But even if a contractor does not take advantage of it until after the end of this phase, the intermediate occupation may take some time. Many buyers, especially on the lower floors, are likely to move to a construction zone. The common areas may not be complete, and even some of the amenities may still be under construction. But the building should be alive, as a municipal inspector inspected the building and found it was suitable for occupancy. Occupancy requirements include secure access to housing, running water, sanitation and a functional kitchen. An interim occupancy agreement sets out the conditions of “temporary” residence before the conclusion. Intermediate occupancy is sometimes necessary when one of the following questions is asked: If you opt for an intermediate occupancy contract, it should at least provide: Seller`s signature: Enter the date on which the seller or seller`s representative signs. Enter the address, phone and fax numbers and email address of the seller or agent who signs the occupancy agreement. There is no co-ownership until its declaration of co-ownership is registered in the Quebec estate register. However, before it can be registered, the land plan must be formalized.
Until then, you can only take possession of your home if you sign an interim occupancy contract. 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. WHAT YOU NEED TO KNOW! Between signing the intermediate occupancy agreement and signing the refusal to sell (before the notary), avoid making improvements for the obvious reason that if the sale does not pass, you risk losing your investment because the developer may have reason to refuse you the refund.
If the sale agreement is not signed after the expiry of the interim use contract, the purchaser of the project agrees to transfer the free ownership of the premises in their original condition at his own expense (if any). In addition, the developer must undertake to take over the ownership of the premises on that date, with or without financial compensation. WAS IN MIND: During the intermediate occupancy period, developer insurance does not cover your personal belongings and responsible liability. You should purchase sufficient multi-risk insurance during this period. 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.