Pre-con 101: interim occupancy explained

This article provides an explanation of interim occupancy in pre-construction condominiums. During this period, buyers can live in their units but do not yet own them, and must pay monthly occupancy fees. These fees cover the developer's costs and do not go towards the buyer's mortgage, which is paid only after the building is registered and the title is transferred. The length of the occupancy period can vary and is based on several factors, including the interest on the buyer's unpaid balance, estimated municipal taxes, and projected common expense fees. The article also advises buyers to carefully read their purchase agreement, as it will contain information about their occupancy period, and to work with experienced developers with good reputations. Finally, it notes that buyers must obtain permission from the developer to rent out their unit during occupancy, and that they can sell their unit before closing through an assignment sale with the developer's permission.