Occupancy closing and final closing: two very different days
Doorvia Guides · September 2, 2026
Your mortgage begins at final closing, when the condominium is registered and title transfers to you.
Occupancy closing gives you keys and starts the occupancy fee. Final closing happens after the condominium corporation is registered, and that is when title transfers, your mortgage funds, land transfer tax is paid, and the remaining balance is settled.
The gap matters for financing. Rate holds have expiry dates, and lenders reassess at final closing, so a mortgage arranged years earlier is not guaranteed at the original terms. Your income, credit and the lender's appraisal all get reviewed again.
Keep your broker updated through the whole period, avoid new debt in the months before final closing, and ask your lawyer for the full closing cost estimate, including any developer adjustments, well before the date.
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