THE QUICK ANSWER
Read the Agreement of Purchase and Sale together with every schedule, addendum and amendment. Check what you are buying, what you must pay, when you must act and what happens if plans change.
- Reconcile written inclusions with the home you selected.
- Build a payment calendar and a separate closing-cost list.
- Get legal advice before signing or before any applicable cancellation deadline.
Start with a complete document pack
Ask for a readable copy of the full contract package. A signature page or price worksheet will not answer all your questions.
The agreement
Parties, property, price and signatures.
Schedules and selections
Plans, finishes, upgrades and written incentives.
Addendum and critical dates
Timing, delay rules and termination conditions.
Condo disclosure documents
Proposed governance, budget and other project information.
More detail: Condo Authority: documents for a new condo purchase ↗
1. Identify the home and the inclusions
Match the unit or lot, model, elevation, parking and locker details to your selection. Ask how floor area is measured, what dimensions can change and which substitutions are permitted.
Put the promised incentive beside the clause or schedule that records it. If it is missing, ask for written clarification before relying on it.
2. Separate price from cash required
Make a one-page budget showing the agreed price, deposit instalments, upgrade payments and money needed at closing. Ask your lawyer to identify adjustments and explain any caps, exclusions or amounts that remain open.
| Item to locate | Question to ask |
|---|---|
| Deposits | How much, when, to whom, and under what refund conditions? |
| Development charges and levies | Which amounts can be passed on, and what does any cap actually cover? |
| HST and rebates | Does the price assume a rebate, and what happens if I do not qualify? |
| Other adjustments | Are there utility, meter, legal, warranty or other charges? |
| Financing | What happens if my lender’s valuation or approval changes? |
3. Read the dates and exit provisions
Review the applicable addendum and Statement of Critical Dates. Identify required notices, extension rules and conditions allowing termination. A delay does not automatically mean compensation or an immediate right to cancel.
Ask your lawyer before signing a revised date or a release. Keep every notice and amendment with the original agreement.
More detail: HCRA: required addenda and delay provisions ↗
4. Check the cooling-off rules for your purchase
New Ontario condo purchases have a 10-day cooling-off period. Have your lawyer calculate the deadline from receipt of the signed agreement, disclosure statement and Condo Buyers’ Guide, and explain how a cancellation notice must be delivered.
Do not assume the same right applies to every new-home purchase or to resale homes.
More detail: HCRA: buying a new condominium ↗
A change scheduled for January 2027
HCRA has announced new freehold cooling-off protections and revised information sheets and addenda effective January 1, 2027. Those future requirements should not be treated as the rules for an agreement signed in September 2026. Have your lawyer confirm the rules in force on your signing date.
More detail: HCRA: upcoming requirements and effective dates ↗
5. Check what happens if your plans change
Ask about assignment consent, fees, marketing restrictions, occupancy rental permission and purchaser default. An assignment transfers an interest in the purchase contract before completion; it is not a guaranteed way to exit. Builder approval may be required.
For your lawyer: if an assignment is approved, am I released from liability? For your accountant: which tax rules apply to this transaction?
More detail: CRA: assignments of new-home purchase agreements ↗
Turn the review into a decision
Ask for a written list of unresolved items, costs and deadlines. Confirm which changes the seller has accepted in writing, then update your budget and calendar.
The MCS team will provide available pricing, floor plans and incentive details and help you compare home options. Your lawyer will interpret the contract and advise on your rights and obligations.
SAVE FOR YOUR SHORTLIST
Your next-step checklist
- Send the entire contract package to a lawyer familiar with new construction.
- Confirm the property, written inclusions and all payment dates.
- Get an estimated closing statement and identify uncapped costs.
- Record legal review, cancellation and other notice deadlines.
- Keep signed amendments; do not rely on verbal assurances.
Quick answers
Is this a review of my actual agreement?
No. This is an educational checklist. Your lawyer needs the full agreement and project documents to advise on your transaction.
Can I cancel if I cannot get a mortgage?
Do not assume so. Ask your lawyer whether a financing condition or another right applies. The contract may still require you to complete the purchase.
Are sales incentives automatically part of the contract?
Check that each incentive you are relying on is recorded in the signed agreement or an enforceable written amendment. Ask your lawyer to confirm the wording.
General information for planning. Confirm financing, legal and tax details with the appropriate professional for your purchase.