When do I get my Keys?

If you’ve got a ton of questions about buying your first home, you’re not alone. Join @RBC_Canada and a panel of 5 experts (including myself, @DavidLFeld!) for the #FirstHome Twitter chat, on June 26 from 9-10 pm. Get answers to your most complicated questions and a chance to win RBC Visa Gift Cards!

 

I am lucky because I get to meet a lot of people in a day.  A lot.  From nervous first time home buyers to ballin’ international investors in Lambos, we always get the same simple question – when do I get my keys?

 

There are legal answers and practical answers to this question.  The practical answer is that for 95% of the time, for resale properties, you can expect to pick up your keys at your lawyer’s office “some time” between 3:30 and 5:00 p.m. ON THE DAY of closing.  So make your MOVING PLANS ACCORDINGLY.

 

Legally, Agreements of Purchase and Sale say that vacant possession must be given to you by 6:00 p.m.  This is why we always give both answers.  So, the legal answer is that you have until 6:00 p.m. to receive your keys (and your new castle should be vacant at that time), but in reality you usually get them around 3:30 to 5:00 pm and can expect that the seller’s MIGHT still be in the property as you arrive.  To avoid the awkward OH SO YOU’RE THE NEW OWNER, OH SO YOU ARE THE GUYS THAT LIVED HERE moment you might want to SHOW UP ON THE LATER SIDE OF 5:00 P.M. AND BOOK MOVERS AND ELEVATORS ACCORDINGLY.

 

This post content is sponsored by Royal Bank of Canada, however the views and opinions expressed herein represent my own and not those of Royal Bank of Canada or any other party and do not constitute financial, legal or other advice.

New Build Condominium – Do You Get Interest On Your Deposits?

The short answer is ‘Yes … but’.  Section 82 of the Condominium Act (“Act”) legislates that the builder (also called the declarant) must pay you interest on any funds you have paid as a deposit towards your purchase.  This is great news for purchasers as we see more and more delays in the completion of new Toronto condominium projects and, as a result, builders holding purchaser deposits in trust for 3, 4, or 5 years and sometimes longer. Continue reading