Quote:
Originally Posted by jaydorn
Alright so I've got a question about when you start paying a mortgage VS the possession date. Mainly with new construction in that you make an offer a condo that's under construction and it's accepted but it won't be complete for a 2-3 month period. Do you immediately start paying the mortgage to the bank once the offer has been accepted and papers signed, or would it be starting from the possession date?
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If you buy a pre-construction condo, you're really obtaining an agreement "to purchase" rather than an actual purchase that results in a title transfer. Usually this means a deposit or series of them held in a trust account until completion, but you aren't responsible for mortgage payments or other responsibilities such as condo fees, property taxes, risk on the building etc.