THE QUICK ANSWER
A home’s style, ownership structure and contract terms describe different things. Understanding all three makes it easier to compare projects.
- A townhouse can have different ownership and fee arrangements.
- A deposit and a down payment are connected, but not identical.
- An advertised occupancy estimate is not a promise of final closing.
A–C
- Addendum
- A document attached to an agreement that adds terms. New-home addenda address matters such as completion dates, permitted delays and termination. Read the guide →
- Adjustments
- Amounts credited or charged in the closing statement under the agreement. Ask your lawyer for an estimate and a list of charges that are not capped. Read the guide →
- Agreement of Purchase and Sale (APS)
- The contract between purchaser and seller setting out the property, payments and obligations. Read it with all schedules and amendments. Read the guide →
- Assignment
- A transfer of the buyer’s interest in a purchase contract before completion. Consent, fees, continuing liability and taxes need review. Read the guide →
- Back-to-back townhome
- A townhome sharing a rear wall as well as side walls. Review windows, outdoor space and the actual floor plan; the label does not establish ownership type.
- Common elements / POTL
- Shared property can include roads or amenities. A parcel of tied land (POTL) is tied to an interest in a common-elements condominium; owning the house does not eliminate shared costs.
- Common expenses
- Your contribution to condominium costs, often called condo or maintenance fees. Check what is included and which costs you pay separately.
- Condominium ownership
- An ownership structure, not a building style. A condo can be a high-rise suite or a townhome. Documents define the unit, shared interests and responsibilities.
- Cooling-off period
- A limited legal right to cancel an eligible purchase. Eligibility, start date and delivery requirements matter; ask your lawyer to calculate the deadline. Read the guide →
- Critical dates
- Milestones in the addendum covering expected completion and permitted extensions. Tentative, firm and outside dates serve different purposes. Read the guide →
More detail: Condo Authority: condominium ownership ↗
D–F
- Deposit
- Money paid under the purchase agreement before completion, normally credited toward the price at closing. It is not an extra charge on top of the price. Read the guide →
- Development charges
- Municipal growth-related charges. Your agreement determines whether specified costs are passed on to you; request details of any cap or exclusion. Read the guide →
- Disclosure statement
- The new-condo information package describing the proposed corporation, governing documents, budget and other required information. Read the guide →
- Down payment
- The portion of the purchase price paid from your funds rather than mortgage borrowing. Deposits already paid generally form part of it. Read the guide →
- Final closing
- Completion of the purchase and transfer of title, with remaining funds delivered through the closing process. Read the guide →
- Freehold home
- In everyday listings, usually a house and lot owned directly. Confirm whether it also has a common-elements/POTL arrangement; “freehold” alone does not promise no shared fees.
More detail: Condo Authority: new-condo documents ↗
I–P
- Interim occupancy
- Possession of a new condo before final closing and title transfer. Separate occupancy payments may be due. Read the guide →
- Pre-delivery inspection (PDI)
- The inspection used to document the home’s condition before possession. Outstanding items still need to be reported through the warranty process. Read the guide →
More detail: Tarion: preparing for the PDI ↗
R–W
- Reserve fund
- A condominium fund for major repair and replacement of common elements and assets. It is distinct from day-to-day operating spending.
- Stacked townhome
- A townhome arrangement with one home above or below another. Compare stairs, entrances, outdoor areas and noise separation.
- Traditional townhome
- A side-by-side home, often with living space on multiple levels. “Traditional” or “conventional” describes layout; check the legal ownership and maintenance arrangements.
- Warranty coverage
- Protection for eligible new-home defects under defined terms and periods. Coverage, reporting rules and exclusions determine how a claim is handled. Read the guide →
More detail: Condo Authority: reserve funds ↗
SAVE FOR YOUR SHORTLIST
Your next-step checklist
- Confirm the legal ownership type for each shortlisted home.
- Ask which costs are included and which are charged separately.
- Bring unfamiliar contract wording to your lawyer.
- Compare actual plans and documents instead of relying on labels.
Quick answers
Does “freehold” always mean no monthly fees?
No. A freehold home may have a common-elements or other shared arrangement. Confirm the title, obligations and costs for that property.
Is a stacked townhome always a condo?
The design label alone is not enough to confirm title or responsibilities. Check the project’s ownership documents.
Where can I get the details for a specific development?
Register on its project page. The MCS team will follow up with available pricing, floor plans, release information and incentives.
General information for planning. Confirm financing, legal and tax details with the appropriate professional for your purchase.