The occupancy date as set out in your offer to purchase and sale is the date which you obtain keys to your new home, and you are legally able to reside there. On the occupancy date, your lawyer will be given the associated costs (an occupancy statement of adjustments) as outlined under the adjustments section of your offer to purchase. Payment in accordance with the occupancy statement of adjustments will be required to be paid by you to release the keys for your suite. The occupancy period typically lasts a few months. During this time, the developer is obtaining registration for the condominium. This means that the developer is still the legal owner of your property, and as such you are obligated to pay a monthly occupancy fee to the developer until the registration is finalized. The occupancy fee covers any taxes, maintenance fees and interest that the developer is currently paying to operate the building until final closing.