Alexandra Park Condos

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.

If you move into your condo unit before the rest of the building is complete, this is what is known as the interim occupancy period, which lasts until the time when you are officially an owner (closing). The interim occupancy period can last up to six months, depending on the progress of construction. As the condominium is still undergoing construction, residents can occupy completed units at their discretion during this time. The homeowner is required to pay interim occupancy fees regardless of whether they move in during this period. Taxes, condominium fees, and interest charges on the remaining purchase price are included in the interim occupancy fee. Following the interim occupancy period, you will be informed of your final closing date. The final closing involves the transfer of ownership, and the building is then officially registered.

Final Closing occurs after interim occupancy and is when the title of ownership for the condo unit is transferred to the buyer. At closing, all units in the condominium building will be complete and interim occupancy fees will be ceased. In the final closing, buyers are required to pay closing costs, which include, but are not limited to, land transfer tax, legal fees, and HST rebate.