- Agreement of purchase and sale
- The written contract between buyer and seller that sets the price, deposit, closing date, conditions and everything included or excluded. Binding once accepted before the irrevocable time. Read the answer ›
- Assignment sale
- The sale of a purchaser's rights under a builder agreement before closing. Needs builder consent and, since 2022, attracts HST on the assignment price. Read the answer ›
- Chattels and fixtures
- Chattels are movable items that go with the seller unless listed as included; fixtures are attached to the property and stay unless listed as excluded. Read the answer ›
- Conditional offer
- An accepted agreement that will end unless stated conditions (financing, inspection, status certificate) are fulfilled or waived in writing by their deadlines. Read the answer ›
- Cooling-off period
- The ten-day rescission right under section 73 of the Condominium Act for a unit bought from the declarant. Resale homes and freehold new homes have none. Read the answer ›
- Deposit
- Money paid on acceptance and held in trust, usually by the listing brokerage, credited against the price on closing and at risk if the buyer abandons a firm deal. Read the answer ›
- Down payment
- The cash a buyer brings on closing, including the deposit, that is not borrowed under the mortgage. Federal rules set minimums by price band. Read the answer ›
- First-time buyer refund
- A refund of Ontario land transfer tax up to a cap for buyers who have never owned a home anywhere, meet the spouse rule and move in within nine months. Read the answer ›
- Home inspection condition
- A condition letting the buyer end the deal if an inspection is not satisfactory, usually in the buyer's sole discretion. Inspectors are not licensed in Ontario. Read the answer ›
- HST new housing rebate
- Federal and Ontario rebates of part of the HST on a new home that will be the buyer's primary residence, usually assigned to the builder and credited in the price. Read the answer ›
- Interim occupancy fee
- The monthly amount a new-condominium purchaser pays the declarant before registration, capped by section 80(4) at interest on the balance, estimated taxes and projected common expenses. Read the answer ›
- Irrevocable date
- The date and time until which an offer stays open. If it is not accepted by then it lapses; if accepted and communicated before then, there is a contract. Read the answer ›
- Land transfer tax
- Provincial tax paid by the buyer at registration on the value of the consideration, with a separate municipal tax in Toronto. Rates are on the province's page.
- Mortgage default insurance
- Insurance the lender must obtain when the down payment is under 20 per cent. The premium is added to the mortgage; Ontario sales tax on it is paid at closing. Read the answer ›
- Non-Resident Speculation Tax
- An Ontario tax on residential purchases by foreign nationals, foreign corporations and taxable trustees, charged in addition to land transfer tax, with exemptions and rebates. Read the answer ›
- Power of sale
- A lender's sale of a mortgaged property after default under the mortgage and the Mortgages Act, without a court order and subject to the owner's right to redeem. Read the answer ›
- Pre-approval
- A lender's conditional estimate of what it would lend, often with a rate hold. Not a commitment to finance a particular home. Read the answer ›
- Requisition date
- The date in the agreement by which the buyer's lawyer must deliver objections to title; the seller must answer them or the buyer may end the deal.
- Reserve fund
- The condominium corporation's savings for major repairs and replacement of common elements, funded from common expenses and reviewed by a periodic reserve fund study. Read the answer ›
- Special assessment
- A one-off charge levied on unit owners when the corporation needs money beyond its budget and reserve fund; it binds the owner on the day it is levied. Read the answer ›
- Statement of adjustments
- The closing document that starts with the price, credits the deposit and pro-rates taxes, fees and other items to the closing date to arrive at the balance due. Read the answer ›
- Status certificate
- The condominium corporation's statement under section 76 of the Condominium Act on fees, arrears, budget, reserve fund, insurance, litigation and rules, delivered within ten days of a paid request. Read the answer ›
- Tarion warranty
- The statutory new home warranty under the Ontario New Home Warranties Plan Act, administered by Tarion in one-, two- and seven-year periods, with deposit and delay protection. Read the answer ›
- Title insurance
- A policy protecting the lender and, if purchased, the owner against title defects, fraud, survey problems and certain municipal issues existing at closing. Read the answer ›
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