Just curious how the interim occupancy would be lower than the total of these three... The interest on unpaid balance seems to be high (one person said 6.34 another said 7.49%). The estimated monthly taxes - would this be lower than the actual taxes? CE fees - again if 100% of fees is charged this element is not lower as well.This from Condo Authority of Ontario explains - you are NOT paying 'rent' PLUS maintenance fees. See: https://www.condoauthorityontario.c...condo/buying-a-condo/pre-construction-condos/
Interim OccupancyInterim occupancy occurs in pre-construction condo projects when the builder lets the buyer take occupancy of the condo unit before the declaration has been registered and the title can be transferred to the buyer. During interim occupancy, a buyer cannot make mortgage payments until the condo corporation is registered with the Land Registry Office. The builder will advise buyers of their interim occupancy date as the condo building nears completion. On the interim occupancy date, buyers may take occupancy of their condo unit, but they do not own it yet. Ownership of the condo unit can only be transferred once the condo corporation has been registered with the Land Registry Office.
During the interim occupancy period, the buyer will be required to pay the builder an interim occupancy fee, regardless of whether they move into the condo unit or not. The interim occupancy fee cannot be more than the total of:
- The interest (calculated monthly) on the unpaid balance of the purchase price at the prescribed interest rate
- The estimated monthly municipal taxes for the condo unit
- The projected common expenses fees for the condo unit