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Larry Paletta

Larry Paletta

RE/MAX Escarpment

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http://www.larrypaletta.com/

Languages

  • English

Specialties

Buyers, Condominiums, Downsizing, First Time Buyers, First Time Sellers, Investments, Luxury Homes, New Construction, Power of Sale, Residential, Sellers

Locations

Ancaster, Beamsville, Binbrook, Burlington, Downtown Hamilton, Dundas, Flamborough, Grimsby, Hamilton, Hamilton Mountain, Smithville, Stoney Creek, Waterdown, Central Hamilton, East Hamilton, West Hamilton

New Condo Purchase : Do you own it or are you Possessing it when the Builder gives you the Keys?

Occupancy vs Possession

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.


Advantages

- 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


Disadvantages

- 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.


Click the Button to Subscribe to my YouTube Channel For More Helpful Hints in Real Estate.


Any Tips on the Market and What to do to your Home and the Latest Trends in Decor and Staging, Give me a Call or Text (905) 971-5981 or email at teampaletta@gmail.com

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