort of disappointed in your lawyer.
lol ya. They spent about 10 minutes dodging my questions and using 'lawyer speak' which confused me a fair bit. I finally gave up, and will be calling Mattamy today.
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Old 2008-04-30, 11:56 AM
mart242 mart242 is offline
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Quote:
Originally Posted by nwilliams View Post
lol ya. They spent about 10 minutes dodging my questions and using 'lawyer speak' which confused me a fair bit. I finally gave up, and will be calling Mattamy today.
I'd say time to change lawyer.. your lawyer should be there to act in your best interest, not dodge your questions.
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