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View Full Version : CAP for meter installation charges


inassod
Aug 18th, 2009, 07:35 PM
I have seen people usually put a cap on the adjustment section of the closing costs for condos (particularly meter installation charges etc). the ones who have these clauses open (i.e. not capped at the time of sigining the agreement - are they exposed to a huge $$$ risk ? Just wondering that by not capping these costs did i make a huge mistake, most of the other buyers got a cap @ 5K, Just wondering how much more than 5K can i be juiced by the builder for these charges only as i did not cap mine ?

Is there anything that can be done after the cool down period has finished !? Thanks for all the input in advance.

randomthoughts
Aug 18th, 2009, 09:12 PM
I don't think there's anything you can do about it now. However, I don't think you need to be too concerned. The costs are supposed to be based on actual costs incurred by the builder, with no profit associated. So I think you would have grounds to dispute should they get excessive.

The other thing is that some other units' buyers probably asked for the cap, right? It would be difficult for the builder to justify charging you more than them.