Glossary

A written contract between a purchaser and a vendor/builder that sets out the conditions of a new home purchase. It defines the partnership between you and your builder.

A legally binding document used to make a change, addition, or correction to the Agreement of Purchase and Sale (APS).

The Board of Directors are resident elected volunteers who supervise the operation of the Condominium project, generally through a management company. This includes collecting common expenses, paying bills, arranging for maintenance, hiring staff, and managing all income and expenses.

This document states your home’s enrolment number with Tarion and the date of possession, which is also the start date of your statutory warranty.

All areas in a residential condominium development located outside of unit boundaries.

A walk through and introduction of your new community including amenity spaces and common elements.

The legal entity created for a new condominium community. Among other responsibilities, the condominium corporation manages the common elements warranty.

Legal documents provided to the purchaser of a condominium unit. Among other things, they provide a description of the common element boundaries and list the ownership proportion allocated by unit.

A legal representative selected by a homeowner to represent their interests with the vendor/builder and/or Tarion for matters related to the new home warranty, home purchase, design selections or other responsibilities as defined by a formal Designate of Agent form signed by the owner.

A disclosure statement is a document compiled by a developer that provides vital information about the future or existing condo property and corporation (e.g., corporation’s first-year budget, the proposed or actual declaration, by-laws, and rules).

Areas within the condominium’s common areas which homeowners have the exclusive right to use. (e.g., parking, lockers, balconies, or terraces).

Final closing occurs once construction is complete, and the developer is ready to register the condominium. Once balance owing on the Agreement of Purchase and Sale has been paid, ownership is transferred to the individual unit purchasers and interim occupancy ends.

Insurance that is required under your Agreement of Purchase and Sale. It is a form of property and casualty insurance that protects your home and personal belongings from damage or loss.

The date you get Possession of your new home. At Interim Closing, you will not receive full title to your home, and you will not require your mortgage, but you will be paying occupancy fees. This includes projected realty taxes, Maintenance Fees, and interest on the unpaid balance of your home.

A package provided on occupancy closing which includes all of the access devices for your community (suite, mailbox and common area keys, parking fobs/transponders etc.), along with a home manual, and other information.

A fee paid for the share and use of the condo corporation and common elements that is calculated based on the size of each unit, parking, and locker. Maintenance Fees and how they are apportioned are included in the Condominium Declaration.

A firm and unconditional loan agreement or mortgage commitment from a financial institution that is required to be provided within 30 days of signing the Agreement of Purchase and Sale.

Homeowners that require some type(s) of financing to complete their Final Closing will need to secure funds through a 3rd party lender. Common types of financing include: Mortgage, Home Equity Line of Credit, or a Bridge Loan.

The package of documents prepared by our lawyers and sent to your lawyer approximately a few weeks before your occupancy date. The documents include a list of requirements, the Statement of Adjustments, key release details and other information.

When you take legal possession of your new home and are able to move in. On your occupancy date you will either Interim Close or Final Close.

The fees you will be required to pay monthly until final closing. These fees will be calculated based on the following:
1. Estimated Monthly Maintenance Fee
2. Estimated Monthly Realty Taxes
3. Estimated Monthly Interest

A PDI, or a pre-delivery inspection, is the required TARION inspection of a new home performed by a representative of the builder and the purchaser.

The Property Management is a 3rd party company with a wide range of responsibilities such as the organization of the condominium’s day-to-day functions, community maintenance and ensuring the policies set in place by the condominium Board of Directors are upheld.

The condominium registration occurs when all of the units and common elements in the building have been substantially completed. Once construction of the condominium has been completed, the developer will initiate the condominium registration through the Land Registry Office.

A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium.

Detailed list of the features and finishes included within your unit usually referred to as “Schedule A” in the APS.

A document provided to your lawyer by the vendor/builder that outlines the financial details of your purchase. It typically includes information about the purchase price of the property, outstanding balances and any other expenses or credits that are needed to complete the transaction.

The Statement of Critical Dates is found in the Tarion Home Warranty Addendum within your APS which outlines important dates related to the completion of the construction of your home.

A date set by a vendor/builder for the completion of your home that may be extended under certain conditions.

A date set at roof assembly by a vendor/builder for the completion of your home that may be extended under certain conditions.

A firm date set by vendor/builder for the completion and delivery of your home.

The latest date that an Occupancy Date can be extended to as outlined in your APS.

Tarion Warranty Corporation ensures the buyers of new homes receive the coverage they are entitled to under their builder’s warranty. See details here https://www.tarion.com/homeowners

Title insurance is used to protect you against issues related to title that may not be known to your lawyer prior to closing.

Taking title is when you have legal ownership of the property and is obtained when you sign the deed. Title is then registered in the government’s land registration system.