Occupancy date also known as interim closing date is a date on which the purchaser takes possession of the new condo from builder, prior to final closing and transfer of title. The buyer pays an occupancy fee from this date until the unit transfer date.
It is a date on which an adjustment is made for interest that accumulates between the date the loan/mortgage was advanced and the first charge payment date for the following month.
Two or more people owning property where on the death of one, the survivors inherit the deceased’s share.
A document provided by the insurance company confirming that a property has been insured.
Any physical property that have become permanently attached or affixed to the real property; immovable possessions attached to the real property.
Exchange and holding of necessary deliveries like funds, keys and documents by the respective lawyers pending registration of the electronic documents.
The total amount the purchaser pays to the vendor to complete the real estate transaction.
An inspection conducted by a certified inspector professional that conducts detailed inspection of the condition of a property including structural, plumbing etc.. A satisfactory home inspection is one of the conditions in the Agreement of Purchase and Sale of a property for the benefit of the purchaser.
A portion of the purchase price of a property paid by the buyer(s) from their own resources without a mortgage.
The legal document showing the conveyance and title/ownership to a property.