What is the difference between the occupancy closing and the final closing?
Occupancy closing is the closing that happens when the unit has been inspected and deemed habitable by the city and is before the condominium is registered. Upon occupancy you will receive the keys to your unit and you will be responsible for paying occupancy fees to the builder until the condominium becomes registered. Final closing occurs once the condominium has been registered and the purchaser is responsible for the purchase price of their unit. Please contact your lawyer with questions regarding your closings.
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