What is ‘interim occupancy’ when buying a pre construction condo?

 

What is Interim Occupancy?

When buying a new condo you will likely be introduced to something called “interim occupancy”.

To keep it simple, you will have to move into your condo BEFORE you actually own it and so you will have to pay the builder an interim occupancy fee. Think about it like paying rent to the builder to live in the unit until you can actually  own it and start making mortgage payments.

The amount of the interim fee is set by the Condominium Act and will vary from buyer to buyer depending on various factors.

For more specific information about interim occupancy and what it involves you should be sure to speak to a lawyer.

-written by: Andre Munroe

 

Andre MunroeAndre Munroe is the official lawyer of Ottawa Condo Network. He specializes in condominium sales and purchases under the local law firm Kelly Santini. Click here to read his bio or to contact him directly.

 

 

 

 

Leave a Comment

Your email address will not be published. Required fields are marked *