I JUST BOUGHT MY FIRST BRAND NEW HOUSE! NOW WHAT?
Credit: Downsizing Diva
You recently managed to get your hands on an off-plan property directly from the builders. The model house you went to see was very close to what you imaged your dream home to be like. It is your first time purchasing a brand new house and you do not know what the process is like. Here are some terms that might relate to you.
Pre Delivery Inspection (PDI)
- The PDI is typically scheduled a week or two before Occupancy or Interim Occupancy.
- This is the first chance for you to see what your new home or condo will look like.
- The main purpose of the PDI is to document all damaged, incomplete or malfunctioning items. These deficiencies are recorded on a PDI form and the builder will try to correct these items prior to your move in date.
- Use your PDI meeting to become familiar with electrical and mechanical services, heating and cooling systems and other amenities like home alarms, central vacuum systems and built-in appliances.
Are you moving into a new house?
You will have an occupancy/possession/closing date when…
- You get the keys to your new house and can move in.
- Your house is ready for occupancy, but work may still be underway on the outside of your house (landscaping, driveway, sidewalks, etc.).
Are you moving into a new condo?
You may have an interim occupancy date when…
- You take possession and receive keys to your suite, mailboxes, common areas and access cards for the parking area.
- You can move in any time after this date and may be required to pay an occupancy fee to the builder until your suite is registered.
- Your suite is ready for occupancy, but work may be continuing on common areas (lobby, elevators, hallways) and other suites in the building.
You will have a final/closing/unit transfer/registration date when…
- You receive title to your suite. Registration cannot begin until the building is substantially complete.
- Final payment or mortgage arrangements must be in place.
As your Occupancy or Interim Occupancy date is closer, you will be contacted by a representative of the Builder who will provide the name and number of a customer service person who will have the most up-to-date information about construction and closing dates.
Congratulations on the new property purchase and good luck with the PDI and closing!
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