interimoccupancy

A GUIDE FOR INTERIM OCCUPANCY In some cases, pre-construction condo buyers will be allowed to move in to their finished unit before the rest of the building is ready. This is known as “interim occupancy,” and it is permitted until the city has determined that the building is secure for occupants. Condo buyers often misunderstand the distinction between temporary occupation and ownership. Occupancy does not automatically imply ownership. Although you may be able to move into your unit before construction is finished and the condominium is registered with the municipality, you will not get title to the unit until after these two steps have been completed. For more information on what to look out for while purchasing a condo in the pre-construction phase, please visit our site. Interim Occupancy Time The duration of a temporary tenancy may range from a few weeks to a whole year. How long you have to wait until you can move in permanently depends on how far along in construction you were when you gained possession of your property. When the local government finds that your dwelling is “fit for occupation,” it will issue a certificate of occupancy. Occupancy compliance with the Ontario Building Code does not equate to full completion. If the builder grants you interim occupancy, it will be because you have an occupancy permission. You are not required to occupy your unit during the interim period, but you may if you so desire. It is possible that the building’s common areas and other units will be undergoing renovations at the same time as your occupancy, so you should be prepared for some noise and inconvenience. As development continues, you’ll be able to stay in the building during this interim occupancy term until the condominium is officially registered. The interim occupation charge Whether or whether you live in the unit during the interim occupancy term, you will still have to pay a monthly fee to the builder. Interest on the remaining amount of the purchase price, predicted monthly municipal taxes for the unit, and projected common cost fees are all factored into this interim occupancy charge in accordance with the Condominium Act’s provisions. The interim occupancy fee is not a reduction in the ultimate condo purchase price but is due and payable only during the interim occupancy period. You can think of your interim occupancy fee as rent. Taking ownership of a condo Until the developer registers the condominium with the city, you do not have legal ownership of your unit. The condo owners form a corporation and select a board of directors to oversee the building’s operations. A portion of the land, including your own unit as well as the shared areas, is sold to you. Once you sign a mortgage, monthly maintenance agreement, and tax documents, you are no longer responsible for interim occupancy expenses. Common areas in your building now have a warrant.