Scheduled Occupancy Dates

[Scheduled Occupancy Dates]

Hi, I've bought a suite up the upper floors of a condo that has a scheduled occupancy of June 2008. I've read that since my unit is on the upper floors my occupancy is likely to be months after that? Can someone explain how this works and how it relates to when I need to get my mortgage/move in? Thanks.

 

[mattrx]

Hey ... When building high rises, you notice they build from the bottom up (big surprise), as such as they may still be pouring concrete, installing windows, etc ... on the upper floors, they may actually start installing walls, bathrooms, kitchens, etc ... on the lower floors.

The builder will generally set the occupancy dates for each floor or set of floors at a time, starting with the lower floors since they are completed first. Since you are on the upper floors, your occupancy date may be later than the lower floors ...

In terms of your move in/occupancy date that will be determined by the builder. Since you bought in a new condo, you dont actually pay your mortgage until the building is registered. From your occupancy date until the registration or final closing date you will have to pay occupancy fees to the builder. When the building is registered, that is when you start to pay your mortgage ...

Having a later occupancy date isnt necessarily bad, the less occupancies fees you have to pay

Hope this helps

 

[Observer Walt]

^ Having said all of that, be aware as well that the "scheduled" date is nothing more or less than a "best estimate", at least until such time as construction is well under way. Construction almost never begins until the project has been at least 60% sold, as banks won't advance money prior to that point. Other unanticipated delays may also occur of course, before or during construction.

Your Agreement of Purchase and Sale will contain some small print which basically allows the builder to defer closing, subject to giving you notice within specified time periods. Hopefully you will have read this.

Don't make final arrangements to move out of your existing accommodations until you are quite sure of your move-in date at the new place. (Sorry if it sounds like I am stating the obvious, but some people have learned this the hard way :\ )

 

[Greg29Toronto]

Once the developer gives you a firm, 60-day occupancy date, you are *usually* good to go. Until then, sit tight and be patient.

 

[Re: Scheduled Occupancy Dates]

Thanks for all the replies!

 

[RageXP]

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