Termination of Contract of Condominium

A firm closing date and the move in date for a new condominium can be included while purchasing a resale condominium. The move in date for new condominium can be years in future. The closing date can be extended by the developer in this case where the move date is in future.

If the unit is not ready by the outside closing date then the purchase agreement can be terminated. The developer will also have option to terminate the agreement as well in case certain conditions are not met by them such as sales of units, planning approval and financing by specific dates.

Individual will be able to move in starting with closing of occupancy which will take place until the registration of condominium corporation. If this will be the case then unless and until ownership is taken the individual will be responsible for paying all common expenses, realty taxes and interest on the purchase price’s unpaid balance, which is due on closing.






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