Top 9 FAQs
Question 5. How long do I have to continue paying Occupancy Fees?
Isn’t there a timeframe by which the Turnover meeting has to take place?
Occupancy fees are paid until final closing of your unit. Final closing happens after registration of the condominium.
The occupancy fee is made up of three elements.
- The unit’s common element assessment amount based on the budget commonly referred to as maintenance fees.
- The proportionate share of the property tax. The declarant has the right to charge each unit their share. Until final closing the property tax bill is issued to the declarant in whole and is not charged separately on each unit until the corporation is registered. The tax bill amount charged is adjusted on closing in relation to the actual tax bill amount.
- The declarant has the right to charge interest on the unpaid balance of the purchase price. The interest rate is regulated at prime plus 2%.
The turnover meeting must be called within 21 days of when the declarant closes more than 50% of the units and the meeting must be held within 21 days of the calling.