I've just received my Power of Attorney documents. What do I do?

Once we email you your Power of Attorney ("POA" ) documents, all you need to do is:

• Print three (3) copies of the attached POA (on legal sized 8.5" x 14" paper); 
• Attend at a notary's office and ensure you initial the bottom of every page and sign the last page;
• Make sure you attend at the notary's office with at least one witness (who is not yourself);
• Have the one witness initial every page and sign the last page; 
• Have the notary initial every page and sign and seal the last page (as a witness); 
• Have the notary write a letter confirming he/she has examined your identification and is satisfied as to your identity.

Fax them immediately and courier the original documents to our office.

Now that i've decided to use Feld Kalia to purchase my condo from a builder, what do I need to do?

If you like what you hear and you are thinking of retaining F|K, here is what we will need from you:

• Advise if you are a first time home buyer (i.e. you have never owned a property anywhere in the world);
• Email us with the full name of each individual that will be going on title; 
• Email us with the phone number and email address of each individual that will be going on title;
• Email us with the date of birth for each individual that will be going on title; 
• Email us with the Marital status and/or relation to of each individual that will be going on title;
• Email (preferred) or fax two pieces of I.D. (both sides) for each individual that will be going on title.  The first piece of I.D. must be a photo I.D. (preferably a driver's license) and the second can be a credit card (or something like that).  If you are faxing the documentation, please write the numbers below the cards as faxes usually come through quite dark.  A Health Card is not acceptable for privacy reasons.  Your lending institution requires that we provide them with this information in order to advance the funds;
• Email or fax a cheque of yours marked "void" (from the account that will be used to pay your mortgage); 
• Email us with your lending institution's (mortgage) information including contact information (email address as well); and Provide our contact information to your lending institution.

Once we have these answers, we will send you an update via email with the next steps.

How does the GST rebate work with new builds?

If you (or a blood relative of yours) are going to be living in the unit (i.e. qualify for the rebate), you get a rebate but MUST assign it immediately back to the builder (so it's a wash). This is the industry standard.

If you are not going to be living in the unit (or either is a blood relative of yours) then you not only do NOT get the rebate, but you MUST also pay (as part of the builder adjustments) the amount of the GST Rebate which will be added as an adjustment on closing. See below:

The builder of my new condo has sent Interim Closing Papers. What is our next step?

Once we receive notification from the builder that your Interim Closing is going to take place, we will email you the builder's documentation. You will not have to do or sign anything just yet. These documents will be signed at our office when we meet.  We will set a time to meet at our office prior to your closing that is convenient for you.

As such, the goal of our meeting will simply be to sign the Interim Closing Documents we have received from the builder and to obtain further deposits and/or Interim Occupancy Fees ("rent") from you.

What is an Interim Closing and why does it happen?

If you are purchasing a condominium and it is a new build, you will likely have an Interim Closing.

An Interim Closing occurs because the Municipality has authorized people to occupy the premises. During an Interim Closing, the developer/vendor cannot give you “title” to their property (this is normal and expected) as the Municipality still has to inspect the premises to insure that the builder has delivered exactly what its original "Registered Site Plan" represented.

The municipality normally takes up to 4 months (this can vary from 4 months to two years) to inspect the premises and survey etc., to insure that the builder has conformed to what it represented. Once the Municipality completes its "due diligence" the builder's lawyer will "register" the building which is the second closing (Final Closing date aka Unit Transfer Date) at which time you will receive "actual" title to your property and the builder will get its money. This is also when your mortgage funds will 'kick in'.

During Interim Occupancy Period, you will pay what we like to call “rent” or what the builder likes to call “Interim Occupancy Fees”. These fees will not go towards your final payments to the builder on the Closing Date – they act just like rent.  The “rent” is comprised of an estimate of taxes, condominium fees and a monthly interest payment (based on the Bank of Canada Act rate at the time) on what you have not put down so far. 

This is all normal.  But it’s good to know.

What is the Interim Statement of Adjustments?

This only applies to condominiums that you are buying from a builder.  

Typically, one to two weeks before the Interim Closing of your purchase, we will provide you with the builders "Interim Statement of Adjustments." This document will ask you to prepare post-dated cheques for interim occupancy fees (rent) and any further deposits to be made.

Please note that we can only provide you with numbers once we receive this document from the builder's/seller's/vendor's lawyer. We will provide this document to you, along with the next steps, via email immediately upon receipt of same.

Upon receiving the document we will set up a meeting at our office to sign the relevant paperwork.   This meeting will take 10-15 minutes and can occur any time up from the receipt of the document until the morning of your closing, but no later than 10:30 a.m.

You will receive your keys, more often than not, from the builder's site office on the day of the interim closing, typically, between 3:30 p.m. to 5:00 p.m.  Once the keys are available for pick up - we will notify you immediately.

I just received my final closing date for my purchase from a builder. What happens now?

At this time, you should advise your lender of this date so that things move smoothly for you and so that we are well aligned for your closing date.   Kindly confirm to us once you have advised your lender of this date.  

What happens once my mortgage funds are received?

Once your mortgage funds have now been successfully received we will then completed the banking on your file.  Your closing documentation, along with the funds, will be dispatched by courier to the vendor's lawyer.  We will also have your keys on site.

We then simply wait for the electronic registration to take effect and you will be able to pick up your keys!

What happens on the day of closing?

On the day of closing, F|K is doing a lot to get you your keys.  You don’t have to worry – we have it covered.

Once your mortgage funds have been successfully received by us, we complete the banking on your file.  Then, your signed closing documentation, along with the funds you have given us, along with the mortgage funds, will be dispatched by courier to the vendor's lawyer.  We will also have your keys on site in most cases.

We then simply wait for the electronic registration to take effect and you will be able to pick up your keys!  This typically occurs between 3:30 p.m. and 5:00 p.m.  We will advise you the second your keys are ready for pickup.

What is a "relative" for the purposes of GST/HST new housing rebates?