Occupancy fees a growing problem in condo-land

Buying pre-construction condominiums can be an expensive and drawn-out process, but one part of the exercise is causing more stress than ever before.

The so-called “occupancy period” – the length of time between when the buyer of a new condo is given the keys and when the buyer takes actual ownership of the unit – is growing longer and more expensive. This gap leaves the new owners in possession of the unit and liable for costs, but with no legal status as owners. The problem is particularly acute for investor buyers looking to rent out the units, since developers often won’t allow rentals during the interim occupancy period.