649 replies to this topic

[Victoria Watcher]

You know that your gas line is going to break in an earthquake right? You have matches in your emergency kit, right?

 

of course i do.  they provide the much-needed light i require in order to locate the gas leak in the dark.

[magmazing]

Got notification of my closing date yesterday. 

 

Anyone have any advice or checklist of what needs to be done in the next couple weeks I have left?

 

- I've signed some documents for my mortgage. So that ball is rolling

- The lawyer has been contacted.

- My down payment funds are ready

- Still trying to figure out who to go with for insurance and what coverage I need without knowing what the strata's insurance policy is.

- Anyone have experience with BC Hydro? I'm totally new to having an account. Am I supposed to link an existing electrical connection request? Or start a new one? And if it's a new one is it an "Express" or "Design" connection?

- I'm lucky that I currently live at my parents home so I don't have to scramble to make moving arrangement or rush to change my address for various accounts. 

[Mike K.]

Congrats, mag!

Regarding Hydro, call them and they’ll get you sorted. It’s super straight forward.

[RustyNail]

Got notification of my closing date yesterday.

Anyone have any advice or checklist of what needs to be done in the next couple weeks I have left?

- I've signed some documents for my mortgage. So that ball is rolling
- The lawyer has been contacted.
- My down payment funds are ready
- Still trying to figure out who to go with for insurance and what coverage I need without knowing what the strata's insurance policy is.
- Anyone have experience with BC Hydro? I'm totally new to having an account. Am I supposed to link an existing electrical connection request? Or start a new one? And if it's a new one is it an "Express" or "Design" connection?
- I'm lucky that I currently live at my parents home so I don't have to scramble to make moving arrangement or rush to change my address for various accounts.

Congrats!

It sounds like you're pretty much ready except for unit insurance.

I'm not yet decided on unit insurance either. I think the big thing is to ensure that you have coverage up to the building's insurance deductible amount. The Vivid's building insurance isn't ready yet but Jackie with the Vivid sales team sent me a cut sheet of the Yates on Yates insurance info (deductibles, etc.). The Vivid's is likely going to be nearly the same. Email the sales team and ask for it or send me a PM and I'll try and get it to you.

Regarding Hydro: speak with Jackie at Vivid sales. She told me that I cannot setup with BC hydro until the developer has setup and registered each of the units with BC Hydro. She said that they would send out info for getting the utilities set up closer to closing. So they should have this info ready now.

Did your closing notice come with any further instructions and prep steps? I know the last VIVID comm email had a few notes about key turnover and scheduling move in.

You going to run for council? Haha.

Edited by RustyNail, 21 April 2021 - 10:13 PM.

[magmazing]

Congrats!

It sounds like you're pretty much ready except for unit insurance.

I'm not yet decided on unit insurance either. I think the big thing is to ensure that you have coverage up to the building's insurance deductible amount. The Vivid's building insurance isn't ready yet but Jackie with the Vivid sales team sent me a cut sheet of the Yates on Yates insurance info (deductibles, etc.). The Vivid's is likely going to be nearly the same. Email the sales team and ask for it or send me a PM and I'll try and get it to you.

Regarding Hydro: speak with Jackie at Vivid sales. She told me that I cannot setup with BC hydro until the developer has setup and registered each of the units with BC Hydro. She said that they would send out info for getting the utilities set up closer to closing. So they should have this info ready now.

Did your closing notice come with any further instructions and prep steps? I know the last VIVID comm email had a few notes about key turnover and scheduling move in.

You going to run for council? Haha.

 

Jackie gave me the Yates strata insurance policy sheet. Most of the quotes I got cover me up to $25,000 on the building's insurance deductible. Should it be $50,000? Super new to this and things are still kinda gibberish to me. Quoted premiums I got were $554, $600, $635, and $878 with $25,000 coverage on the strata's deductible. The 5th quote with $50,000 coverage was $825

I went with $70,000 personal property and $2,000,000 liability

 

The other thing I couldn't provide an answer to brokers was whether Vivid's policy would be separate from the Yates or if there would be one combined policy because it's all one strata corporation.

