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New Condominium Purchase Checklist

Title To The Property Alternatives

  • A and B “as joint tenants” means each party owns 50% but in case of death, the survivor will receive the full property.
  • A and B “each as to a 50% undivided interest” means each party owns 50%, but in case of death, the property will go to the beneficiary in the Will.

Condominium Documents

When purchasing a condominium you are purchasing common elements together with other persons. These common elements are owned by the Condominium Corporation. The condominium is governed by Declaration and By-laws. You must familiarize yourself with these documents and attend the meetings.

Condominium Property

The property which you are purchasing will be organized as a Condominium. The Common Elements will be owned by the Condominium Corporation.  You own the inside of your unit, as defined in the Declaration.

  • Occupancy Closing: You will have to move into the property when the building will be  substantially completed. Until the Condominium is registered, you will have to pay “Occupancy Fee”.
  • Final Closing: After the government has inspected all matters affecting the proposed Condominium Corporation, it will approve it. The Condominium will be “Registered”. At this time the final closing will take place and I will register the Transfer and the mortgage.

Tarion (Ontario New Home Warranty Program)

The new homes are covered by a government warranty program, which covers:

  • defects and deficiencies at time of purchase;
    leaks and structural defects for a few years closing;
  • TARION also sets out some protection regarding construction delays, and establishes various closing dates;
  • Before closing you have to inspect and note all defects and deficiencies IF NOT NOTED, they will not be corrected by the builder or the TARION.


In addition to purchase price, you will have to pay some additional funds for:

  • Tree planting
  • School Tax
  • Hydro
  • Water Connection
  • Tax adjustment
  • Grading Deposit (will be refunded if there is no damage)
  • etc.


You will have to move in when house is “substantially” completed: this means that if the municipality has approved the property fit for occupation, you have to move in, even if the house is not completely finished. The builder or TARION will cover unfinished items and deficiencies.

Changes By Builder

The builder reserves the right to make changes to the property, if they are required architectural requirements by the municipality or changes in materials if the normal material is no longer available. The changes should be such that they will be of equal value and quality.

Goods And Services Tax (GST)

“GST” is included in the purchase price. The builder will receive the rebate. You will have to sign required forms for the purchaser.

Special Conditions

Read the Agreement carefully to become aware of all the specific notices such as:

  • Noise Control
  • trains
  • schools
  • park noise
  • etc.


All extras promised to you must be in writing. Make sure you get written confirmation. 

Financing / Insurance / Life Insurance

  • If you finance with a Bank/Trust: make sure your Application is approved. Provide me with name and address, so that I can follow up;
  • If I have to do the Mortgage documents, I require the mortgage documents as soon as possible;
  • I recommend that you obtain Life Insurance for the mortgage;
  • The closing cannot take place if you have no fire insurance for your house.  Please provide your agent’s name and telephone number.

Will And Power Of Attorney

I recommend that you consider making a Will and  Powers of Attorney for Property and Personal Care, so as to leave clear instructions to deal with your assets and avoid the property going to unknown beneficiaries. The Powers of Attorney will be use in case of mental incapacity. It is a very useful tool to permit the administration of your estate.


Please provide:

  • Name and telephone of Mortgage Broker;
  • Name and telephone of Fire Insurance Agent;
  • Two pieces of identification for each owner of the property.