New Condos Collingwood

It is common for a condo unit to have an interim occupancy period between moving into the unit and the closing date (the final closing). Interim occupancy periods can last from 4 to 6 months, depending on construction progress. Upon completion of construction, the units will be available for occupancy. The homeowner must still pay interim occupancy fees even if they move into the home during the interim period. Other than taxes and condo fees, interim occupancy fees also include interest on the remaining purchase price. After the interim occupancy period is over, the final closing date will be notified to the buyers. A closing will result in the building’s registration, and ownership will transfer to the buyers.

Investing in a new condo development has many benefits, including the ability to customize your unit, earn a profit, and save money. Buyers can customize their units by changing features such as flooring and lighting or by requesting upgrades. Upon completion, the condo unit’s value will also increase, resulting in a profit for the seller. Additionally, buying a pre-construction condo can help buyers save money since they avoid bidding wars that may cause them to go over budget.

Land transfer tax is the tax paid by the buyer of a new home when buying land or an interest in land in Ontario. Taxes are paid by the buyer after the transaction has closed. The amount paid to the government will vary based on the type and cost of the property. Rates can range from 0.5% to 2.5%. In some cases, first-time buyers may be eligible for a refund of land transfer taxes. In the process of buying a home, a real estate lawyer can help you arrange how land transfer taxes will be paid.