What is the difference between "occupancy date" and "closing date" - Buying a pre construction condo
When buying a pre construction condo in Toronto there are many things that are flashy, and draw us in initially. Amenities, location, area development, prices, and as I’m sure we have all seen on big poster board signs occupancy date. Sometimes it is hard to believe that this skeleton of a condo will be ready for occupancy in a mere 2 months! – But let me break it down for you, because some terms may be misleading.
There are a few things that one needs to understand about the terms occupancy date, and closing date. These two terms are ones that are sometimes confused, and a little ambiguous as they can change and be a little flexible depending on the delays that occur.
The occupancy date refers the agreed upon date that you and the builder have decided on that your unit will be ready to move in. The builder can set one or more dates, which allows that skeleton of a building to take form if there are delays, or set backs. If there are delays, the builder is allowed to set another occupancy date called the final occupancy date, which can be set to 30 days within completion of the roof. This date can too be shifted to up to 120 days later with written notice if the date cannot be met. Each date that is set, can be extended as long as you are given 90 days notice in writing. If you are not given that you can start the process to claim delayed occupancy compensation.
Now the closing date in pre construction condos means the date that you get the title to your unit. This happens a few weeks (4-6) after the condo has been registered. This includes passing all by-laws, and ensuring that everything is good to go.
As a homeowner buying pre construction, you are protected under the TARION for things related to your condo, but most in reference to this topic, the delays that may occur with occupancy. Builders need to follow a strict procedure if they are extending the occupancy date, and homeowners need to understand their rights when it comes to this.
As pre construction condos in Toronto start to become the norm, fully understanding the terms and conditions of all your rights, and the builder’s rights is important in understanding your positioning within legal limits. It doesn’t have to be complicated, confusing or a huge headache. It shouldn’t scare you away from purchasing pre construction condos in Toronto either.
I can help you understand the differences, and understand all of the terms and conditions that you should know before deciding on purchasing a pre construction condo. Toronto has a lot to offer, and pre construction condos are adding to the landscape and affordability of living in the city. Call me today to book and appointment where we can determine your specific situation and what would be suitable options for you.
Whether you are a first time buyer, or a seasoned buyer, I can help you understand the current market situation, and the future outlook, and what that means for you. The condo market in Toronto is booming, and preconstruction condos are always something that is worthy of an investment. Contact me today and let’s chat!
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Sherry Dabir’s Blogs on all that you need to know about Real Estate and more
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