Final Closing occurs only after the Condominium is registered within the local municipality and through the Land Registry Office, and will be the milestone upon which you will legally own your new home. Various milestones lead up to the transfer of ownership of your new home from your Builder to yourself. This transfer will allow for the concurrent transfer of mortgage funds to your Builder and transfer of title to named purchasers on your APS. As your Builder, we aim to complete this title transfer as quickly as possible.
Condominium Registration
The Registration of The Condominium Corporation is the process in which the Condominium’s proposed Declaration and Description are approved by the City, thereby allowing the creation of a Condominium Corporation under the Condominium Act. The Corporation is guided by a democratically elected Board of Directors consisting of homeowners, and is responsible for administering the operation, maintenance and repair of the common elements and assets of the condominium. The Corporation’s registration number will also be issued at this point.
Final Closing
After Registration of The Condominium Corporation, a sequence of events follows to allow for the transfer of title from your Builder to yourself including:
- A Condominium Corporation is created at the Land Registry Office.
- The land is divided into Units, and unit owners elect a Board of Directors to manage the Condominium Corporation.
- The land is divided into Units and Common Elements and ownership of the unit is transferred to you. At Final Closing, approximately 4-6 weeks after Registration, the Title of your home will be transferred to your name.
- You stop paying Interim Occupancy fees and start paying your mortgage, monthly maintenance fees, and taxes.
- The warranty on the common elements of your building begins.
- If your Occupancy Date is after Registration, you will bypass the Interim Occupancy Period and move straight into a Final Closing.
- A Condominium Turnover Meeting will be held within 30 days of the Closing date. At this time, the Unit Owners will elect a Board of Directors to manage the Condominium Corporation. At this time, our team will also turn over all applicable documents and files to the Condominium Corporation as a formal transfer of all applicable material.
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Our Customer Care team is happy to assist you should you have
any questions specific to your home purchase or process.
any questions specific to your home purchase or process.
PHONE: (905) 278-8030 ext. 210
