When will settlement take place?January 14th, 2020
There are two documents required to be provided by the vendor before your apartment is deemed complete thus triggering settlement. The Registration/ acceptance of the Plan of Subdivision and the granting of the occupancy certificate.
Occupancy Permit: This is issued when the apartment is considered suitable for occupation. An application for an occupancy permit is made to the relevant building surveyor. In deciding whether to issue an occupancy permit, the building surveyor may request certificates or statements from various practitioners involved in the construction of the building to confirm that the work complies with relevant building legislation.
Registration of the Plan of Subdivision: A plan of subdivision allows an applicant to divide land into two or more new parcels of land that can be disposed of separately. This is issued when the Plan of Subdivision is lodged The Land Titles Office for registration. Once the Plan of Subdivision is registered and the Occupancy Permit is achieved, a call for settlement will be triggered. Letters will be sent to your legal representative; requiring you to settle your apartment within the allocated timeframe.
As a purchaser what is required at settlement: Once a settlement date has been confirmed, please ensure that your finances are in place. It is very important to ensure that you are ready for settlement by the due date. Under the Contract of Sale, penalty interest will apply in the event you do not settle by the specified date.