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INTERIM OCCUPANCY AGREEMENT Buyer in ZipLogix Form

INTERIM OCCUPANCY AGREEMENT Buyer in ZipLogix Form

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hey it's not from connelly capital the spring market is a busy time for both NHL playoffs and for new construction condos we often see a large degree of confusion between two critical dates which is the interim occupancy date and the final registration in term occupancy date takes place as soon as the city deems the building is safe and ready for homeowners to move into depending on the project this date can last as long as 24 months during this time the building is still under construction but homeowners are required to occupy the unit this takes place floor by floor from the ground up all purchasers must pay a monthly occupancy fee during this time and this is not credited towards your final purchase price since the suite is technically not owned by you the payments are equivalent to a monthly rent these payments include interest on the unpaid balance of the suite common elements and the property taxes a large point of confusion comes during the financing stage your mortgage

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