Closing date Is the estimated occupancy date for the building to be complete by the developer. Before final closing, you have “Interim Occupancy “which is the time when every floor moves in, floor by floor and you do NOT close on the mortgage until the building is fully moved in and the condo corporation is registered. During Interim occupancy, you pay a monthly fee which is similar to your mortgage payments until final closing. These monthly fees do not go toward your principal of the mortgage. For investors, this can be a good thing because they have a longer time to close. If you have a clause in your agreement (which we can arrange with our exclusive developer relationships) you may be able to rent your unit during the interim occupancy stage.
Delays are normal but make sure to speak to us so we can answer any of your questions regarding closing dates on pre-construction developments.
With our strong relationships with Developers, we are able to get our clients into Pre-Construction developments before the general public. This means that you will be getting in early bird to your desired development before the general public and will have the best selection of suites to choose from.
We also provide our clients with free lawyer review with all pre-construction agreements. This is important because you want a professional to go over your agreement during your 10 day cooling period.
We also assist with financing advise- and put you in touch with some of our best trusted Mortgage Advisors. Imagine you went to a car dealership and there were no price tags on any of the cars. How do you know how much you can afford and what you can pay? Same thing with mortgages, it is important to know what you can truly afford before your purchase.
We are here to help.