Agreement of Purchase and Sale
The Agreement of Purchase and Sale (APS) is the partnership document that outlines both your and our rights and obligations around the purchase of your condominium. It will include a number of schedules, including the floor plan, decor personal selections, Tarion information, etc.
Board of Directors
The Board of Directors is an elected group of homeowners whose purpose is to serve the interests of those living within the community. Once a community has registered, a turnover meeting date is established allowing for the election of the Board of Directors to take place. Board members can be elected to a term of 1 to 3 years to the following roles:
President
Vice President
Director at Large
Treasurer
Secretary
Certificate of Completion and Possession (CCP)
You will receive a copy of Tarion’s Certificate of Completion and Possession (CCP) as part of the New Home Closing Package provided to your lawyer. The CCP includes information specific to each home, including the pre-tax price, Tarion enrolment number, and the date of possession (Occupancy Date). Tarion will require this information from you in the event of a Tarion warranty claim.
Closing
Closing is somewhat of a generic term, often used to describe taking possession of your home on your Occupancy Date. The closings will either be an Interim Closing or Final Closing.
Common Elements
The common elements within a community include all areas of the condominium that are not exclusively owned. These areas include the parking garage, roof, amenities, hallways, and more. The balcony or terrace attached to your suite is considered an Exclusive Use Common Area. This means that you may exclusively use this area but it falls under community rules with regards to decorations and modifications.
Community Access & Key Package
Your Community Access & Key Package includes all of the access devices for your community (suite, mailbox and common area keys, parking fobs/transponders, etc.), a quick start guide, and other information to help you feel comfortable in your new home.
The Community Access & Key Package will be made available to you on your Occupancy Date, after the lawyers have completed the closing process, from the concierge.
Condominium Corporation
A corporation without share capital, created under the Condominium Act for the purposes of administering the operation, maintenance, and repair of the common elements and assets of the condominium. The corporation is guided by a democratically elected Board of Directors consisting of homeowners.
Condominium Declaration
The declaration is a “charter” document that creates the Condominium Corporation. It defines the boundaries for each home and the common elements. It allocates responsibility for the repair and maintenance of the home and common elements; outlines the condominium’s provisions regarding occupancy and use (e.g. the Rules and Regulations); specifies common expenses and each owner’s proportionate interest in the common elements; and details each owner’s percentage ownership share of the overall common expenses.
At this time, all suites can Final Close, allowing you to take title of your suite. If you Interim Closed before the community registered, you will be notified of your Final Closing date, which will typically take place 4–6 weeks after registration. If you have not closed your suite prior to registration, your closing process becomes a straight Final Closing.
Condominium Ownership
The ownership of a condominium involves 2 aspects:
Separate ownership and title of your home
Shared ownership and costs of maintaining and repairing the common elements, which are shared by all homeowners.
Disclosure Statement
A summary of the significant features of the proposed condominium, and the relevant condominium documents governing the same.
Exclusive Use Common Elements
Particular areas within the condominium’s common areas which homeowners have the exclusive right to use and enjoy. Examples may include balconies, patios, etc.
Final Closing
Final Closing is the process through which you will receive title to your home. Final Closing occurs about four to six weeks after registration. If you Interim Closed before the community registered, you will be notified of your Final Closing date, which will typically take place 4–6 weeks after registration. If your Occupancy Date occurs after this time, you skip the Interim Closing process and will move to a straight Final Closing. Mortgages will begin at Final Closing.
Final Tentative Occupancy Date
Occupancy dates progress from Tentative, to Final Tentative, and then to Firm. Your Final Tentative Occupancy Date is established once the roof is completed for your community. This date will be established no later than 90 days prior to your Tentative Occupancy Date. A Final Tentative Date may be extended only once, by a maximum of 120 days. If your Final Tentative Occupancy Date is extended, or at 90 days prior to your Final Tentative Occupancy Date, your Occupancy Date will become FIRM.
FIRM Occupancy Date
Occupancy dates progress from Tentative, to Final Tentative, and then to Firm. Your Occupancy Date becomes FIRM if a Final Tentative date is extended or at 90 days prior to your Occupancy Date. Once your date is FIRM, we generally do not have further changes to your Occupancy Date and will only move your date in the case of an unforeseen emergency (e.g. trade strike or material delay).
Homeowners Insurance
Insuring your home is required through your Agreement of Purchase and Sale and can give you peace of mind. Home insurance will generally cover your contents, living expenses, and personal liability. It is important to review and understand the limitations in your policy to make sure you are adequately protected.
It is good planning to keep an up-to-date inventory of your possessions, including an accurate record of their replacement value, and to store this inventory outside of your home (i.e. in a relative’s home, in a secure area at work, or a safety deposit box). For high-value items such as jewellery, furniture, or art, separate insurance endorsements are also available from most providers.
Homeowner Orientation
The Homeowner Orientation (HOO) is the orientation to your new community and includes the Pre-Delivery Inspection (PDI) for your suite. These appointments occur approximately four weeks before your occupancy date. The Tarion Homeowner Information Package is another great resource that will provide guidance on what to expect and look out for during your PDI and orientation.
Interim Closing
On your Occupancy Date, you will Interim Close or Final Close. Interim Closing occurs if your community has not yet become a registered Condominium Corporation. At Interim Closing, you will not receive title to the home and will be required to pay a monthly Occupancy Fee based on the projected realty taxes, maintenance fees, and interest on the unpaid balance of your home. These fees will continue until Final Closing.