New Home Purchase Checklist

• 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.

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.

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.

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

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. 

• 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 your house. Please provide your agent’s name and telephone number.

• 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 your house. Please provide your agent’s name and telephone number.

I recommend that you consider making a Will and a 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 for use in case of mental incapacity. It is 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.