Buyers, Condominiums, Downsizing, First Time Buyers, First Time Sellers, Investments, Luxury Homes, New Construction, Power of Sale, Residential, Sellers
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Mar 17, 2023
Why do Builders do this? How can I move into my Condo and not own it?
Over time, they have allowed Builders to let Condo owners "Occupy" their units when they unit was completed. The occupy it until the Condominium Corporation has been set up and registered and that's when the BUYER CAN OFFICIALLPURHASE THE CONDO UNIT. You may or may not be able to rent the unit out.
- gives you time to increase your down payment and negotiate an interest rate
- don't need an approved mortgage
- gives you a place to live depending on your situation
- your paying an occupancy fee and thus not paying down your mortgage
- you don't officially own it
- entire building is not completely finished
Ask your Builder whether you are Closing the Condo or just taking Occupancy.
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