Real Estate

Should we opt for delayed occupancy?

  • Last Updated:
  • Aug 15th, 2019 10:21 pm
[OP]
Jr. Member
Dec 25, 2006
108 posts
8 upvotes

Should we opt for delayed occupancy?

Hello,

We recieved notice that our condo townhouse will be ready for occupancy this Nov but keep in mind that the last day the developer can delay occupancy as written in our contract is Dec 31 2019. However, they are offering us an option for late occupancy around February 2020.

We are not in a rush to move and thought it wasn't so bad of an idea to avoid paying less of the phantom rent as much as possible but will have to sign some documents regarding critical dates.

Is it in our best interest to move in sooner rather than later? Aside from time what does the developer gain by offering is delayed occupancy?

But in the event the developer for whatever reason say they are not ready for occupancy by Dec 31 2019, would we still be eligible for compensation as written in the initial contract or will it be void since we have agreed for the late occupancy in Feb 2020?
1 reply
Newbie
Aug 11, 2019
7 posts
2 upvotes
I believe the developer won’t actually be ready for you to occupy the unit by Dec 31st.

They are hoping to get you to mutually agree to extend occupancy so they can avoid paying you the compensation. (Max is $7,500 if it’s under Tarion, in Ontario).

(Your initial statement of critical dates will be void if you agree to the new occupancy date)

I’m a RE investor and have bought multiple units with various builders, and only one developer in GTA repeatedly tries to get time to agree to a mutual extensions.

Good luck!

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)