Originally Posted by Tor2Ott
As I understand it, this "rent" needs to be paid until the building registers. Once the building is registered, it does not need to be paid, correct? If so, I hope they register by the time I move in.
5 things to know about occupancy fees: #2 applies to you Tor
1. Occupancy fees will have to be paid to the developer every time you purchase a new condo. It is normal and there is no way around it.
2. The occupancy period is normally 3-6 months, but the higher up you are in the building, the shorter the occupancy period will be. So if you buy a unit on the ground floor, you can expect a long occupancy period. If you buy the penthouse, you will likely have a very short occupancy period.
3. There is no way to say absolutely how long the occupancy period will be.
4. There is often a relationship between the length of the occupancy period and the experience level of the developer. The more experienced the developer, the shorter the occupancy period. Experienced developers who are familiar with process and who have diligent lawyers working behind the scenes for them know how to build and how to register a building as quickly as possible.
5. It is in the developer’s best interest to register the building as quickly as possible and to have the occupancy period as short as possible. This is because they don’t get their money from the banks until the building is registered and all the unit owners have their mortgages commence.