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Buyer resources

Enrich your homebuying experience with these valuable and practical resources!

Knowledge is power. At Equiton Developments, we are happy to provide you with resources that can help you throughout the homebuying process. Our friendly and knowledgeable staff are always available to answer your questions and provide you with the information you need.

Home Buyers looking at Ipad

Homebuyers
Key Terms Glossary

Equiton Developments is dedicated to helping you grasp the technical jargon of pre-construction real estate. Let us be your guide as you navigate through the complexities of the industry.

If you require more information, please do not hesitate to reach out to your sales representative or real estate agent.

  • A

    Agreement of Purchase and Sale (APS)

    This is the contract between the Vendor and the Purchaser, which details the terms and conditions of the sale of the property.

    Assignment

    With the Vendor’s approval, a purchaser can “assign” their purchase to another person prior to the completion date.

    C

    Closing (condo)

    Once all the paperwork is completed, the ownership of the condominium transfers from the Vendor to the Purchaser. This is done with your lawyer and the legal representative of your builder/developer. When all is complete and duly signed, you will receive the keys to your new home.

    Colour Selection

    This is the process of choosing the features and finishes that will make your condominium your own. You will work with a design consultant who can help you choose things like flooring, countertops, fixtures, backsplashes, and more. You can also select from a number of optional upgrades to enhance your home.

    Condo Docs

    Once you close on your condominium, you will receive a package of paperwork that will include the following: Disclosure Statement, Budget Statement, and Proposed Declaration, By-laws, Insurance Trust Agreement, Management Agreement, Rules & Regulations, and the Condominium Plans. These are referred to as the Condo Docs.

  • I

    Interim Occupancy/Closing

    Since your condominium has to be “registered” in order for you to receive the title to your property, Interim Occupancy allows you to legally occupy your suite until registration is complete.

    P

    Pre-Approval

    This means that the purchaser is approved for a mortgage prior to the purchase. The lender provides this document, stating that the purchaser is pre-approved for a specific mortgage amount (maximum) based upon their income, assets, and credit score.

    Pre-Delivery Inspection (PDI)

    Between two and three weeks prior to closing on your condominium, you will have the opportunity to tour your unit with a representative from the builder/developer for the purpose of noting any “deficiencies” or items that need fixing. You will also receive instructions on the operation of the many features in your condo including ventilation, plumbing, heating and cooling.

    R

    Registration

    Approximately four months to one and a half years after the Interim Occupancy begins, your condominium will become registered and the title to the property will pass from the Vendor to you. Registration confirms that the condominium has passed all city inspections and legal proceedings.

  • T

    TARION Coverage

    Tarion is a not-for-profit organization that ensures that buyers of new homes receive the coverage they are entitled to under their builder’s warranty.

    V

    Vendor

    Sometimes called the builder or the developer, the Vendor is the person or company selling the property.

Kitchen Living Room

Tarion

Tarion is a not-for-profit- consumer protection agency that administers all the warranty details provided by your builder.

By law, all new homes built in Ontario are provided with a warranty by the builder. Tarion’s role is to ensure that buyers of these homes receive the coverage they are entitled to under their builder’s warranty.

Tarion is involved in the following:

  • Protect consumers when builders fail to fulfill their warranty obligations.
  • Educate new home buyers & owners about their warranty rights and responsibilities.
  • Provide the MyHome online portal for homeowners to manage their warranty and report defects.
  • Facilitate the fair resolution of disputes over warranty coverage, repairs or customer service.
  • Assess warranty claims through on-site inspection or alternative method of investigation.
  • Resolve claims directly with homeowners through compensation or repairs by third-party when a builder fails to address a valid claim.
  • Manage a guarantee fund to protect new home buyers out of which compensation for warranty claims is paid.