Construction can sometimes be delayed in condominium development projects, and you may be unable to move into your unit as expected. This is called delayed occupancy.
Your purchase agreement must include an addendum that sets out important dates for your agreement, including your occupancy date. These are set out in the statement of critical dates. Your addendum may contain a few different occupancy dates.
Two important dates for delayed occupancy:
Outside Occupancy Date: This is the latest date your builder expects to be able to provide you with occupancy to the unit.
Firm Occupancy Date: This is a date your builder commits to providing you with occupancy to the unit.
Your Tarion warranty includes delayed occupancy coverage. That means that if you cannot take occupancy of your unit by either the firm occupancy date or outside occupancy date (whichever is earlier) you may be entitled to delayed occupancy compensation.