STONEWORK LOFTS FAQ
What is included in my purchase price?
Your loft’s purchase price will include the stunning high end standard finishing package, which includes wide plank Exotic Brazilian Sucupira hardwood, granite countertops in the kitchen and bathrooms, ceramic flooring in foyer and bathrooms, series four Aya Kitchens, balconies and one locker, location to be determined by the vendor, for a limited time only (6 appliances) four stainless steel Frigidaire kitchen appliances (stove, dishwasher, fridge and over-stove microwave) and white washer/dryer. Stonework Lofts also includes the GST in the purchase price for qualified purchasers.
What is included in my condominium maintenance fees? What is extra?
Your loft’s maintenance fees cover the day to day running of the building. The fees will be used in part to hire a property management firm that will provide cleaning and maintenance to all of your common areas. Fees will also include your heating, air conditioning and water for individual suites. The condominium maintenance fees includes the maintenance of the roof top terrace, elevator, landscaping, snow removal, grass cutting, window cleaning, fitness room, party room, and the long term replacement and repairs of common areas, as well as a contribution to the reserve fund. You will be responsible for your individually metered hydro charges, phone and cable services, as well as city taxes.
Will I be allowed to barbeque on my balcony?
As you can appreciate the smoke and smell from barbequing on individual balconies may
blow into neighbouring suites and we have found that this causes considerable discomfort to condominium residents. For this reason barbequing will be restricted to the roof top terrace, which will be an incredible outdoor living space including private dining areas complete with stainless steel barbeques. However, barbequing will be permitted on the penthouse terraces.
Will there be bicycle storage?
Yes, there will be bicycle storage located in the parking garage and outside.
What are the amenities that are located at Stonework Lofts for the exclusive use of the residents?
Stonework Lofts will have a an elegant lobby with a sitting area and fireplace, private fitness area, party room/clubhouse and roof top terrace.
What "green" features does your building offer?
We are not a green-certified building, but we do have some very environmentally friendly features; the only formaldehyde free kitchen manufacturer in Canada, higher R value insulation leading to greater retention of heat and cooling, natural-renewable interior and exterior finishings such as stone, wood and brick and all common area lighting to be fluorescent, energy efficient lights.
What is Tarion?
Tarion Warranty Corporation is the new name for the Ontario New Home Warranty Program. Tarion Warranty Corporation is responsible for administering the Ontario New Home Warranties Plan Act, which outlines the warranty protection that new home and condominium builders must provide, by law, to their customers. During your pre-delivery inspection you will receive a home owners information package that outlines the Tarion warranty program.
What is the Deposit structure? How does our Deposit Protection work?
The total deposit is $20,000 per unit. This is paid in three intervals $5000.00 on signing your agreement of purchase and sale, $5000 thirty days later and $10,000 five days after the beginning of construction (the vendor will notify you of this date). When we receive your deposit, which written in trust to our law firm it is deposited into the trust account of Vendor’s law firm. This deposit is guaranteed by Tarion Warranty Corporation up to a maximum of $20,000 in the event that the sale is not completed through no fault of your own. Any additional deposit money is secured under excess deposit provisions of the Condominium Act.
What is the “10 day cooling off period”? When does it start?
Purchasers at Stonework Lofts will have a 10-day cooling off period to reconsider the deal from the time they receive a copy of the signed purchase and sale agreement or the disclosure statement, whichever comes later. This is provided by law, as per the Condominium Act, 1998.
Before we move in to our loft, do we complete an inspection of our loft?
A Stonework Lofts customer service representative will guide you through an inspection of your new loft and demonstrate the functions of your loft’s features (garbage system, electrical breaker panel, common areas and amenities). During the pre-delivery inspection (PDI) you will identify any damaged, incomplete or missing items, or anything which is not operating properly. Our customer service representative will record the items you found on the Pre-Delivery Inspection Form and you will be asked to review this and sign it. In addition, to signing the PDI form you will also be required to review and sign a Certificate of Completion and Possession and Warranty Certificate. This will be forwarded to the Warranty Program.
How is the Tentative Occupancy Date Established?
Your tentative occupancy date is the target date upon which it is estimated in your agreement of purchase and sale that your home will be completed to permit occupancy. This date is dependent usually upon a number of factors: sales level, and commencement of construction.
What is the difference between tentative occupancy and confirmed occupancy date?
Your temporary occupancy date is the target date upon which it is estimated in your agreement of purchase and sale that your home will be completed to permit occupancy. This date is dependent usually upon a number of factors, sales level, and commencement of construction. Three months prior to the tentative occupancy date you will receive a written confirmation of a confirmed occupancy date. The confirmed occupancy date is the date you will be taking occupancy. It is best at this time to start making plans concerning your move. Industry conditions and changes from governmental bodies are the only outside variables that will delay an occupancy. Even though you will be moving into your home on the confirmed occupancy date, you will not be getting title to it at that time, since the condominium will not be registered.
What is Registration?
Registration refers to the formal creation of the condominium corporation. The process is initiated when Stonework Lofts Incorporated submits plans and paperwork to the Ministry of Consumer & Commercial Relations, once all of the units and common elements within the project have been declared substantially completed. The condominium’s declaration and description are ultimately registered in the land titles office, following their approval by the requisite governmental authorities. The entire process may take approximately two to five months following your interim occupancy.
What is Interim Occupancy?
You will be moving into your home on confirmed occupancy, you will not be getting title, since the condominium will not be registered and technically is still owned by the vendor. During this time you will be required to provide a series of post dated cheques for your anticipated occupancy fees, which will be delivered by your lawyer to the lawyers responsible for the closings at Stonework Lofts.
What is the Disclosure Statement and how does it affect me?
The Disclosure Statement is a summary of all the relevant aspects of Stonework Lofts and the documents associated with it. Included will be the proposed Declaration, Bylaws, Rules and Regulations and First Year Operations Budget, together with a copy of the legal description. The Declaration is like a constitution and will list the percentages of each unit’s contribution to the maintenance fees, based on square footage.
Do I need insurance?
Yes, you will require condominium homeowner’s insurance that covers contents and upgrades which are not covered by the condominium corporation.
What is the “10 day cooling off period”? When does it start?
Purchasers at Stonework Lofts will have a 10-day cooling off period to reconsider the deal from the time they receive a copy of the signed purchase and sale agreement or the disclosure statement, whichever comes later. This is provided by law, as per the Condominium Act, 1998.
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