Having bought my first condo as resale, I was completely new to the "Interim Occupancy" process. Let me explain, typically, a condominium project will first have what is called an interim occupancy. During the interim occupancy period, the purchaser must “occupy” the unit and pay the developer a monthly amount comprised of the monthly common expense, interest on the deferred purchase price and an estimate of the apportioned realty taxes (apportioned monthly). Occupancy will take place as soon as the municipal authority issues the developer permission to begin occupancy.
Confusion-central? At first, yes, but once I signed a lease for my own condo, I chalked the Occupancy Fee up to rent. Luckily the builder has asked for only January's payment and no additional post-dated cheques (knock on wood he won't!), so concievably the firm condo sale will go through this month.
For the period of January 6 - 31, I have paid $644.22 to cover the Occupancy Fee. And I'm hoping come a few weeks I'll be paying off a mortgage instead!
That sounds like a strange phase indeed! At the very least, you're spending it living in your condo, even though it technically isn't yours yet. I'm buying a resale condo, so I get the keys on closing day.
ReplyDeleteThis does sound confusing.
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