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What Is Interim Occupancy Agreement

Intermediate occupancy is an agreement that is an endorsement of the sales contract between the buyer and the seller, which refers to the date of ownership in relation to the deadline. This addendum is required if a buyer requests access to the property before closing. I have talked a lot about intermediate occupancy lately, especially in the news, but also about a few owners who have contacted Tarion with questions about it. Part of what I have read and heard interprets the intention of a practical way to get buyers to their homes faster, and allows the owner to continue to complete the building. Although Tarion has no control over intermediate occupancy (it is covered by the Condominium Act), it is part of the new home purchase process, and I think it deserves clarification. The purpose of a seller`s use of the interim occupancy contract is to justify the reasons for eviction under the landlord-tenant`s right if the buyer is the owner and fails for any reason with the timely breach of the trust agreement. A buyer with the property as part of an agreement for the purchase of the property, not a separate rental agreement, is not subject to the renter-tenant law. Over the years, Tarion has heard of some condominium buyers who feel that their units were given to occupancy, but not yet suitable for habitation. If you feel that your owner has moved you to a new building that is not suitable for occupancy, call Tarion. We have helped the owners in the past if we agree that their buildings are not safe for occupancy, and we have worked with their owner to speed up some of the essential work. The interim occupancy agreement can be signed without financial consideration. However, if an amount is requested, it should not exceed the monthly amount paid by the buyer if he had been the registered owner of the unit.

The calculations generally take into account the level of communal and school taxes, a proportionate share of the costs of maintaining and administering the property, and an amount equal to the interest calculated on the sale price. If you are a condo buyer who currently lives in the intermediate occupancy period, I assure you that you and your owner have the same goal – to register your building as quickly as possible. And when you finally discover the “property” part of the new housing process, your building should be ready, your amenities should be ready for use and you will finally be able to enjoy all the benefits of your new home. If you have any questions as a new owner, you can contact Tarion at any time.