Delayed Occupancy Compensation | Delayed Closing
If you think you are eligible to receive Delayed occupancy compensation, you might be right. You may receive up to $7,500 if:
- Occupancy is made available on a date after the Firm Occupancy Date.
- The builder failed to provide sufficient notice when changing tentative occupancy dates.
- The builder failed to properly notify you of unavoidable delays.
- The builder missed the outside occupancy date.
- You exercised your right to terminate the purchase agreement due to delay as permitted by the Addendum (e.g. as per the Purchaser’s Termination Period). In this case you are also entitled to a full refund of all monies paid (i.e., deposits, extras and upgrades) plus interest.
IMPORTANT: You must file for occupancy compensation within 1 year of occupancy, or you lose the right to claim.
Here is a quick guideline about what you might be eligible to receive due to a delayed occupancy:
- Delayed occupancy compensation for living expenses (meals and accommodation) is payable based on a fixed amount of $150 a day for each day of delay until the Occupancy Date or the date that the purchase agreement is terminated. Receipts are not required.
- Compensation is also payable for costs incurred by you as a result of the delay (for example, additional moving and storage costs). Receipts for these costs must be provided.
- In addition, If your builder fails to give you 10 days notice of an occupancy delay, you will be compensated in the amount of $1,500 ($150 x 10 days). The maximum amount of delayed occupancy compensation payable to you is $7,500 in accordance with the Addendum.