 

The closing date notice email tells you your date and that notice has been delivered to your legal representative. Though the email to my lawyer with documents which I was cc'd on arrived after I got the notification email... The email suggests contacting your financial institution. 

You're provided a link to book your 30-minute key pickup appointment or reply to the email if you want the keys couriered. It also provides a link to book your 3-hour move-in window.  That's it. 

 

The 5 or 6 documents included in the email that's sent to you and your legal rep has one pdf with a page that tells you what storage locker number and bike parking spot you've been assigned as well as what parking spot you get if you bought one. 

Edited by magmazing, 21 April 2021 - 11:16 PM.

[MarkoJ]

I haven't covered all the condo insurance topics but I've started with this video explaining things a bit https://m.youtube.co...h?v=lLt8QH8h51A

[Mike K.]

^Oh yeah, that’s good.

[victoriahomefan]

You have a south facing unit - did you happen to snap any pics of the 3rd floor outdoor green space between the two buildings?

 

Sorry, didn't get any photos of the green space. I can't even remember looking down...too surprised with the water views I guess. I wish I had taken more photos in general, but it sounds like we'll all be moved in within a matter of weeks. Very exciting. 

 

Looking back at the contract, the closing date window was Feb to May 2021. Very pleased that we are aiming to hit that range! 

[RustyNail]

Jackie gave me the Yates strata insurance policy sheet. Most of the quotes I got cover me up to $25,000 on the building's insurance deductible. Should it be $50,000? Super new to this and things are still kinda gibberish to me. Quoted premiums I got were $554, $600, $635, and $878 with $25,000 coverage on the strata's deductible. The 5th quote with $50,000 coverage was $825
I went with $70,000 personal property and $2,000,000 liability

The other thing I couldn't provide an answer to brokers was whether Vivid's policy would be separate from the Yates or if there would be one combined policy because it's all one strata corporation.

The closing date notice email tells you your date and that notice has been delivered to your legal representative. Though the email to my lawyer with documents which I was cc'd on arrived after I got the notification email... The email suggests contacting your financial institution.
You're provided a link to book your 30-minute key pickup appointment or reply to the email if you want the keys couriered. It also provides a link to book your 3-hour move-in window. That's it.

The 5 or 6 documents included in the email that's sent to you and your legal rep has one pdf with a page that tells you what storage locker number and bike parking spot you've been assigned as well as what parking spot you get if you bought one.

Did you go with the insurance quote that covers up to 50 000 for the building's deductible? I think that is what I will go with. I don't want to get caught in a water damage situation where the Strata Insurance deductible gets charged to my unit and my insurance isn't high enough to cover it.

Did you go to a broker or use a comparison website?

Also, did Vivid provide you with the insurance info for the building yet? I think the Vivid and Yates will have separate policies to be honest - I feel like Jackie would have mentioned it if they were to be combined.

Anyway, you must be a day or two away from closing! How has the process and the last week been?

You must be excited!

[RustyNail]

Sorry, didn't get any photos of the green space. I can't even remember looking down...too surprised with the water views I guess. I wish I had taken more photos in general, but it sounds like we'll all be moved in within a matter of weeks. Very exciting.

Looking back at the contract, the closing date window was Feb to May 2021. Very pleased that we are aiming to hit that range!

Agreed, the time lines have been pretty close for this project. I signed the contract expecting that there would be many months delay past the completion date. I'm pleasantly surprised by the accuracy of the timeline.

Also, the homeowner info sessions held by Chard over Zoom were great too.

Edited by RustyNail, 27 April 2021 - 05:05 PM.

[magmazing]

Did you go with the insurance quote that covers up to 50 000 for the building's deductible? I think that is what I will go with. I don't want to get caught in a water damage situation where the Strata Insurance deductible gets charged to my unit and my insurance isn't high enough to cover it.

Did you go to a broker or use a comparison website?

