In Ontario, the Right to Lease During Interim Occupancy refers to the legal provision that allows a condominium buyer to lease the unit they have purchased from the builder during the interim occupancy period. This period occurs after the construction is complete but before the registration of the condominium corporation. During this interim period, the purchaser has the right to occupy the unit but does not hold legal ownership.
According to the Condominium Act, 1998, and subsequent amendments, the buyer has the right to lease the unit and collect rent from a tenant during this interim occupancy, subject to the terms and conditions outlined in the agreement of purchase and sale. The lease must be consistent with the Condominium Act and the rules and regulations set by the condominium corporation.
It is essential for both the purchaser and the tenant to be aware of their respective rights and responsibilities during the interim occupancy period, as outlined in the lease agreement and the relevant legal provisions. Understanding the Right to Lease During Interim Occupancy is crucial for ensuring a smooth and legally compliant leasing process for both the property owner and the tenant.