New condo "Confirmed Possession"

[pancsi]

Hello,

When buying an condominium that is under construction there is usally an expected occupancy date for the unit. However that date is just an estimate. There will be a "confimed possession date" at a later time. I was wondering if anyone knows, typically, how long before the being able to occupy a unit will you be told of this occupancy date? 1 Month, 2 months?

 

[Bentley]

It varies. Some projects end up going 2 years past their expected timeline.

If the project appears to be on time chances are the confirmed possession will be pretty close to the expected occupancy date. but if the project has been plagued with difficulties you could be waiting many months until it's ready.

I'm sure a few members on this board could tell you about some projects that went way past their projected timeline.

 

[VoiceofReality]

Hello,

When buying an condominium that is under construction there is usally an expected occupancy date for the unit. However that date is just an estimate. There will be a "confimed possession date" at a later time. I was wondering if anyone knows, typically, how long before the being able to occupy a unit will you be told of this occupancy date? 1 Month, 2 months?

I don't know if this is std under the Condo Act but it's definitely part of the Agreement of Purchase and Sale. Under the Pre-Construction Condo Agreement I bought recently, it sets out the estimated date. The builder must confirm this date (in writing) at least 4 months from the estimated date and re-confirm no later than 1 month from completion of the roof. This Agreement further provides that the builder has the right to extend the estimated or closing date by a maximum of 24 months from the estimated date in 6 month increments no later than 4 months from the estimated date. It goes on with a variety of additional situations (i.e. a further right to extend the Confirmed Closing date with 65 days notice etc). I believe when it's all added up the right of extension could be 2.5 years but that's ok I am not in a hurry...