Download the Minto Home Care Guide - Condo

16
The Process for Condominium Registration
Minto works with surveyors, lawyers and the municipality to register your
condo as soon as possible, although you should be aware that it can take up
to 6 months after your occupancy date/interim closing to register and close
your condo. Contact your Sales Representative to provide you with an
estimated registration date.
Before a condo phase can be registered:
• All relevant work must pass an inspection that is separate from
the occupancy permit.
• The municipality and utilities must be satisfi ed and sign off on all
the conditions they set out during the condo approval process
(i.e., easements registered) for all the homes in your condo phase.
After the condominium is registered, a turnover meeting must be held to turn
over the condominium documents to the new corporation, and to allow the
owners the opportunity to elect their Board of Directors. Once a condominium
corporation has been established, a Board of Directors takes responsibility
for the management of the corporation’s business aff airs including expenses,
paying bills, arranging for maintenance, hiring staff and managing all income.
Each unit owner has voting rights at meetings. Your voting rights will generally
be in proportion to your unit factor.
The diff erence between your OCCUPANCY date and your
FINAL CLOSING date
Your Occupancy Date, or “Interim Closing”, is the day you take occupancy
(and keys) of your new home.
Your Final Closing Date is the legal transfer of title, when the condominium is
registered. You cannot register a mortgage on your home until the Closing Date.
The occupancy date/interim closing is when you take occupancy of your home,
and it is before the transfer of legal title which is called the “fi nal closing”. Even
though you get your keys on the interim closing, you cannot take legal title
because the condominium is not registered. Also, you cannot register a mortgage
on your home at this point. During interim occupancy you will pay an occupancy
fee to Minto based upon the monthly common expenses, the monthly amount
for land taxes, and interest on the balance of your purchase price.
On your fi nal closing date, your condominium has been registered as a separate,
legally defi ned, 3D space — meaning you own everything from the walls inward.
Under the Tarion guidelines, your statutory warranty for elements inside your
home begins on your occupancy date. The warranty coverage provided to
condominium homeowners is the same as the coverage for freehold homes,
including the one, two and seven year warranties. Your utility charges also
begin on your occupancy date.