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Interim occupancy, also known as interim closing or interim possession, refers to the period between when a buyer takes possession of a newly constructed condo unit and when the condominium is officially registered and the title can be transferred to the buyer.
Here are some aspects of interim occupancy that developers might not extensively highlight:
1. Paying Occupancy Fees: During this period, buyers typically pay an "occupancy fee" to the developer instead of a mortgage payment. This fee covers the developer's estimated expense... more
