Posted on: 13-08-09 13:44:02
I signed up for an agreement for a pre-con condo due to be ready in 2011 - the builder is reputable and the agreement is pretty standard, I did get a real estate lawyer to look at the agreement however this wasnt pointed out at the time that the meter installation charges are not capped !
I am a little worried and wanted to see what is the amount of $$ I am risking being in a position i am in. where i have agreement of sale and purchase past the cooldown period of 10 days. I am interested to see why do people rush to put caps on the costs, Is it possible that builder may charge whatever they want to for meter installations !? wouldnt it be a standard cost to all the purchasers.
Anyone has any ideas !!?? as to whats the max that can be the cost for meter installation charges ! any and all information as always is much appreciated.
Reputed builders shouldn't be over charging you for meter charges etc. On the other hand, it is always prudent to get all your closing costs capped. This can be done within the cooling off period.
Here are some new builder condo buyer tips http://condopundit.com/wordpress/?p=5
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Originally posted by amit kalia
Reputed builders shouldn't be over charging you for meter charges etc. On the other hand, it is always prudent to get all your closing costs capped. This can be done within the cooling off period.
Here are some new builder condo buyer tips http://condopundit.com/wordpress/?p=5
Thank you Amit, i have referred to the website that you mentioned already from one of the previous posts and must say its extremely helpful. I am just wondering that what could the closing cost top at for a condo that is due to close in around 2012 and cost is approx 300 K today assuming that its not capped !
Closing costs can be 2 to 3 % of your buying price. If you are a 1st time buyer then you can be eligible for Land transfer tax rebate of upto $2,000. If you have bought in Toronto then Toronto LTT shall also apply.
Good luck!
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
