Completion Date and Interim Occupancy
My apologies for many questions as purchasing a presale condo unit is way way more complicated that I throught, and I kind of regret making this decision 4 years ago when I just moved to Canada.
My condo is about to close but when I google for the procedure, a new term "interim occupancy" pops out and seems very scary (to me). From what I understand, interim occupancy is like renting the unit from the developer because I haven't legally owned it so I will still be paying the mortgage interest + strata fee + other fees during the period, and worst case it may last many years.
So on the latest notice from my developer, they're telling me the "completion date" is some day in Augest. Does that mean the start of "interim occupancy", or by that day I will be legally own the unit? Is Closing and Completion referring to the same process? And normally will there be any other fee that will surprise me (in a bad way) during completion?
I'm in BC. Thank you very much!
My condo is about to close but when I google for the procedure, a new term "interim occupancy" pops out and seems very scary (to me). From what I understand, interim occupancy is like renting the unit from the developer because I haven't legally owned it so I will still be paying the mortgage interest + strata fee + other fees during the period, and worst case it may last many years.
So on the latest notice from my developer, they're telling me the "completion date" is some day in Augest. Does that mean the start of "interim occupancy", or by that day I will be legally own the unit? Is Closing and Completion referring to the same process? And normally will there be any other fee that will surprise me (in a bad way) during completion?
I'm in BC. Thank you very much!