Comments on: 5 Things to Know About Occupancy Fees

By: Andrew la Fleur

Andrew la Fleur — Thu, 16 Feb 2012 21:37:08 +0000

@Arthur, can you email me a copy of your statement of adjustments that shows the breakdown?

By: Arthur Lu

Arthur Lu — Tue, 14 Feb 2012 20:34:17 +0000

I just had my condo closed. The builder is charging ridiculous occupancy fees. Here is the break down.

the occupancy period is between May 17 – Oct. 27 2011.

Occupancy fee: $1236.88 /mo total: $5546.01
Common Expense: $359.07 /mo total: $1969.09
Interest: $3282.76 / 163days total: $3282.76
Realty Taxes: $1661.98 /229days total: $1661.98

For a total of $12,459.84. and that’s average of $2,293.22 per month of expense during occupancy period. I believe this is excessive.

Is this reasonable, or it’s something that I can do? Thanks.

Arthur

By: Andrew la Fleur

Andrew la Fleur — Wed, 25 Jan 2012 13:06:51 +0000

Kevin,
no you can’t. you can sometimes pay the complete balance owing on the condo thereby avoiding all occupancy fees, but that is the only way to avoid.

By: Kevin

Kevin — Wed, 25 Jan 2012 05:24:49 +0000

Can I delay occupancy until the registration date, thereby avoiding the occupancy fees?

By: Andrew la Fleur

Andrew la Fleur — Tue, 11 Jan 2011 19:46:08 +0000

To add to my response to Shyam’s question: you may be allowed in some cases to pay for the unit in FULL on the occupancy date. Usually to do this you need to tell the developer you intend to a month or two in advance of your occupancy date. You would have to pay using cash as it is impossible to get a mortgage because the building will not be registered.

By: Andrew la Fleur

Andrew la Fleur — Tue, 09 Nov 2010 21:38:14 +0000

Yes, you will collect interest on your deposits. It is payable to you at closing

By: Shyam

Shyam — Mon, 01 Nov 2010 15:01:52 +0000

Thanks Andrew! What happens to money in Trust? I assume there is interest accruing? Does this go to the developer/lawyer?

By: Andrew la Fleur

Andrew la Fleur — Wed, 06 Oct 2010 02:26:58 +0000

Great question Shyam. Reality is you will never pay in full for the condo in advance. you can’t buy something that doesn’t exist. has to be registered to pay in full. deposits go to the developer’s lawyer and sit in a trust account.

By: Shyam Tanna

Shyam Tanna — Thu, 30 Sep 2010 19:16:44 +0000

Hi there,

What if we pay in full for the conodo? Would there be an occupancy fee?

Tks

By: patrick david

patrick david — Tue, 14 Sep 2010 14:33:56 +0000

These tips about occupancy fees are very informative. Thanks for sharing