Agreement of Purchase and Sale
Legal document outlining every aspect of the purchase, including the terms to which the customer and builder have agreed
Amendments to Agreement
Customer and homebuilder agree to change a part of the original Agreement of Purchase and Sale
Amortization Period
The number of years it will take to repay the mortgage
Appraisal
Evaluation to determine the value of the property for the marketplace
Building Location Survey
Document prepared by an Ontario Land Surveyor (OLS) showing the exact location of the home on the lot
Certificate of Occupancy
Legal document issued by an official agency stating the property is ready to occupy, fit to live in, and verifies building codes and requirements have been met
Closing Costs
Costs that will be incurred at closing including any adjustments agreed to, land transfer, and legal fees
Common Elements
All condo property except units
Common Expense Fees
Amount of money an owner contributes that go towards paying expenses
Conditional Offer
Customer may agree to purchase a new home subject to certain conditions being met
Condominium
Multi-unit complex where the purchaser owns their unit and common areas are shared and maintained with condominium fees
Condominium Corporation
Legal entity created when a declaration and description are registered with the Land Registry Office
Condominium Home Addendum
Required part of APS for new condos containing important information about the rights and obligations of the builder and condo owner
Cooling Off Period
Ten (10) day period after the APS is signed to rescind or cancel for any reason
Declarant
Owner of the land (can be referred to as developer, vendor or builder)
Delayed Occupancy
When a purchaser is unable to take possession of the unit by the firm or outside occupancy dates contained in the Condominium Home Addendum
Easements
A right of access to a property
Financing
A bank or mortgage specialist determines the amount they will lend for a new home
Firm Offer
Customer and builder enter into an Agreement of Purchase and Sale and there are no conditions listed in the agreement
Frontage
Linear footage along the front of the property line
Interest Rates
Amount of money (stated as a percentage) which will be charged on the mortgage
Interim Occupancy
The purchaser occupies their unit before the condo corporation has been registered and before ownership is transferred to the purchaser
Interim Occupancy Fee
Amount a purchaser is required to pay the declarant during the interim occupancy period
Interim Occupancy Period
Period between the interim occupancy date and the date ownership is transferred to the purchaser
Land Registration
Legal document recording ownership of the property
Model Home
A home built for public viewing prior to finding a buyer
Mortgage
Loan approved by a bank or mortgage company for a home
Municipal Building & Zoning By-Laws
By-Laws adopted by the municipality which govern the construction of a home as well as the use of land
Occupancy Date
Date set out in the Agreement of Purchase and Sale the builder intends to have the home completed
Operating Costs
Expenses related to maintaining a home
Phase
Developments are typically created in phases depending upon the size of the overall community and the time frame the developer has established to complete the project
Pre-Delivery Inspection (PDI)
A walk through inspection of the new home just prior to the occupancy / closing date
Principal
Original amount of money borrowed for the home
Property Insurance
Protection against direct loss or damage to the purchasers property
Property Tax
Taxes that are calculated on the assessed value of your home
Stacked Townhouse
Multiple dwellings that are a hybrid between a townhouse and a condominium with units arranged vertically
Standard Condominium
Condo corporation is made up of units and common elements
Standard Features
Refers to all of the standard items included with a new home
Statement of Critical Dates
Contains dates the purchaser can expect to take occupancy of the unit
Status Certificate
Document requested from the condo corporation containing important information about the unit and condo corporation
Tarion Warranty Information Sheet
Provides important information regarding warranties and protections that come with the unit being purchased and must be attached to the APS
Title
Legal document of ownership of property
Turn-Over Meeting
Meeting held by declarant-controlled board within 42 days of declarant no longer owning a majority of the units. This is when the owners of the units will elect a new board
Vendor
Seller of the property