How long can a developer extend the occupancy without penalty?

The Statement of Critical Dates will set out 3 dates: the First Tentative Occupancy Date, the Final Tentative Occupancy Date and the Firm Occupancy Date. What is important in these three dates is the Firm Occupancy Date because if the builder fails to deliver the unit to the buyer for occupancy on this date, the builder will have to pay the buyer a delayed occupancy compensation of up to $7,500.

There are, however, instances where the delay is caused by an event which is beyond the control of the builder. These events include workers’ strikes, widespread emergencies and war, among others.

This question was answered by Shaffiq Dar (Real Estate Lawyer)