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. Whenever a buyer seeks a use and occupancy agreement, the buyer should in any case discuss the pros and cons of such an agreement with his buyer representative and discuss the details of the agreement with his real estate lawyer before signing anything. 2. The buyer moves and the possibilities of stay are (a) the house they buy or (b) the intermediate apartments, such as a hotel or a short-term rental, often extremely expensive. To live in your new apartment before owning it, the developer or seller charges an intermediate occupancy fee. The fee consists of three parts: interest on the outstanding balance of the purchase price of your home, an estimate of municipal taxes for your unit and a joint contribution to keep the building running. Fees are usually charged monthly and are requested in the form of post-billed cheques to the developer or seller. It is wrong to believe that a contractor benefits or benefits from the extension of this phase during the construction of a condo.
The Condominium Act contains provisions for calculating occupancy charges, which are intended to prevent the developer from making a profit. In addition, it is in the best interest of a contractor to transfer the title as quickly as possible. Owners earn a living if they can register and register – which is only possible after the building is completed. This is the most important summit of all. If you are thinking of using this type of agreement during the transaction, use it in writing. Not only that, but make sure you have a professional – that is, either your lawyer or your realtor create the papers. While a few days don`t seem to make much difference, you don`t want to leave anything to chance.