Also, did Vivid provide you with the insurance info for the building yet? I think the Vivid and Yates will have separate policies to be honest - I feel like Jackie would have mentioned it if they were to be combined.

Anyway, you must be a day or two away from closing! How has the process and the last week been?

You must be excited!

 

I'm going with a quote with 50,000 for the water deductible and $75,000 for the earthquake loss assessment deductible. 

 

A friend who used to work in insurance advised me to go with a larger insurance company like Intact, Northbridge or Aviva. Intact only goes up to $25,000 on the strata deductible. The place I'm going with is part of another insurance company that is in the process of being bought by Intact. So I was like, "I guess that works..."  

 

Only issue I'm having is that the broker isn't exactly fast at responding to me. I called the agent today to say yes to going with them and was hoping to have forms to fill out/sign... but nope... Nothing in my inbox yet.

 

The insurance thing has been the most frustrating part. I have a phone meeting with the lawyer in a couple days. 

[Mike K.]

I’d switch brokerages immediately.

Think about it. You’re about to give them money and they don’t respond. What do you think will happen if you have a problem?

[Barrrister]

I agree with Mike, switch immediately. It tends to go downhill after they get your cash.

[RustyNail]

How did the insurance thing work out?

My closing is May 11th. One of the closing packages Chard sent to my lawyer states that closing documents must be submitted at least 4 business days BEFORE closing... which would mean May 5th (wednesday). Was it similar for you Magmazing?

Presumably my lawyer will need me to sign stuff by Wednesday? Or does he submit them without my signature and then I sign them on May 11th? Likewise, will my lender and lawyer work together or do I need to "liaise" between them? They each have the other's contact info.

I will be asking them both (lender and lawyer) these questions tomorrow but I'm curious what normal process is.

[magmazing]

How did the insurance thing work out?

My closing is May 11th. One of the closing packages Chard sent to my lawyer states that closing documents must be submitted at least 4 business days BEFORE closing... which would mean May 5th (wednesday). Was it similar for you Magmazing?

Presumably my lawyer will need me to sign stuff by Wednesday? Or does he submit them without my signature and then I sign them on May 11th? Likewise, will my lender and lawyer work together or do I need to "liaise" between them? They each have the other's contact info.

I will be asking them both (lender and lawyer) these questions tomorrow but I'm curious what normal process is.

 

I was sent a "binder of insurance" letter on Wednesday. Still haven't received the insurance paperwork to sign yet.

 

My unit closes today (Monday) and I should hopefully be picking up the keys tomorrow. Signed mortgage docs on the 21st, Lender rep sent legal docs to the lawyer directly. Lawyer gave the option to sign all the lawyer documents last Thursday or Friday. Ended up signing them Thursday.

[RustyNail]

I was sent a "binder of insurance" letter on Wednesday. Still haven't received the insurance paperwork to sign yet.

My unit closes today (Monday) and I should hopefully be picking up the keys tomorrow. Signed mortgage docs on the 21st, Lender rep sent legal docs to the lawyer directly. Lawyer gave the option to sign all the lawyer documents last Thursday or Friday. Ended up signing them Thursday.

Was the "binder of insurance" for the building's insurance (I still haven't received this yet) or for your personal condo insurance?

Congrats by the way, you're so close!

[magmazing]

Was the "binder of insurance" for the building's insurance (I still haven't received this yet) or for your personal condo insurance?

Congrats by the way, you're so close!

Just my personal condo insurance. 

[RustyNail]

Just my personal condo insurance.

Ah okay. Thanks.

Managed to get the updated strata insurance policy/summary from the property manager. You were correct in a previous post: the strata insurance policy is combined into one policy for both buildings.

Edited by RustyNail, 03 May 2021 - 12:46 PM.

[magmazing]

Ah okay. Thanks.

Managed to get the updated strata insurance policy/summary from the property manager. You were correct in a previous post: the strata insurance policy is combined into one policy for both buildings.

Can you DM me the new strata policy?

[RustyNail]

Can you DM me the new strata policy?

Done. Sent you a Google Drive link to it. DM me if you can't access it.