Interim Closing process

[illusion]

In a new condo, what actually happens during the interim closing date period and what does the paper work and move in process entail.

What is the interim rent is and when does the mortgage payment starts ?
Any unexpected surprises ?

I would apprecaite if people who been through the process can highlight me.

Thank you.

 

[dpylyp]

Interim closing

Your Lawyer is the best source of information because [they] should have the contracts;

Interim closing or occupancy date; you now start paying occupancy rent at the rate stablished in your purchase and sale agreement. Occupancy date is triggered by an occupancy permit.

Once the building is registered then the actual closing takes place, the balance of your downpayment given to your lawyer (if any), Bank posts their mortgage, all is paid to the builder.

Additional charges I have seen are hydro meter deposits (turn it on)
Parkland Dedications ( tree planting )

You will also have a variety of GST rebate forms to deal with.

I am sure others on the forum will be able to add to this.

 

[dpylyp]

Pylyp

Phillip but no F So, Pill UP would be great
Thank God my Father didn't name me Otto That would really be a palindrome.