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canadianrealestatemagazine.ca
I
n Canada, when a buyer purchases
a new condominium unit from a
developer, there is an agreement of
purchase and sale between the seller,
developer and buyer, similar to when
someone buys a resale unit.
The differences between these
documents can be spotted quite easily
mortgage’
‘
ph
ant
om
Is it as scary as it sounds? Interim occupancy fees, otherwise known as the phantom
mortgage, can indeed deliver a frightening surprise to unsuspecting buyers of
newly built condos. Make sure you read all the fine print to be aware of these
potentially large costs
By Chad Bradley
on the surface just by taking a quick
look at the actual size of the agreement.
A typical ‘resale’ agreement is usually
four to five pages, including the
schedule of clauses.
A new development agreement,
on the other hand, is 20 to 30 pages.
Obviously, there are more significant
differences inside the documentation,
which is why it’s wise to get good
advice from the legal and real estate
agent members of your team when
purchasing a new development condo.
Despite the friendly staff at the
sales office and their ability to answer
questions about the development, its
Condo report | column
The


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