Condo Corporations' Glossary
BOARD OF DIRECTORS: A group, generally made up of unit owners, that has been elected to manage the business affairs of the condominium corporation, including policies, finances, maintenance, and repairs.
BUILDER: A person who undertakes the performance of all the work and supply of all the materials necessary to construct a completed home whether for the purpose of sale by the person or under a contract with a vendor or owner.
COMMON ELEMENTS: All of the property in a residential condominium development located outside of unit boundaries. The common elements for a project are identified in the Declaration and Description.
COMMON ELEMENT WARRANTY CLAIM FORM: A form used by a condominium corporation to make a common elements warranty claim to Tarion. These forms include the First Year, Second Year, Major Structural Defect, and Common Elements Emergency Claim Forms. Note: A Performance Audit may be submitted instead of a claim form.
COMMON ELEMENTS CONSTRUCTION PERFORMANCE GUIDELINES: A Tarion publication that includes the most commonly reported common elements items and indicates whether they are covered by the warranty.
CONCILIATION: A process in which Tarion determines whether an item listed on a Common Elements Request for Conciliation Form is covered by the warranty. A conciliation may also be used to determine whether Tarion agrees with a repair or a builder’s proposed repair or settlement offer.
CONCILIATION ASSESSMENT REPORT: A report issued by Tarion after a conciliation that contains Tarion’s assessment of items listed on a Common Elements Request for Conciliation Form.
CONDOMINIUM CORPORATION: The legal entity created for a new condominium project. Among other responsibilities, the condominium corporation manages the common elements warranty.
DATE OF REGISTRATION: The date on which the condominium project’s Declaration and Description or Amendment to the Declaration is registered. This date is also the common elements warranty start date.
DECLARATION & DESCRIPTION: Both of these are legal documents under the Condominium Act, 1998. Among other things, they provide a description of the common element boundaries and list the ownership proportion allocated by unit.
DESIGNATE: An individual who is selected by the condominium corporation’s Board of Directors to act as the contact between the corporation and Tarion for matters related to the common elements warranty.
LICENCE APPEAL TRIBUNAL: An independent tribunal created by the Ontario government to provide consumers with an impartial appeal process.
MYHOME: An online portal created by Tarion to enable homeowners and condominium corporations to manage their new home warranty.
PERFORMANCE AUDITOR: An individual hired by the condominium corporation to conduct an audit of the common elements. The auditor holds a certificate within the meaning of the Professional Engineers Act or a certificate of practice within the meaning of the Architects Act.
PERFORMANCE AUDIT: A mandatory audit of a condominium project’s common elements to determine if there are any deficiencies. The Performance Audit is performed by an Performance Auditor hired by the condominium corporation.
PERFORMANCE AUDIT TRACKING SITE (PATS): An online tool available through MyHome that allows condominium corporations to update the Performance Audit Tracking Summary.
PERFORMANCE AUDIT TRACKING SUMMARY: A tool that the condominium corporation, builder and Tarion use to track the resolution of warranty items identified in the Performance Audit. Condominium corporations must submit a completed Performance Audit Tracking Summary to Tarion along with every Performance Audit.
REGISTRAR BULLETIN 2: A Tarion document that outlines the customer service standard for residential condominium common elements warranty claims, including the process for submitting claims, the timelines for resolving them, and the role of Tarion.
REGISTRAR BULLETIN 3: A Tarion document that outlines the seven-year major structural defect warranty and claims process.
REGISTRATION: See Date of Registration.
REPAIR: Activity that the builder undertakes to resolve a warranty claim item. Repair may involve restoration, alteration, or partial or full replacement of materials or equipment. Builders must choose a repair method that satisfies the requirements of the applicable item in the Common Elements Construction Performance Guidelines.
RESERVE FUND: A special account separate from the condominium corporation’s operating budget that is used to pay for common element repairs and replacements .
TURNOVER: A meeting where unit owners elect a new Board of Directors. This meeting is held no more than 21 days after the declarant ceases to be the registered owner of a majority of the units in a project.
VENDOR: A person or entity who sells a home not previously occupied to an owner. The vendor is responsible for providing the owner with statutory warranty coverage.