The closing date is when the ownership of the condominium suite is registered and transferred over to the buyer (you) from the builder. This registration cannot take place until all the suites in the condominium building have reached a degree of construction (as set out in the regulations of the Condo Act). However, before the building is registered many of the suites will be substantially complete and will already have obtained the occupancy permits from the city. This allows the builder to move the owners in, without the owner having ownership of the suite. It is standard for a developer to require the buyer to take occupancy before the buyer gets ownership, and will be written out in the agreement of purchase and sale.