Understanding the difference between ‘Occupancy’ and ‘Closing’
Understanding the difference between your 'Occupancy Date' and your 'Closing Date' is important for understanding what happens when you take possession of your new condo. We've listed the differences below to help you through your journey.
Until registration of the condominium corporation takes place, you can occupy your condo but not legally own it. After the condominium is registered, your condo can legally close. If registration takes place before you take possession of the unit, your Occupancy Date and Closing Date may be one and the same.
- The day you receive the keys to your condo and can begin moving in.
- Start of the "interim occupancy" period.
- No mortgage or payment of full purchase balance is required.
- Property taxes become effective starting on the Occupancy Date and will be back- dated by the municipality.
- The warranty coverage on your condo begins.
- The day on which you receive legal title to your condo.
- End of your "interim occupancy" period.
- Requires payment of full purchase balance (ie. mortgage, if you are getting one).
- Maintenance/condo fees will be collected by the property manager on a monthly basis.