Do new condo occupancy fees show up on the statement of adjustments in Ontario?

When a new condominium finally closes and title registers in your name, the formal statement of adjustments prepared by the builder's lawyer will typically include a credit for occupancy fees you have already paid during the interim occupancy period. The logic is that occupancy fees are essentially a form of prepayment for the unit you are eventually buying, so they should reduce the balance owing on the final purchase price.

The statement of adjustments at final closing on a new condo can be complex and lengthy. It will include the original purchase price, any upgrade credits or charges, HST (net of the applicable rebate), occupancy fee credits, condo maintenance fee adjustments from the occupancy period, and any other items specific to the builder's agreement. Builders use their own forms and conventions, and the statement may look different from what you see in a typical resale closing.

New condo buyers should have a lawyer review the final closing documents carefully, including the occupancy fee credit calculations. Errors in new condo closings are not uncommon, and the statement can be difficult to interpret without legal assistance. If you have records of all occupancy fees paid during the occupancy period, compare them against the credit shown on the statement before signing anything.