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Condominium buying advice Continued from Page 4 point is not fully explained to customers THE MOVE IN SURPRISES Once the building is substan tially complete the builder will advise you that you may take possession of your unit You go to your lawyer expecting to pay the purchase price however because the building is not complete and registered as a condominium the builder cannot convey title to you Instead you will be asked to pay an interim occupancy fee This was outlined in your book but in many cases was not fully explained What it means is that you will be paying part of the builders mortgage that he has Survey Completed Thursday February J MORTGAGE RATES ANNUAL INTEREST Rates Bunted Are For Boar Mortgages SIX MONTH ONE YEAR mo YEAR THREE YEAR FOUR YEAR FIVE YEAR TRUST COMPANIES Canada Trust NA 1125 1175 1175 1175 1150 Municipal Trust NA 1125 1150 1150 1175 NRSRoyal Trust 1125 1125 1150 1150 1150 1150 CHARTERED BANKS Bank of Commerce 1125 1175 1175 1175 1175 Bank of Montreal 1125 1175 1175 1175 1175 Bank of Nova Scotia 1150 1125 1175 1175 1175 Royal Bank 1125 1175 1175 1175 Toronto Dominion 1150 1125 1175 1175 This survey was prepared to help the Herald Homestyle readers track weekly Bank and Trust Company rates taken out on the whole project The amount of fee will be deter mined by the builder and It will have been outlined in the offer It could be at a certain rate of in- or be determined by the rate of the prime rate as established by the bank In addition to the interim oc cupancy fee you will also pay the monthly maintenance fee It should be noted that none of the interim occupancy fee goes against the purchase price In ef fect you are a tenant until the building is registered Title for your unit cannot be conveyed to you until the building is registered Many people ask When can the building be registered This will only happen when the building is complete and the builder has applied to register the building There does not have to be any number of units sold If there is a problem with the builder registration could be delayed for quite some time A good example of this is where the builder is experiencing financial problems It is not inconceivable to think that the project might not be registered for many months HOW CAN YOU AVOID THE SURPRISES Start by checking out the builder and his past experience Know your legal rights Consult with your lawyer before signing the offer Last but perhaps most important use the services of a realtor that you feel comfortable with and have faith in Condo living can mean new freedoms and a wonderful lifestyle but remember check out all the options first This article written by Doug and of Brand Realty Inc You know that old phrase Take a picture- it lasts longer Well if I walk into the kitchen one more lime and see Kyle or Belinda hanging onto the fridge door while ihcy stare endlessly at its contents thats exactly what Im going to do Im going to take a daily Polaroid picture of the interior of the fridge and stick it up on the wall with the caption Now Playing or some thing like that To use another wellworn phrase if I had a nickel for every time Ive yelled Close the fridge door well you know the saying Id be rich Decide what you want and then open the door adds Em my wife Examining the contents of the fridge is almost a mystical expe rience for our 14yearold twins who can stare sightlessly for what seems like hours at the same collection of halfempty cat food tins pop bottles and sandwich fixins But I dont know what I want until I sec ii Kyle or Belinda will wail and this always reminds me for some reason of when I tell them io look up a word in the dictionary instead of asking me how to spell some thing and Kyle says How can I look it up if I dont know how to spell it Well surely you can figure out the first syllable which is basically all you need to get started and in the same vein surely he must have at least a vague notion of what his stomach requires before opening the door Anyway more to the point maybe what I should do is put up a poster of how much it costs to run an appliance like a fridge and charge them cents for every 10 seconds the door is opened Ill give them a free seconds to start with As a matter of fact you can get a poster from The Hydro which not only tells you how to figure out the cost of running an appliance but gives you the average wattages and approxi mate costs of running about common appliances I wonder if anyones ever thought of making a refrigerator with a seethrough door This newspaper in conjunc tion with Ontario Hydro is bringing you Phils Basement to help bring home ideas on how to save energy To receive the brochure Electricity And How You Use It call Ontario Hydro at 18002639000 and tell them Phil sent you FARM EQUIPMENT ED STEWARTS EQUIPMENT SALES SERVICEPARTS 25 Erin 8339384 8339616 WINDOW REPAIRS Custom Vinyl Wlndowi J 348 St Georgetown at Knottiest Centre next to Art Effects HANDYMAN SPECIALIZING IN- Masonry Renovating 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